SpaceX options didn’t just debut on US exchanges. They detonated.

On June 16, trading volume for SpaceX (ticker SPCX) options hit 1.3 million contracts by 2 p.m. ET. That’s more than triple the previous first-day record held by Meta, which managed roughly 365,000 contracts when its options launched back in 2012. The total premium exchanged topped $2 billion, with a decidedly bullish lean: calls outnumbered puts at a ratio of 1.4-to-1.

The frenzy placed SpaceX as the third most actively traded single-stock options that day, trailing only Tesla and Nvidia. For a company that just went public four days earlier, that’s less of a warm welcome and more of a standing ovation.

The IPO that set the stage

SpaceX’s options debut followed what was already the largest IPO in history. On June 12, the company raised $75 billion by pricing shares at $135 each. To put that in perspective, Saudi Aramco’s 2019 IPO raised roughly $25.6 billion. SpaceX nearly tripled it.

The stock didn’t cool off after listing, either. On the day options trading launched, SpaceX shares surged more than 14% intraday. That move briefly pushed the company’s market valuation past both Amazon and Microsoft, placing it among the most valuable firms on the planet with a post-IPO valuation exceeding $2 trillion.

Analysts at the Cboe described the debut as unprecedented. They highlighted significant retail investor participation and flagged the potential for gamma-squeeze scenarios. In English: when market makers who sold call options need to buy shares to hedge their exposure, it can create a feedback loop that pushes the stock price even higher.

Crypto platforms got there first

For the crypto-native crowd, SpaceX exposure isn’t exactly new. Before the IPO even happened, several platforms had already offered pre-IPO perpetual futures and tokenized shares trading on Solana.

Those instruments gave early access to speculators willing to operate outside traditional market infrastructure. But the June 16 options launch was a different beast entirely: regulated, listed options on major US exchanges, accessible through any standard brokerage account. No wallet required.

What this means for investors

The 1.4-to-1 call-to-put ratio confirms bullish bias. In a more cautious environment, you’d expect that ratio to be closer to even, or even tilted toward puts as investors hedge downside risk.

The gamma-squeeze risk flagged by Cboe analysts isn’t hypothetical. When a massive volume of call options concentrates at specific strike prices, market makers’ hedging activity can amplify moves in both directions.

For institutional players, the record-setting volume is actually a positive signal. High liquidity in the options market means tighter bid-ask spreads, better execution, and more sophisticated strategies become viable.