SpaceX (NASDAQ: SPCX) stock is under significant pressure just over a month after its initial public offering (IPO), with the latest market data showing that a significant portion of the shares have been sold short.
Specifically, short interest stands at 111,298,613 shares, representing 17.43% of the company’s public float, according to the figures Finbold obtained from Fintel on July 24.
In other words, nearly one in every five SpaceX shares available for public trading is currently being wagered against by bearish investors, which further highlights the growing skepticism that surrounds the company, as a short position is created when investors hope to buy shares back later at a lower price.
At press time, SpaceX shares are trading at $118.24, down 23.49% in the last month.
Traders are turning bearish on SpaceX stock
The same data also shows a short interest ratio of 1.60 days to cover, indicating that it would take short sellers approximately 1.6 trading days to repurchase all borrowed shares based on the stock’s average daily trading volume. While the ratio is relatively low, the sheer number of shares sold short underscores the scale of bearish positioning.
Meanwhile, off-exchange short volume reached 24.95 million shares, with an off-exchange short volume ratio of 65.53%. This indicates that a large portion of short-selling activity is occurring in alternative trading venues.
With more than 111 million shares sold short and 17.43% of the public float tied to bearish bets, SpaceX remains one of the more heavily shorted large-cap stocks. This appears consistent with the warnings issued by analysts about the discrepancy between the $1.77 trillion IPO market capitalization and the firm’s revenue and losses in the first quarter (Q1) of 2026.
Looking ahead with all the data in mind, a SPCX stock crash seems likely in the short-term, but the August 4 earnings report could help improve market sentiment.
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