Traders betting on SpaceX shares made their stance clear on the first day of options trading: overwhelmingly bullish. Options on SpaceX began trading on June 16, 2026, just days after the company’s historic Nasdaq debut, with call buying significantly outpacing put activity.
SpaceX priced its IPO at $135 per share on June 12, raising approximately $75 billion, the largest initial public offering in history. Shares climbed more than 19% on their debut day, with gains continuing in early subsequent sessions.
The dominance of calls signals that market participants expect SPCX to keep climbing. Heavy call volume forces market makers to buy the underlying stock to hedge, creating upward price pressure. This reflexive dynamic, sometimes called a gamma squeeze, warrants attention given the intense interest in the stock.
Crypto markets anticipated the demand. Hyperliquid’s SPCX-USDC perpetual contract accumulated over $1.4 billion in trading volume the day before options launched. Tokenized SpaceX shares also appeared on Solana and other platforms, offering traders early, unregulated exposure. The premiums on these synthetic contracts highlighted the intense enthusiasm.
The real test will be whether the call-heavy skew persists through the first full week. If put volume starts catching up, it could signal that the post-IPO euphoria is fading.