Based on 162 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 3 quarters in a row
For 3 consecutive quarters, more hedge funds added SPCE than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
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Below peak — only 67% of 3.0Y high
67% of all-time peak
Only 162 funds hold SPCE today versus a peak of 241 funds at 2023 Q4 — just 67% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
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Steady growth — +4% more funds vs a year ago
fund count last 6Q
+6 new funds entered over the past year (+4% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
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Slight buying edge — 53% buying
80 buying72 selling
Last quarter: 80 funds bought or added vs 72 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~38 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 32 → 34 → 40 → 38. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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54% of holders stayed for 2+ years
■ 54% conviction (2yr+)
■ 20% medium
■ 25% new
88 out of 162 hedge funds have held SPCE for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
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Buying through price weakness — shares -13%, value -29%
Last quarter: funds added -13% more shares while total portfolio value only changed -29%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Growing discovery — still being found
32 → 32 → 34 → 40 → 38 new funds/Q
New funds entering each quarter: 32 → 34 → 40 → 38. A growing number of institutions are discovering SPCE each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
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Veteran-anchored — 63% veterans vs 26% newcomers
■ 63% veterans
■ 12% 1-2yr
■ 26% new
Entry-cohort mix of 172 holders: 108 (63%) are 2+ year veterans, 20 entered 1–2 years ago, and 44 (26%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 40% AUM from top-100 funds
40% from top-100 AUM funds
29 of 156 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in SPCE. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 2.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.