SPCX Short Interest: Reading the Borrow Rate Like an Insider
SPCX borrow is tight, which makes the short side expensive. Here is how to read the borrow rate and short-interest data for positioning signal.
Day-one borrow rate
~12% APR
Stabilised borrow
~6% APR
Short interest
~3.1% of float
What the borrow rate tells you
Short sellers must borrow shares before selling. The rate they pay to borrow — the 'cost to borrow' or 'borrow rate' — reflects supply and demand for borrowable shares. SPCX opened with borrow above 12% APR because lendable supply was constrained (most shares are locked up); it has stabilised near 6% as the prime brokers built inventory.
Short interest as a percent of float matters less than the trend: rising short interest in a falling stock signals momentum bears; rising short interest in a rising stock signals classic short squeeze setup.
Key takeaways
- Borrow rate fell from 12% to 6% as supply built — bearish for short squeeze risk
- Short interest at 3.1% is moderate — not a crowded short
- Watch the trend in borrow + short interest, not the absolute level
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