Shorting a company led by Elon Musk weeks before its market debut is proving costly for pseudonymous trader 0x60a.
The trader opened a short position worth roughly $5 million to $6 million in SPCX, a crypto-native instrument providing economic exposure to SpaceX equity. The trade was placed near the lowest pre-IPO price points. As of June 15, 2026, the position shows an unrealized loss of $740,000, a drawdown of 12 to 15 percent.
SPCX functions as a tokenized wrapper structured through special purpose vehicles. It is not actual SpaceX stock. Paimon operates a version on BNB Chain, while Backpack Securities runs one on Solana. Total directional bets on SPCX reached approximately $276 million as SpaceX’s targeted NASDAQ debut neared.
The short seller’s maximum gain is capped at 100 percent if the token plummets, but theoretical losses are unlimited against a company speculated to be valued over $1.75 trillion. The position remains open, leaving the final outcome dependent on post-IPO market dynamics.