SpaceX’s debut generated exceptional securities lending activity, with 20.5 million shares traded on its first day, the highest first-day volume of any IPO on record, representing 3.69% of the float.

Activity remains elevated on day two, with 5.4 million shares lent so far, 3.7 million shares returned and 7.4 million shares, representing 36% of total shares on loan, re-rated cooler.

Despite strong demand, SpaceX’s sizeable float and deep lendable supply, currently 83.64 million shares available, are helping ease financing conditions. Borrow rates are cooling as market participants establish positions for potential short-selling and other financing strategies.

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