SpaceX's Nasdaq debut on June 12 was a record-setting event. The company raised seventy-five billion dollars, briefly crossing a two-trillion-dollar market capitalization. It has now become one of the most shorted stocks on the market. Short interest represents roughly twenty-nine percent of its public float.
The stock surged past its hundred-and-thirty-five-dollar offering price before pulling back. Short interest climbed to approximately 185 million shares by mid-July 2026. That represents about twenty-five billion dollars in bearish bets.
A key factor is SpaceX's corporate treasury. It holds approximately 18,712 Bitcoin, valued at roughly 1.3 billion dollars at the IPO. This makes it one of the largest public company holders of the cryptocurrency.
The bearish thesis centers on its high valuation. It prices in decades of execution across Starlink, Starship, and government contracts. Traditional IPO dynamics, like lock-up period expirations, also fuel the short positions.
However, the high short interest creates significant squeeze potential. Positive news on Starlink growth or a major Starship milestone could trigger a rapid price increase as shorts rush to cover.