Just finished reading the S3 Partners report. The long vs. short battle over SPCX has been super intense these past few days. Since June 16, short positions have surged from 23.3 million shares to 219.3 million shares, accounting for about 34% of the float. Nominal short position size: approximately $24.6 billion. Borrowing costs and utilization rates: Initially around 1.37% at the time of listing, dropped to 0.51% by the end of June, then climbed back to an average of 2–3% (new borrowings close to 4%), with utilization rates as high as 95%. Basically, from the moment it went public, major institutions started borrowing shares to short it. SPCX has become one of the institutions' favorite short targets. Position changes coincide with the company’s first earnings report on August 4 and the first lock-up period expiration on August 6, potentially releasing up to 911 million shares. The market is seeing an intense tug-of-war between longs and shorts. Shorts are betting on supply shocks and valuation corrections, while longs are optimistic about Starlink and long-term growth potential. On one side, institutions are shorting, while on the other, retail investors are buying in large volumes, and rating agencies are raising target prices. It’s an all-out brawl. The shorts aren’t going anywhere, and as more locked shares are released, this battle is only going to get fiercer. #SPCX #SpaceX #S3Partners #LongVsShort #USStocks #BNB