The on-chain analytics account Lookonchain highlighted a large short position in SPCX—the tokenized version of SpaceX stock trading on cryptocurrency platforms. The "whale" placed limit short orders worth approximately $203.47 million at prices ranging from $141.93 to $142.90 per token, betting that the stock price will fall from these levels. Limit short orders of this size are unusual for a single wallet and typically signal either large institutional hedging or a high-conviction directional bet against short-term momentum.
This short bet was placed during a period of particularly high volatility for SPCX stock: in early August, trading volume for SPCX on the tokenized trading platform Gate reached approximately $700 million over two days, with $332 million worth of stock sold on August 4th alone (as traders prepared for the unlock of 911.5 million shares scheduled for August 6th).
Instead of crashing in price due to the unlock, as some investors feared, the stock rose 6.1% and closed that day at $114.92—a move that left short sellers who had bet on weakness from the unlock in the red. The new whale short position, opened about a week later at levels above $140, indicates that at least one large trader believes the stock has risen too high, too fast.
Overall positioning in SPCX options and futures has also been active. Total open interest in SPCX futures stood at around $203 million (as of mid-August), somewhat lower than levels seen immediately before the company's earnings report in early August but significantly higher than where it was before large whales began building positions in early August.
Separately tracked large player activity showed a mix of new million-dollar long and short positions during the same period, illustrating how fierce the battle over the stock has become among large traders since its market debut.
Musk's Ownership Disclosure Adds to the Picture
The short position was also opened just a day after Elon Musk disclosed the full extent of his ownership stake in SpaceX itself. A Form 13G filed with the Securities and Exchange Commission (SEC) showed Musk owns a 48.4% beneficial interest in the company, equivalent to more than 6.4 billion shares valued at over $900 billion at current prices.
The filing breaks down the stake into 849.5 million Class A shares and 3.92 billion Class B shares held in trust, where Musk serves as trustee, another 1.3 billion restricted Class B shares owned directly, and 350 million Class B shares issuable upon stock option exercise. Class B shares carry ten votes each versus one vote per Class A share, giving Musk exclusive voting control over more than 82% of SpaceX's total voting shares.
However, not all of this stake is currently liquid, and a significant portion consists of unvested performance-based shares and options tied to achieving certain milestones, including company valuation targets in the trillions of dollars and progress toward Mars colonization goals, meaning Musk's fully diluted economic interest will constantly shift based on hitting or missing these targets. SpaceX went public on June 12th following an $85.7 billion IPO—one of the largest in history—propelling the company's market capitalization above $2 trillion.
Nevertheless, whether the whale's short position pays off will largely depend on how SPCX shares trade in the days following the news cycle related to Musk's ownership disclosure, as well as the aftermath of the August 6th share unlock.
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