Tom Sosnoff, Chief Executive Officer at LossDog, predicted that Space Exploration Technologies Corp. (NASDAQ: SPCX) stock will trade under 135, dropping below its initial public offering price, after revealing he sold his entire allocation at 158. Sosnoff expressed strong conviction that the newly public aerospace giant is bound for a downward correction before the end of the year, dismissing fears of a total collapse to $100 while stating the market's current trajectory is unsustainable.

Speaking on The Drift with Benzinga, Sosnoff pointed toward an aggressive expected move of roughly $75 over the next 60 days. He admitted he wasted no time exiting his initial long position once the equity rallied, contrasting his strategy with his co-host, who kept a partial position. Instead of buying into the long-term retail hype, Sosnoff immediately shifted to exploiting the stock's highly volatile derivatives market.

Options Skew and Strategy

Sosnoff described early call options pricing as ridiculous, driven by an extreme upside skew where calls trade nearly twice as expensive as puts. He explained that investors really bullish on SpaceX should either buy a call spread or sell a put spread to take advantage of the pricing asymmetry. He warned that getting short is structurally difficult due to this massive pricing difference.

Institutional Catalysts

Despite the stock's massive cultural momentum, Sosnoff remains firmly fundamentally bearish, stating he has no interest in buying SpaceX for the long haul. However, he highlighted an impending institutional catalyst: a unique NASDAQ exemption that will force passive index funds to include the stock in their portfolios within three weeks. This sets up a major structural tug-of-war in the market.

Recent Market Performance

After the Federal Reserve held interest rates steady in June at 3.5% to 3.75%, the markets fell on Wednesday. SPCX shares also declined for the first time since listing last Friday. The stock fell by 4.95% to $191.82 apiece and was down 0.81% in overnight trading.

Space Exploration Technologies Corp. elected Roelof Botha as an independent director to its board and audit committee, effective immediately. The appointment fills an existing vacancy on the board, with Botha set to serve until the company's next annual meeting of shareholders. His tenure will continue until a successor is elected and qualified or until his earlier death, resignation, retirement, disqualification, or removal.

Background and Experience

Mr. Botha brings extensive public company experience and a deep audit committee background, having served on the boards and audit committees of numerous public companies. He has been with Sequoia Capital, a venture capital firm, since 2003 and was a managing member of Sequoia Capital Operations, LLC from 2007 to 2025. From 2000 to 2003, he served in various positions at PayPal, Inc., including as chief financial officer. Mr. Botha has served as a member of the Stanford University Board of Trustees since 2024. He holds a B.S. in Actuarial Science, Economics, and Statistics from the University of Cape Town and an M.B.A. from the Stanford Graduate School of Business.

Disclosures and Compensation

There are no arrangements or understandings between Mr. Botha and any other persons pursuant to which he was selected as a director. No transactions involving the company and Mr. Botha, or any immediate family member, are required to be reported under Item 404(a) of Regulation S-K, other than as described. Specifically, a family member of Mr. Botha has been employed at the company since January 2025 as a member of the enterprise operations team. In 2025, their annual compensation exceeded the $120,000 reporting threshold, though it is generally commensurate with peers' compensation. The company's non-employee directors do not currently receive cash or equity compensation for their service on the board or its committees. The company will enter into an indemnification agreement with Mr. Botha, the form of which was previously filed as Exhibit 10.1 to the company's Registration Statement on Form S-1 filed with the Securities and Exchange Commission on June 3, 2026.