The first day of SPCX options trading looked exactly how you’d expect for a stock that just pulled off the largest IPO in history: overwhelmingly bullish.

Options on SpaceX shares began trading on June 16, 2026, just days after the company’s historic Nasdaq debut. The flow was lopsided from the jump, with call buying significantly outpacing put activity. In plain English: traders are betting SpaceX shares go up, not down.

The IPO that broke records

SpaceX priced its IPO at $135 per share on June 12, 2026, raising approximately $75 billion in the process. That figure made it the largest initial public offering ever, eclipsing everything that came before it by a comfortable margin.

The market’s reception was enthusiastic, to say the least. SPCX shares climbed more than 19% on their debut day, with gains continuing in early trading sessions that followed.

Analysts had projected record or near-record first-day volume for SPCX options, and the early signals suggest that expectation was well-founded.

What the options flow actually tells us

The dominance of call buying over puts signals that market participants, at least the ones willing to put money behind their views, expect SPCX to keep climbing. Calls give the holder the right to buy shares at a set price, so heavy call volume means traders are positioning for further upside.

When options traders pile into calls, market makers who sold those calls often need to buy the underlying stock to hedge. That buying pressure can push the share price higher, which makes the calls more valuable, which attracts more call buying. This reflexive dynamic, sometimes called a “gamma squeeze” when it gets extreme, is worth watching in SPCX’s case given the sheer scale of interest in the name.

Crypto markets didn’t wait for Wall Street

While traditional options traders got their first crack at SPCX on June 16, crypto markets had already been running their own parallel SpaceX market for days.

Hyperliquid’s SPCX-USDC perpetual contract accumulated over $1.4 billion in trading volume on June 15 alone, the day before options even launched. Tokenized SpaceX shares also appeared on Solana and other platforms, offering yet another channel for traders who either couldn’t access or didn’t want to wait for Nasdaq-listed products.

The premiums on these pre-IPO crypto perpetuals compared to the $135 IPO price told their own story about demand. When traders are willing to pay above the reference price on an unregulated synthetic contract just to get exposure, the enthusiasm isn’t subtle.

What this means for investors

SpaceX’s $75 billion raise valued the company at a level that prices in enormous future growth across Starlink, launch services, and Starship.

The fact that decentralized platforms generated over $1.4 billion in SpaceX-linked volume before traditional derivatives even launched suggests a structural shift in how investors access newly public companies. The risk for those using crypto-native SpaceX products is counterparty and oracle risk on decentralized platforms, and premiums on synthetic products can collapse quickly once the real options market provides a regulated alternative, which is exactly what happened on June 16.

Traders watching SPCX options should pay attention to whether the call-heavy skew persists through the first full week of trading. If put volume starts catching up, it could signal that the easy-money phase of post-IPO euphoria is fading.