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SpaceX IPO stock falls below offering price, short sellers profit $8.7B

Created at 16 Jul · 2:21 PM1 source↑ Market-relevant
IN SHORT

Short sellers have accumulated an estimated $8.7 billion in paper profits on SpaceX shares since its initial public offering, as the company's stock price has fallen below its IPO valuation, according to Ortex Technologies.

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Key Numbers

$8.7 billionpaper profit for short sellers on SpaceX shares
$18 billionSpaceX revenue in 2025
$4.9 billionSpaceX net loss in 2025
$6.58 billionSpaceX EBITDA in 2025
33%SpaceX revenue growth from 2024 to 2025
86%Starlink adjusted EBITDA increase between 2024 and 2025
$6.35 billionAI segment operating loss in 2025
$1.675 trillionexpected pre-money valuation for SpaceX IPO
$75 billionSpaceX IPO total raised
$85.7 billionSpaceX IPO total raised (supersized)
$135SpaceX IPO price per share
555.6 millionSpaceX shares priced in IPO
$150SpaceX shares opening price on Nasdaq
11%SpaceX shares opening pop on Nasdaq
$160.95SpaceX shares closing price on first day
19%SpaceX shares first-day closing gain
$2.7 trillionSpaceX valuation
20%SpaceX stock price climb on June 15
8%SpaceX stock price gain in early trading Tuesday
$60BSpaceX acquisition of Cursor
$500 millionfees for banks underwriting SpaceX IPO

Who's Involved

Ortex Technologies
data and analytics firm reporting on SpaceX short seller profits
SpaceX
company that recently completed its IPO
Elon Musk
Founder and CEO of SpaceX, expected to become world's first trillionaire
Gwynne Shotwell
SpaceX COO interviewed by CNBC
Goldman Sachs
Underwriter of SpaceX IPO
Morgan Stanley
Underwriter of SpaceX IPO
SpaceX IPO stock falls below offering price, short sellers profit $8.7B

↳ Why This Matters

The performance of SpaceX's stock post-IPO and the significant profits for short sellers highlight the volatility and speculative nature of large tech IPOs, impacting investor sentiment and the valuation of mega-cap companies.

Key facts

  • Short sellers have an estimated $8.7 billion in paper profit on SpaceX shares since its IPO.
  • SpaceX's stock has fallen below its initial public offering price.
  • SpaceX reported $18 billion in revenue and a $4.9 billion net loss for 2025.
  • The company's Starlink segment saw an 86% increase in adjusted EBITDA between 2024 and 2025.
  • SpaceX's IPO raised $75 billion, making it the largest in history.
  • SpaceX shares opened on Nasdaq at $150, an 11% increase from the IPO price.

Short sellers targeting SpaceX shares are estimated to have accumulated $8.7 billion in paper profits since the company's initial public offering, as its stock price has fallen below the IPO valuation. SpaceX, founded by Elon Musk, recently completed its landmark IPO, raising $75 billion and becoming the largest IPO in history. The company's S-1 filing revealed $18 billion in revenue and a $4.9 billion net loss for 2025, with its Starlink segment showing significant growth in adjusted EBITDA. The AI segment, bolstered by the acquisition of xAI, incurred a substantial operating loss. Despite an initial surge on its Nasdaq debut, SpaceX shares have since declined below their IPO price. The IPO's success has positioned Musk to potentially become the world's first trillionaire and provided a significant liquidity event for early investors and employees.

Frequently asked questions

In 2025, SpaceX reported $18 billion in revenue with a net loss of $4.9 billion. Its Starlink segment showed strong growth, but the AI segment incurred a significant operating loss.

SpaceX priced its IPO at $135 per share, raising $75 billion, which was later supersized to $85.7 billion, making it the largest IPO in history.

Short sellers aim to profit by selling borrowed shares and buying them back at a lower price. SpaceX's stock has fallen below its IPO price, allowing short sellers to realize significant paper profits.

The IPO was the largest in history, positioned Elon Musk to potentially become the world's first trillionaire, and provided a major liquidity event for investors and employees.

What Happens Next

01The next test for SpaceX and its investors is whether its ambitious valuation holds up in the public markets.
02Further updates on SpaceX's performance and market valuation are expected.

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How It Developed

SpaceX published its S-1 filing, disclosing $18 billion in revenue and a $4.9 billion net loss for 2025.
SpaceX's revenue grew 33% from 2024 to 2025, with Starlink's adjusted EBITDA increasing 86%.
SpaceX acquired xAI in February 2026, increasing spending and contributing to a $6.35 billion operating loss for the AI segment in 2025.
SpaceX priced its IPO at $135 per share, raising $75 billion and becoming the largest IPO in history.
SpaceX shares opened on Nasdaq at $150, an 11% increase, and closed the first day at $160.95.
SpaceX's valuation ballooned to $2.7 trillion, surpassing Amazon as the fifth-most valuable company.
SpaceX shares have since slipped below the IPO price.
Short sellers targeting SpaceX shares have an estimated $8.7 billion in paper profit.

Sources

T1
Short sellers rack up $8.7 billion profit as SpaceX slips below IPO price -OrtexReuters
T2
SpaceX is public: Everything you need to know post-IPOtechcrunch.com
T2
6 Charts on SpaceX's Pre-IPO Financials | Morningstarmorningstar.com

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