The $SPCX Whale Loss: How a $2M Gain Became a
Published 6/13/2026, 9:32:07 AM
A whale accumulated a $35.14 million long position in SpaceX tokenized stock ($SPCX) using 2x leverage, was up over $2 million at peak, but ultimately closed the position realizing a $331,000 loss due to a combination of extreme leverage, no risk management, and a sudden market reversal the following day.
Timeline of Events
| Date | Event | Position Value | Unrealized PnL |
|---|---|---|---|
| June 12, 2026 (morning) | Whale opens 2x long position | $17.33M | — |
| June 12, 2026 (afternoon) | Whale doubles down to 202,305 SPCX | $35.14M | Up $2M+ |
| June 13, 2026 (01:21 UTC) | Whale fully closes position | — | -$331K realized |
Key Position Details
| Metric | Value |
|---|---|
| Total Position | 202,305 SPCX tokens |
| Position Value | $35.14 million |
| Average Entry Price | ~$165.70 |
| Leverage | 2x Long |
| Liquidation Price | $95.12 |
| Peak Unrealized Profit | >$2 million |
| Realized Loss | $331,000 |
The whale initiated a 2x long position on SPCX worth $17.33 million on the morning of June 12, 2026, then accumulated to 202,305 SPCX tokens valued at $35.14 million with a liquidation price of $95.12 [Source: https://www.kucoin.com/news/flash/whale-adds-to-2x-long-position-on-spacex-liquidation-price-at-95-12].
The whale who was holding a $35M+ $SPCX long has fully closed the position, taking a $331K loss — the whale never took profits [Source: https://x.com/lookonchain/status/2065605419805159466].
Why the Timing Was Catastrophic
SpaceX's IPO on June 12, 2026 was historic: the company listed on Nasdaq under ticker SPCX at $135/share, raising $75 billion and valuing the firm at approximately $1.77 trillion — the largest IPO in history [Source: https://www.reuters.com/business/media-telecom/spacex-plans-raise-75-billion-ipo-135-per-share-source-says-2026-06-03/] [Source: https://finance.yahoo.com/markets/stocks/article/spacex-ipo-set-to-price-thursday-night-ahead-of-friday-nasdaq-debut--heres-whats-next-101955450.html].
However, the very next day, a confluence of macro headwinds triggered a broad crypto market crash that liquidated $1.7 billion+ in leveraged positions within 24 hours. The causes included Fed disappointment, US-Iran strikes, Michael Saylor's large Bitcoin sale, and record ETF outflows [Source: https://www.google.com/search?q=SPCX+SpaceX+tokenized+stock+price+crash+liquidation+June+2026].
The combination of:
- 2x leverage (doubling both gains and liquidation risk)
- No stop-losses or profit-taking despite being up $2M+
- A single-day market reversal amid a liquidation cascade
...turned an correct directional bet into a realized loss.
The Core Mistake
The whale entered correctly ahead of a landmark IPO but failed to exit when ahead. As the crypto community noted: "Bro chose to screenshot his unrealized PnL instead of taking profit" and "remember, no matter how much u win if u never take profit, u never win."
Bottom Line
The $SPCX whale's $331K loss is a textbook case of leverage without risk management. The whale had the right directional bet on SpaceX's IPO but held through peak without taking profits, and a sudden macro-driven crypto selloff turned a $2M unrealized gain into a $331K realized loss on a 2x levered position.
What remains open: The exact price at which SPCX traded when the whale closed is not publicly confirmed, nor is the specific venue where the position was held (though KuCoin reported the initial position details).