Quantum Cyber N.V. has become one of the most extreme borrow stories in the market this week. Short interest has exploded from under 14% to 46% of free float in five trading days. Cost to borrow has gone from 15% to nearly 485% — a 3,023% weekly surge.
The numbers arrived in waves. On May 8, short interest sat at roughly 12% of float. By May 13 it had reached 19.8%. By May 14, it stood at 25.8%. As of today, ORTEX estimates 46.1% of the free float is now sold short — a 235% jump in a single week.
The borrow market has not kept up. Cost to borrow was 15.5% on May 7. It crossed 97% on May 13. On May 14 it printed at 484.7%. Every additional share being shorted is coming at extraordinary cost.
Availability has collapsed in step. The lending pool is now nearly exhausted — with the borrow market at 96.82% of its 52-week peak utilization, the room left for new shorts is minimal. Only 3–4 shares remain available for every 100 already borrowed.
The stock is up 715% over the past week. It closed at $3.00 on May 14, having gained 124% in a single session. Month-to-date the move is nearly 500%.
That matters because short sellers who entered before the rally are sitting on significant mark-to-market losses. Rolling or covering those positions now means paying a borrow rate approaching 500% annualised while the stock continues to trade far above their entry.
The ORTEX short score stands at 81.2 — ranking in the 5th percentile for short squeeze pressure. It has climbed steadily for two weeks, from 63.1 on May 1 to 77.6 on May 13, to 81.2 today.
CEO David Lazar bought shares twice in recent months. He purchased $1.5M worth at $1.50 on April 22 and $1M worth at $1.00 on February 13. At today's prices, those positions are substantially in profit. That buying predated the rally — it was not a reaction to it.
Short interest at 46% of float, availability near zero, and a cost to borrow above 485% create a feedback loop. New short positions become prohibitively expensive to establish. Existing shorts face compounding holding costs. The next earnings event is scheduled for June 26.
Data summary
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