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BIG DAY FOR $SPCX TODAY SpaceX reports its first ever earnings tonight. 34% of its shares are already shorted going in. Traders have built $24.6 billion of short positions in the weeks since the IPO, more than Tesla's $21 billion that took over 15 years to accumulate. But the bigger issue is what happens two days later. On August 6, up to 20% of the company, around 911 million shares held by insiders, becomes eligible to sell. That lands on a stock that has already lost $1.2 trillion in market cap since its June IPO and trades 46% below its high of $225.64. What investors are watching tonight: AI capacity. SpaceX is expected to build 2 GW this year. Google and Anthropic account for 35% of it. Both could eventually move back to their own data centres, and SpaceX still needs buyers for the remaining 65%. Starship. Flight 13 deployed satellites and restarted its engine in space, but came down in the ocean far from the launch site. Recovery at the pad is what makes reuse possible, and reuse is the whole cost argument. Starlink. Whether SpaceX partners with existing mobile carriers or builds its own network. Building one is expensive and puts it in direct competition with the big carriers. Strong results could bring in enough buyers to absorb the unlock. Weak results land on a stock that is already heavily shorted. $SPCX