Short sellers are nursing steep losses in 2026, down more than $200 billion collectively, yet many keep piling into one trade: betting against AI leaders, according to data from S3 Partners.
SpaceX (NASDAQ:SPCX), has emerged as the most contested target in that trade. Bears have wagered more than $26 billion against Elon Musk‘s rocket and AI company, representing roughly 35% of SpaceX’s entire tradable float, even though it amounts to a small slice of the company’s $1.5 trillion market capitalization, per S3 Partners.
