SpaceX options debut with record-breaking volume of 1.6 million contracts, soaring to number one on the US stock market! Market value once surpassed Amazon.

Just completed the historic IPO of the aerospace giant SpaceX (SPCX) on June 16, the company officially launched its options trading, with first-day trading volume skyrocketing over 1.6 million contracts, completely smashing Meta’s record set in 2012. This frenzy driven by retail investors and leveraged funds has not only turned the options market into a high-risk “space casino,” but also temporarily pushed SpaceX’s market capitalization beyond Amazon.
(Background: Summary: Michael Burry of “The Big Short” wanted to short SpaceX but said “No thanks”! He claims the $2.8 trillion market cap is just a small space company)
(Additional background: When will the selling pressure on SPCX shares arrive? A look at SpaceX’s phased lock-up release schedule)

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• First day surging over 1.6 million contracts, daily popularity closely trailing Tesla and NVIDIA
• Retail investors frantic to buy short-term call options, betting on a surge
• Stock price soaring, market cap surpassing Amazon, institutions secretly positioning for lock-up risk mitigation

Elon Musk’s aerospace giant SpaceX (NYSE: SPCX) completed its highly anticipated initial public offering (IPO) in mid-June 2026, and the market frenzy is rapidly spilling over into the derivatives market. According to a market analysis published by Business Insider on the 17th, SpaceX’s options on the 16th created an astonishing historical record on its first day, marking the official opening of a new “stock casino” on Wall Street.

First day surging over 1.6 million contracts, daily popularity closely trailing Tesla and NVIDIA

Market data shows that within the first hour of trading on the first day, SpaceX options volume exceeded 500k contracts; by the close of the day, total trading volume reached an astonishing 1.6 to 1.8 million contracts. This data not only easily outstripped Meta (formerly Facebook)’s first-day record of 364k contracts set in 2012 but also made SpaceX the stock with the highest options trading volume on its first day in U.S. stock history.

During the trading session on the 16th, SpaceX’s daily options activity ranked second or third in the entire market, only behind Tesla, also owned by Musk, and at times even surpassed NVIDIA, the AI chip giant. During early trading, there was even an extreme scene of 10k contracts traded per minute.

Retail investors frantic to buy short-term call options, betting on a surge

Further analysis of this trading frenzy reveals the underlying structure. On that day, the call-to-put ratio in the options market was approximately 1.3 to 1.5, indicating extremely bullish sentiment. Among the seven most popular contracts based on the closing price of $201.80, all were “very short-term” options expiring on June 18.

The top two traded contracts were call options with strike prices of $220 (expected to rise 9%, with over 64k contracts traded) and $210 (expected to rise 4%, with over 63k contracts traded); some over 41k contracts bet that the stock price would surge 49% to $300 within just two days. This high-leverage, high-risk extreme speculation reflects how retail investors have increasingly viewed options as speculative tools rather than hedging instruments since the GameStop frenzy.

Stock price surges, market cap surpasses Amazon, institutions secretly positioning for lock-up risk mitigation

Fueled by the frenzy of options buying, SpaceX’s stock price on the 16th also posted a strong gain of 5% to 12%, with its total market cap even temporarily surpassing e-commerce giant Amazon during intraday trading.

However, beneath the hype, some institutional investors have quietly begun defensive positioning. Susquehanna, a financial services firm, analyzed that the 16th’s 16th most popular contract was a put option with a strike price of $205, expiring on September 18. Since this contract is currently in the money, analysts believe it is likely an internal or early investor hedge against the potential large-scale sell-off once the lock-up period ends. As many short-term contracts are about to expire, SpaceX’s stock could experience even more volatile swings in the coming days.