SpaceX Options See Heavy Bullish Bets; $330 Strike Open Interest Tops 450,000
SpaceX options trading has been dominated by bullish bets on a $330 strike call expiring this Friday, with open interest exceeding 450,000 contracts, at least seven times the next most popular contract. The strike is roughly three times the current share price, and SpaceX's market capitalization stands at about $1.5 trillion. The company, which conducted its 13th Starship test flight on July 24, 2026, will report its first earnings since its June IPO on August 4, with insider lock-ups expiring two days later.
The Starship spacecraft and Super Heavy v3 booster completed their 13th test flight at Starbase, Texas, on July 24, 2026. Meanwhile, options market data has drawn attention: for weeks, the most popular contract in SpaceX options trading has been the call option with a $330 strike price expiring this Friday. As the share price has fallen, the contract's price has declined, but open interest has instead increased. Analysis of options flow data from multiple providers shows open interest in the contract exceeds 450,000 contracts, at least seven times that of the next most popular contract.
On Monday, about 90,000 contracts at the strike were bought, involving hundreds of trades of varying sizes, from 100 lots to several thousand lots, with a combined value of about $2.2 million. Data show the average traded price per contract was about 30 cents, or $30 per lot, and the contract's total open interest value has approached $20 million. The strike price is about three times the current share price. SpaceX has a market capitalization of $1.5 trillion, and its implied volatility stands at 133, higher than every S&P 500 component except Sandisk.
After SpaceX's initial public offering in June, options trading volume immediately reached billions of dollars, with deep out-of-the-money call options favored from the start. The company will report its first earnings since the June IPO after the market close on August 4. In addition, the lock-up period for SpaceX insiders' shares will expire two days after the earnings release.