SpaceX Lockup Day One: SPCX Whales Add $12.58M in Longs, No Mass Selloff

The first batch of SpaceX restricted shares entered its lockup expiry window on Thursday U.S. time, and the feared liquidation wave has yet to show up. Instead, whale funds on Hyperliquid kept adding long exposure to the SPCX contract on day one. TradingBeats (formerly Hyperinsight) data shows that over 911 million shares became eligible for sale by employees and some early investors as the window opened. The market had braced for concentrated selling, but SpaceX stock rose 6.1% on the day. That resilience carried into the derivatives market. SPCX on Hyperliquid was last trading at $114.01, up about 3.6% over 24 hours, with roughly $443 million in trading volume. Open interest came in at about $203 million. That is down 4.9% from roughly $213 million before the Aug. 4 earnings report, yet still 12.6% above the approximately $180 million level seen on the evening of Aug. 2, before a cluster of whales opened positions. In other words, the capital that piled in ahead of the lockup has not fled. Large addresses are not exiting en masse either. Measuring by single-address position changes of more than $1 million, seven addresses added or expanded SPCX longs over the past 24 hours, for a combined roughly $12.585 million. Net additions during the period were about $5.887 million. The three largest new or expanded long positions currently stand at approximately $2.54 million, $2.53 million, and $2.28 million, respectively. Perhaps more telling: five of the seven accumulating addresses held no SPCX longs before, meaning fresh seven-figure capital is still entering the market. The positioning picture is mixed. Among addresses holding positions above $1 million, the long/short address ratio is 2:1. By notional value, however, the ratio is 0.89:1, so the smaller camp of shorts is running significantly larger average position sizes. SPCX's hourly funding rate sits at approximately -0.00059%, close to neutral.