Short sellers are rapidly increasing their bets against SpaceX, driving bearish positioning to nearly one-third of the company’s public float as the struggling stock hovers below its IPO offering price.

About 185 million SpaceX shares are now sold short, representing roughly 29% of the company’s publicly tradable float and about $25 billion in bearish wagers, according to S3 Partners. The position has ballooned from an estimated 40 million shares, or roughly 5% to 7% of the float, just three weeks ago.

“We are seeing continuous demand from short sellers building speculative positions since the IPO,” Matthew Unterman, head of research at S3, told CNBC.

The surge in short interest comes as SpaceX shares have struggled after an initially strong debut. The stock has fallen about 20% in July and briefly slipped below its $135 IPO price on Wednesday for the first time. The stock last traded around $131 apiece on Thursday.

The bearish positioning comes ahead of a closely watched lockup schedule that could substantially increase the number of shares available for trading over the coming months. SpaceX’s initial public float represented only about 5% of its roughly 13 billion shares outstanding, leaving the vast majority of stock still subject to lockup restrictions, according to KeyBanc Capital Markets.

KeyBanc estimated the first major unlock could come around the company’s second-quarter earnings report, when about 11% of outstanding shares may become eligible for sale.

Additional tranches of roughly 4% each are scheduled to be released beginning around Day 70 after the initial public offering, followed by further unlocks tied to performance milestones and third-quarter earnings, the firm said.

The largest block remains Elon Musk‘s stake, representing about 42% of shares outstanding, which is locked up until June 2027.

The company’s 13th Starship test flight is slated for Thursday, a catalyst that could influence sentiment toward the shares.

Japan Airlines began testing humanoid robots for ground operations at Tokyo’s Haneda Airport amid chronic labor shortages.

The airline is partnering with GMO AI & Robotics to trial robots for tasks such as baggage loading and cabin cleaning starting in May, according to a joint statement Monday.

The initiative comes as Japan’s aviation sector struggles with rising tourism demand and a shrinking workforce, driven by an aging population.

Japan Airlines said the humanoid robots are expected to be deployed progressively across Haneda Airport, with the trial lasting for two years.

In a video demonstration of the technology, a humanoid robot produced by China’s Unitree can be seen sliding a payload across a conveyor belt, waving to onlookers, and shaking a coworker’s hand. 

Shares of Japan Airlines rose 3.4% in the first trading day of May, but were trading around 13% lower so far this year.

Unitree, one of China’s leading robotics firms, debuted its flagship H1 model in a Kung Fu demonstration at China’s Spring Festival Gala in February to much fanfare.

It is, however, unclear whether Unitree is directly involved in the Haneda Airport trial or is part of a broader evaluation of commercially available humanoid technologies. In a response to CNBC’s queries, Japan Airlines said that “feasibility studies and risk assessments” were ongoing.

Unitree did not respond to CNBC’s requests for comment.

Analysts say demographic trends such as rapidly aging populations and lower fertility rates — typical of metropoles like Tokyo — are driving demand for humanoid robotics.

“Aging populations, labor shortages, and shifting worker preferences are opening the door for humanoids to take on essential – yet often undesirable – roles in manufacturing, logistics, agriculture, healthcare, and hospitality,” Barclays wrote in a January research note.

Japan’s working-age population is projected to decline by 31% from 2023 to 2060, according to an employment outlook by the Organization for Economic Co-operation and Development. Marc Einstein, research director from Counter Research, expects humanoid robots to play an increasing role in Japan’s workforce.

With Prime Minister Sanae Takaichi’s support base premised on tougher immigration policies, Einstein expects the government to “very much encourage the deployment of humanoids in Japan.”

In March, Japan’s Ministry of Economy, Trade and Industry published guidelines on the use of robotics and artificial intelligence to address workforce challenges, including “decreasing labor caused by a declining birthrate and aging population.”

Data from Japan’s National Tourism Organization showed international arrivals