When SpaceX went public last week, it was already breaking records like a SpaceX rocket breaking through the atmosphere. But Tuesday? That’s when things got truly unhinged.
The first day of options trading on SpaceX stock saw 1.6 million contracts trade hands—absolutely demolishing Meta’s previous first-day record of 364,000 from 2012. To put that in perspective, that’s like comparing a Falcon 9 launch to a bottle rocket. SpaceX closed Tuesday at $201.80, and traders were already betting on everything from modest 4% gains to absolutely bonkers 49% rallies.
Here’s where it gets spicy: options are basically the stock market’s version of a casino. Sure, professionals use them to hedge risk. But retail traders? They use them to turn $100 into either $1,000 or $0 in 48 hours. It’s the financial equivalent of going all-in on red at the roulette table.
The most-traded contracts were all expiring Thursday—meaning traders were making wild bets on what would happen in literally two days. The top contract? A call option betting SpaceX would jump 9% to $220. Over 64,000 people were willing to put money on that. The most aggressive? A call betting on a 49% jump to $300. Because apparently, some traders think Elon’s rockets can defy gravity *and* market fundamentals.
What’s wild is that SpaceX immediately became the third-most-traded options stock, right behind Tesla and Nvidia—two stocks that have basically become the retail trader’s version of comfort food. This tells you everything you need to know: SpaceX isn’t just a company; it’s a *vibe*. It’s the stock equivalent of a meme, and retail investors are treating it like one.
The real tea? One of the most popular longer-dated bets was a put option betting SpaceX would drop to $205 by September. That’s likely hedge activity around the lock-up expiration—basically, insiders preparing for the moment when early investors can finally sell their shares. Translation: smart money is already thinking about the exit.
SpaceX’s options debut proves one thing: give retail traders leverage, volatility, and a stock they’re excited about, and they’ll trade it like their life depends on it. The casino is open, and Elon’s got the house.
