SpaceX (ticker: SPCX) options roared to life on their debut day, July 16, with trading volumes surging past 1.6 million contracts — obliterating the previous record of 364,000 set by Meta in 2012. The euphoria turned the derivatives market into what some called a 'space casino,' briefly pushing SpaceX's market capitalization above Amazon's intraday.
Record Breaking Volume Trails Only Tesla, Nvidia
Volume hit 500,000 contracts within the first hour and closed between 1.6 million and 1.8 million. By day's end, SpaceX options ranked second or third in daily activity across all U.S. stocks, trailing only Tesla and at times beating Nvidia. During early trading, minute-by-minute volume peaked at 10,000 contracts. The explosive debut made SpaceX the highest-volume options launch in U.S. stock history.
Retail Frenzy for Ultra-Short Calls
Bullish calls dominated with a call-to-put ratio of 1.3 to 1.5. All seven most traded contracts were ultra-short-dated options expiring June 18 — just two days from launch. The top two were the $220 call (9% up, over 64,000 contracts) and the $210 call (4% up, over 63,000). More than 41,000 contracts wagered on a 49% surge to $300. This pattern mirrors the GameStop era where retail traders treat options as speculative tools rather than hedges.
Stock Surge and Institutional Hedging Play
SpaceX shares jumped 5%–12% on the day, briefly giving it a larger market cap than Amazon. Beneath the frenzy, institutional investors were quietly hedging. Susquehanna noted the 16th most traded contract was the $205 put expiring September 18, already in the money. Analysts believe it was placed by insiders or early investors to guard against selling pressure when the lock-up period ends. With a mass of near-term contracts expiring, SpaceX shares face heightened volatility in the coming days.