About 185 million SpaceX shares are now sold short, representing roughly 29% of the company's publicly tradable float, according to S3.

SpaceX went public a month ago in a record IPO. Elon Musk's space and AI company was added to the Nasdaq-100 last week.

SpaceX stock fell below its IPO price after a sharp rally. Here's why the shares dropped, what analysts say, and what it means for investors.