SpaceX Options Debut Sees Record Volume as Investors Chase Upside

The debut of SpaceX options trading has sent shockwaves through the financial markets, setting a historic record for volume on a first day. Investors are aggressively moving to gain exposure to Elon Musk’s aerospace giant, signaling massive appetite for space-linked assets.

A Historic Debut in Derivatives Trading

SpaceX has officially become the most heavily traded company ever on its first day of options trading, according to data from Trade Alert. The frenzy was immediate; more than 500,000 contracts changed hands within the first hour of trading. By 11:40 a.m. ET, the total volume had surged to approximately 869,000 contracts.

This massive influx of liquidity places SpaceX in elite company. On its debut day, SpaceX options were the second-most heavily traded individual company contracts, surpassed only by Tesla. Industry experts, including Chris Murphy of Susquehanna, noted that the demand is driven by investors chasing "high-beta AI and space-linked winners."

Bullish Sentiment and the Potential for a Gamma Squeeze

Market data reveals a distinctly optimistic outlook among traders. The volume of "calls"—options that allow buyers to purchase shares at a set price—outpaced "puts"—options to sell shares—at a ratio of 1.5-to-1. This bullish skew helped propel the underlying stock price higher during the early session.

Analysts are also watching for a "gamma squeeze." When market makers sell call options to investors, they must buy the underlying stock to hedge their own risk. Because market makers cannot hedge SpaceX with any other asset, this forced buying can create a feedback loop that drives the stock price even higher. This dynamic mirrors the volatility previously seen in Tesla, another favorite among options traders.

Valuation Surges Toward the Trillion-Dollar Club

The options frenzy follows an explosive period for SpaceX’s equity value. Following a 25% surge in share price last Friday, the company’s valuation crossed the $2 trillion mark. On Tuesday, SpaceX shares climbed more than 14%, a move that briefly pushed its market capitalization above Amazon and Microsoft, placing it among the top five most valuable companies globally.

Seiring SpaceX memperluas imperiumnya dari manufaktur roket ke teknologi terintegrasi AI, ekosistem derivatifnya diperkirakan akan tumbuh pesat. Para ahli menyarankan bahwa meskipun permintaan yang tinggi akan mendorong volume, investor harus bersiap menghadapi volatilitas tinggi dan selisih bid-ask yang lebar karena terbatasnya jumlah saham yang beredar (share float).

Poin-Poin Penting

• Volume yang Memecahkan Rekor: SpaceX menetapkan tolok ukur baru sebagai aset yang paling banyak diperdagangkan pada hari pertama perdagangan opsinya, dengan hampir 869.000 kontrak diperdagangkan pada sesi pagi saja.
• Bias Pasar Bullish: Aktivitas perdagangan sangat condong ke arah opsi beli (call options) (rasio 1,5 banding 1), mencerminkan kepercayaan investor yang kuat terhadap lintasan kenaikan perusahaan.
• Pertumbuhan Valuasi yang Masif: Didorong oleh minat investor yang besar, valuasi SpaceX telah melonjak melampaui $2 triliun, yang sempat menempatkannya di antara lima perusahaan paling berharga di dunia.