NEW YORK, July 23, 2026, 19:02 EDT
- U.S. cash markets are shut. Extended trading continues through 8 p.m. EDT.
- The 90-minute launch window on Friday begins at 6:45 p.m. EDT.
- On Tuesday, approximately 360 million shares, representing 56% of the free float, were out on loan.
SpaceX NASDAQ:SPCX rescheduled Starship Flight 13 for Friday due to adverse weather. The postponement shifts a key engineering test to after Wall Street’s close, following the company’s IPO.
On Tuesday, approximately 360 million shares—56% of the free float—were out on loan. Such heavy short interest may intensify the stock’s subsequent swing.
The 90-minute launch opportunity begins at 6:45 p.m. EDT. The earliest expected conclusion for a complete flight is near 7:50 p.m. U.S. after-hours trading finishes at 8 p.m.
Monday could see the initial reaction from full liquidity. According to Tuesday’s tally, each $1 change in price adjusts the value of the outstanding borrowed position by roughly $360 million. This calculation presumes that all loaned shares have been sold short.
The relevant market indicator is deployment throughput rather than payload longevity. All 20 V3 satellites are anticipated to disintegrate on reentry. Starlink anticipates every routine Starship launch will boost capacity by 60 terabits per second, over 20 times greater than what a single Falcon 9 Starlink flight provides.
Shares finished up 2.6% at $118.24 on Thursday. The Nasdaq Composite slipped 2.15%. SpaceX, however, continued to trade under its $135 IPO price.
Short sellers remain committed to their positions. “There is no sign of short sellers taking profits,” Ortex co-founder Peter Hillerberg said. “If anything they are leaning in harder.” Reuters
The closest reference points indicate the leverage involved in the trade.
| Reference level | Share price | Change from Thursday close | Indicative short-side P/L* |
|---|---|---|---|
| Wednesday’s all-time low | $115.26 | -2.5% | +$1.1 billion |
| Thursday’s closing price | $118.24 | — | Starting point |
| IPO opening value | $135.00 | +14.2% | -$6.0 billion |
The sample calculations are based on Tuesday’s loan tally of 360 million shares. They presume each share was shorted, with fees, hedging and covering left out.
Based on Thursday’s closing price, the number of loans as of Tuesday equated to approximately $42.6 billion. If each represented a short position and the price rose to $135, covering would amount to about $6.0 billion. Figures are for illustrative purposes and not projections.
Friday’s test involves more than just launch: the booster is required to detach, return, and execute a landing burn at sea. The ship has to release the satellites and then splash down roughly 65 minutes after liftoff.
Flight 12 highlighted the significance of the booster. The ship released 22 payloads and made it through re-entry. However, five of the booster’s engines did not reignite, leading to a hard landing in the Gulf. The FAA concluded its review after SpaceX detailed four corrective action steps.
Flight 13 introduces a network hardware assessment. The satellites are set to deploy arrays and attempt laser communications with the network. Six of the satellites are equipped with cameras focused on the Ship’s heat shield.
The pad abort last week occurred just moments before launch. Shares dropped roughly 3% in after-hours trading. Thursday’s closing price was 9.8% under the July 16 finish.
Monday marks the first complete session following the planned flight. The primary anticipated event for the upcoming week is the initial response to that launch. Looking further ahead, SpaceX is scheduled to release its first quarterly earnings on August 4, while a lock-up tranche of 911.5 million shares becomes available on August 6.
Risks: Weather may cause a further postponement. If only part of the mission is completed, investors may receive unclear signals. Significant leverage carries the potential to increase profits or losses.
The market’s key indicators include successful booster burns, V3 deployment, and the Ship’s survival. Each of these is directly tied to launch frequency and Starlink capacity.
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