Crypto traders have built a $45.3 million net short position against SpaceX stock, betting its post-IPO rally will reverse. SpaceX priced its IPO at $135 on June 12, raising about $75 billion in the largest listing ever, and its market cap briefly pushed past $2.7 trillion before cooling near $202. On Hyperliquid perpetuals, where open interest stands at $304 million, Nansen data shows smart money is net short $20.8 million with 91% of exposure short, while whales are net short $23.7 million. The short was built from the IPO near $167 through the climb to $208, even as Chaikin Money Flow remains positive at +0.14 and price holds above its volume-weighted average price, signaling institutional accumulation has not yet broken. Options market data shows a put-to-call volume ratio near 0.84, indicating more calls traded than puts, but implied volatility near 170% into the two-day expiry points to expectations of a violent swing.
Space Exploration Technologies Corp. Class A Common StockSmart money has built a $45.3 million net short position against SpaceX stock, betting the post-IPO rally will reverse.
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