I have resisted commenting on $SpaceX(SPCX.US) as it acts more like a meme stock than one driven by fundamentals (revs, cash flows, valuation). That may be ending.
As of yesterday, investors who wanted to place bearish bets on $SpaceX(SPCX.US) were finally able to buy puts and the stock is -4% today after rising +50% in the past three days from its $135 IPO price (6/12 +19.2%, 6/15 +19.6%, 6/16 +4.8%). While many SPCX bulls screamed “I told you so” when the stock was soaring, the reality was there were few outlets for selling — those who bought at the IPO price were locked up from selling, there was no stock available to short, and no puts traded until yesterday. Let’s revisit how $SpaceX(SPCX.US) is doing once lockups come off in August and investors can more easily short.
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