Shares of SpaceX tumbled toward $117 as the company prepares to report its first quarterly earnings. The timing matters because short sellers have amassed a colossal $23.6 billion wager against the stock, eclipsing even Tesla's nominal short interest. These bearish bets now represent more than 32% of the company's publicly tradable shares, giving shorts significant influence over price action.
The scale of the short position speaks to investor skepticism. Nearly 900 million restricted shares could unlock in coming months, and that overhang has already spooked some holders. But what will actually move the needle in earnings? Starlink revenue will draw the sharpest focus. The satellite internet unit has become SpaceX's most tangible cash engine, and Wall Street wants proof it can scale profitably. AI spending comes next. Elon Musk's push into artificial intelligence infrastructure has drawn capital but also raised questions about whether the company can manage multiple growth vectors at once. Operating costs and forward guidance round out the watch list.
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