SpaceX options were in high demand on their first day of listing, with call option trading volume ranking fifth among U.S. stocks.

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As soon as the SpaceX options market opened, it saw explosive trading activity, reflecting investors' highly speculative enthusiasm for this space company owned by Elon Musk.

On Tuesday, SpaceX options officially began trading, and the trading volume for call options that day reached nearly one million contracts, ranking fifth among all option varieties nationwide, on par with actively traded stocks like Nvidia and Tesla that have long dominated the rankings. Meanwhile, SpaceX's stock price rose nearly 5% on the day to $201.80, about 50% higher than last week's IPO issue price of $135.

It is worth noting that weekly options have not yet launched – they are expected to begin trading on Thursday. Chris Murphy, co-head of derivatives strategy at Susquehanna Investment Group, noted that this means the current trading volume is of higher quality; once weekly and daily expiry options are introduced, short-term trading activity and retail participation are expected to further increase.

Bullish Sentiment Dominates, Large Bets on Significant Price Rises

The activity in call options directly reflects the market’s optimism for SpaceX’s future. According to Chris Murphy, several notable large call option trades appeared on Tuesday: one buyer purchased 1,500 July call option contracts with a strike price of $300, and another buyer purchased 6,500 July call option contracts with a strike price of $325 at $7 per contract.

Each options contract corresponds to 100 shares; for these two trades to have intrinsic value at July expiry, the stock price would need to rise significantly further from current levels.

The first batch of SpaceX option contracts will expire this Thursday. Given the intense speculative interest in this company, the industry expects regulators and exchanges to face pressure to quickly launch daily and end-of-day option products.

Institutions Simultaneously Hedge to Lock In Downside Risks

While bullish sentiment is strong, some institutional investors are simultaneously building hedging positions. Several large "collar" strategy trades appeared on Tuesday – that is, buying puts to protect against price declines while selling calls to offset hedging costs, at the expense of some upside potential.

One notable collar trade involved 7,700 contracts: buying September put options with a $200 strike price, while selling September call options with a $220 strike price.

Chris Murphy noted that the expiry of this trade coincides with the SpaceX stock lock-up period expiring, suggesting this hedge is likely intended to address post-lockup risk.

Options Ecosystem Continues to Expand, Active Trading Likely to Persist

Currently, the SpaceX options market is still at an early stage, with an incomplete product line. With weekly options expected to launch Thursday and continued demand for daily expiry options, the available contract types will be further enriched, with short-term speculation likely to increase.

Chris Murphy stated that as long as SpaceX stock remains highly volatile and a market focus, options trading—especially calls—will continue to stay hot, and enthusiasm will further increase as more contracts go live.

Risk Warning and DisclaimerThe market involves risks and investment should be made cautiously. This article does not constitute personal investment advice and has not taken into account particular users' investment goals, financial status, or needs. Users should consider whether any opinions, views, or conclusions herein fit their individual situation. Invest at your own risk. ```