SPCX rose 10% in after-hours trading, lifting its market value above Amazon to $2 trillion and prompting Formula News founder Vida to close a bearish trade at a loss. Vida disclosed on June 11 that he had opened a roughly $200,000 SPCXUSDT perpetual short position, and said on June 16 that he exited with a final loss of more than $60,000. He added that he still considers the company extremely overvalued and is watching for a possible future entry after employees' 20% stake unlocks. Perpetual contracts are derivatives that let traders take leveraged long or short exposure without an expiry date, which can magnify losses when prices move sharply against a position.