(https://www.cnbc.com/2026/06/19/spacex-stock-risk-buy-sell.html), and Wall Street is celebrating the underwriting bonanza. But here's what nobody's talking about: the *leverage* in those derivative bets is historically extreme. When euphoria cracks — and it will — the forced liquidation of leveraged SPCX positions will be violent enough to drag down the entire growth-at-a-price cohort.

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