The initial day of trading for SPCX options unfolded exactly as anticipated for a stock that recently claimed the title of the largest IPO in history, radiating a decidedly bullish sentiment. On June 16, 2026, options for SpaceX shares became available for trading shortly after the company marked a historic moment with its debut on Nasdaq. The trades heavily favored call options, indicating that traders are primarily betting on rising prices rather than declines.
What makes the SpaceX IPO remarkable?SpaceX executed its IPO pricing at $135 per share on June 12, 2026, amassing approximately $75 billion. This staggering amount not only set a record but also surpassed previous offerings by a substantial margin. The market's reaction underscores this enthusiasm, with SPCX shares surging over 19% on their inaugural trading day, and this upward trend continued in the subsequent sessions.
What insights come from the call and put options activity?The notable preference for call options suggests that traders expect SPCX shares to continue on an upward trajectory. Call options provide the right to purchase shares at a predetermined price. A surge in call volume typically leads market makers, who sold these calls, to buy the underlying stock as a hedge. This additional buying can create upward price momentum, enhancing the value of the calls and inviting even more purchases. In SPCX's case, the increasing interest raises the possibility of a pronounced gamma squeeze, a dynamic phenomenon worth monitoring closely given the extraordinary enthusiasm surrounding this stock.
How did crypto markets act during this transition?In contrast to traditional options traders, crypto markets were already engaging with SpaceX-related assets. On June 15, 2026, Hyperliquid's SPCX-USDC perpetual contract achieved a trading volume exceeding $1.4 billion, a day prior to the options launch. Moreover, tokenized shares of SpaceX appeared on platforms like Solana, providing alternative avenues for traders keen on exposure to this high-profile IPO. The premiums traders paid for these pre-IPO crypto contracts, often exceeding the $135 IPO price, vividly signaled strong demand.
What do these developments mean for investors?The successful $75 billion raise effectively values SpaceX at a level that anticipates substantial growth in its offerings, including Starlink, launch services, and Starship. The early activity in decentralized crypto platforms which amassed notable trading volumes before the launch of traditional options indicates a shift in investor access to newly public companies. However, investors should be cautious of the associated counterparty and oracle risks in decentralized platforms. Prices for synthetic products can be volatile and may collapse once the regulated options become available, as witnessed on June 16.
Traders monitoring SPCX options need to remain vigilant concerning the persistence of the call-heavy flow in the initial week of trading. Any uptick in put volume could indicate a shift in market sentiment, suggesting that the initial excitement surrounding the IPO may be diminishing.