Gary Black Says SpaceX's 'Meme Stock' Run 'May Be Ending, Despite Bulls Having Their 'I Told You So' Mome

Gary Black, managing director of The Future Fund LLC, said Wednesday that SpaceX's (NASDAQ:SPCX) early trading surge may be losing its "meme stock" character now that options trading has given investors a new way to bet against the stock.

Black Says Meme Stock Dynamic May Be Ending "I have resisted commenting on SPCX as it acts more like a meme stock than one driven by fundamentals," Black wrote on X, referring to SpaceX.

He added that the dynamic "may be ending." I have resisted commenting on $SPCX as it acts more like a meme stock than one driven by fundamentals (revs, cash flows, valuation).

That may be ending.

As of yesterday, investors who wanted to place bearish bets on $SPCX were finally able to buy puts and the stock is -4%… pic.twitter.com/sn2OJRwLET— Gary Black (@garyblack00) June 17, 2026 Black said the stock's 50% rally from its $135 initial public offering price reflected a market with few ways to sell or short the shares.