SpaceX’s short interest ratio rose to 29% of its outstanding shares, with short positions totaling $25 billion.

As SpaceX’s share price has fallen back to near its IPO price, short sellers are rapidly increasing their bearish positions on the company. Data from S3 Partners shows that roughly 185 million SpaceX shares are currently sold short, accounting for about 29% of its publicly traded float, equivalent to around $25 billion in short positions. Three weeks ago, the estimated number of SpaceX shares sold short was just 40 million, making up 5% to 7% of its float. The stock has dropped roughly 20% cumulatively since July, and on Wednesday it briefly fell below its $135 IPO price for the first time. KeyBanc Capital Markets noted that when SpaceX went public, its publicly traded shares made up only 5% of its total share count of around 13 billion. The first batch of large-scale restricted shares is expected to unlock around the release of its second-quarter financial results, at which point roughly 11% of the total share base will become eligible for sale; multiple subsequent batches of restricted shares, each accounting for about 4% of total shares, will also be unlocked starting about 70 days after the IPO. Elon Musk’s roughly 42% stake in SpaceX remains locked until June 2027. The company’s 13th Starship test flight is scheduled for Thursday, which could impact market sentiment toward the stock.