SpaceX options trading is booming, becoming one of the hottest targets in U.S. stock options.

BlockBeats News, June 16, according to Bloomberg, SpaceX (SPCX.O) options became one of the most actively traded products in the U.S. market on Tuesday, driving the company’s stock up by as much as 17% in early trading on the third trading day after its listing.

As of 10:35 a.m. New York time, the volume of SpaceX options had already exceeded 600,000 contracts, making it the third-largest options trading underlying among U.S. companies. Chris Murphy, co-head of derivatives strategy at Susquehanna International, said: “Option volatility has clearly tilted upward, and investors are willing to pay higher prices to participate in the further short-squeeze moves after the listing.”

According to Murphy’s data, implied volatility—an important indicator for measuring options demand—was already at a high level at the open, with three-month implied volatility reaching around 110% to 115% in early trading. The most actively traded options contract was a call option expiring on Thursday with a strike price of $220, with a trading volume of 25,000 contracts, corresponding to 2.5 million shares.

Jake Taylor, head of U.S. single-stock options at Optiver, said: “Given the unusually high surge in investor interest, we expect institutional and retail investors to both participate actively, and that market trading activity and volatility will remain high, because the market is still forming judgments about the company’s valuation and outlook.”