SpaceX's post-IPO earnings pop evaporates in 15 minutes; whale exposure down 66%

ME News reported that as of Aug. 5 (UTC+8), TradingBeats (formerly Hyperinsight) data suggests SpaceX's first post-IPO earnings release has largely been priced in, turning the positive catalyst into an exit window for large holders. SPCX jumped to an intraday high of $131.30 before sliding to $113.76 in roughly 15 minutes, a $17.54 swing. The stock is now around $116.25, down 11.5% from the post-earnings peak and up about 1.5% over the past 24 hours. The earnings print was strong, with revenue beating expectations. Yet the move appeared front-run: ahead of the release in regular hours, shares were already up 9.4% to $125.33. After the announcement, SPCX dropped more than 8% in after-hours trading. Hyperliquid market data points to rapid deleveraging. Over the past 24 hours, SPCX volume reached about $839 million, 4.1x the prior day's comparable period. Open interest fell from roughly $213 million to $183 million, down 14%. Aggregate funding over the same window also fell about 50% and turned negative for several hours following the report. The pullback was most pronounced among seven $1 million-plus long positions tracked yesterday. Those addresses previously held about 238,800 shares worth $27.41 million. Only three addresses remain active, holding 81,200 shares valued at $9.435 million, a 66% reduction in position size. Four of the seven longs have fully exited. Large capital flows over the past 24 hours also show risk being taken off. New and added short positions totaled about $12.079 million. At the same time, nine existing long positions cut exposure by $40.779 million, while shorts covered around $30.219 million. Both sides appear to be locking in gains and shrinking positions. Whale order book data indicates that accounts that have fully exited have placed buy orders totaling $5.441 million between $107.70 and $110.50, with another cluster waiting to add near $105. The largest remaining long has posted 200 reduce-only sell orders between $139.33 and $143.88, aiming to exit its remaining 60,000 shares. With SPCX trading near $116 post-earnings, whales show limited appetite to chase upside. Capital that fueled the rally is pulling back into the post-earnings spike, shifting the next key demand zone to $105–$110.50. Pricing dynamics are now tilting toward tangible selling pressure after the Aug. 6 unlock event. Previous report: SPCX entered a combined earnings-and-unlock pricing window, with $76 million in new whale long positions added in half a day (Source: BlockBeats).