The SpaceX stock purchases come as Elon Musk’s company deepens its role in federal contracting and remains closely tied to President Donald Trump’s Washington.

So far, this stock has taken investors on a bit of a roller-coaster ride.

Short sellers piled into SpaceX (NASDAQ:SPCX) faster than almost any newly public stock in recent memory, and the position is now enormous enough to matter to every long-term holder watching this thing settle.

"It would not surprise me at all to see a similar dynamic play out with some of these [IPOs] set to come in the months ahead," the Kathmere Capital CIO says.

That amount would get an investor fewer than 10 shares.

The sleek, handset-like prototype was designed to integrate AI technology from SpaceX’s xAI.

By Saqib Iqbal Ahmed NEW YORK, July 1 (Reuters) - Short sellers are betting SpaceX's will resume its post-debut decline with nearly a third of its tradable shares now sold short — even as those wagers have already cost them nearly three-quarters of a billion dollars in paper losses.

Adding SpaceX this quickly would make the Elon Musk company one of the first beneficiaries of Nasdaq's recently adopted fast-track inclusion framework.

When SpaceX's initial public offering debuted on June 12, it broke a Wall Street record as the highest-valued IPO in financial history, raising over $75 billion in cold, hard cash. The Frankensteined amalgamation of Elon Musk's aerospace and AI ventures is now one of the world's largest-traded companies,

Elon Musk has called a Wall Street Journal report "utterly false" after it claimed SpaceX showed investors a handset-like AI device ahead of its IPO.

Though notably smaller than its initial position, a 4.9% stake in SpaceX still packs a punch. As of today, Google parent Alphabet's SpaceX shares are worth $110.3 billion. For those of you keeping score at home,