SpaceX options debut hits 994k call contracts as SPCX swings 15% and closes up 5%

SpaceX (SPCX) options drew nearly 1 million contracts on their first trading day, ranking fifth across the market and eclipsing many blue-chip names. Trading featured heavy buying of out-of-the-money calls in July and September, alongside collar positions tied to hedging around the lockup period. SPCX moved within a 15% intraday range and finished up 5%, while 2x leveraged ETFs saw more than $3B in one-day volume, including SPCH at $1.3B for what was described as the second-highest day in ETF history. The activity centered on trading mechanics and positioning rather than any shift in fundamentals.