Why did SPCX surge so much? Because before the earnings report, the market had already accumulated a large number of short positions. On the lock-up expiration date, many who previously held stocks bought puts (or shorted on hyperliquid) after listing. After the lock-up expired, they wouldn't sell the shares (as this would incur significant taxes), but instead close out their short positions; this creates a short squeeze. In reality, with today's sophisticated financial derivatives, the selling pressure from the lock-up expiration is actually realized gradually in the early stages.$SpaceX(SPCX.US)