SpaceX raised a record $75 billion in its Nasdaq debut on June 12, briefly crossed the $2 trillion market cap threshold, and promptly became one of the most shorted stocks on the planet. Traders have piled into bearish positions so aggressively that short interest now sits at roughly 29% of the company’s public float.
The numbers behind the bearish pile-on
When SpaceX priced its shares at $135, the initial reaction was euphoria. The stock surged past its offering price, and for a brief, shining moment, Elon Musk’s rocket and satellite company was worth more than $2 trillion.
Short interest climbed from roughly 40 million shares in the days immediately following the IPO to approximately 185 million shares by mid-July 2026. In dollar terms, that translates to about $25 billion worth of bearish bets.
The stock has since edged back toward its $135 offering price, erasing much of the post-IPO pop that early buyers enjoyed. Profit-taking from initial allocation holders and broader market volatility have compounded the selling pressure.
