SpaceX Volatility Drives Heavy Call Option Trading

SpaceX options saw record trading volume on June 16, with call options leading activity as investors bet on the company’s continued volatility amid high-profile developments.

According to Barron’s, call volume ranked as the fifth-highest in the history of the CBOE’s options exchange, signaling heightened speculation. The surge follows a week of market-moving news, including SpaceX’s latest satellite broadband launch and Elon Musk’s public comments on regulatory hurdles for Starlink expansion.

Why are SpaceX options trading at record levels?
The spike in call options reflects investor bets on volatility tied to three key factors: SpaceX’s aggressive expansion plans, regulatory scrutiny over Starlink’s global satellite network, and Musk’s influence on the company’s stock performance. Analysts note that options trading often spikes when a company’s future outlook appears uncertain, and SpaceX fits that profile.

Barron’s reported that the trading volume for SpaceX (SPCX) options on June 16 exceeded 100,000 contracts, with calls outpacing puts by a margin of nearly 3-to-1. This follows a 12% jump in SpaceX’s stock price over the past month, driven by a mix of earnings beats and Musk’s social media activity, which frequently moves markets.

How does this compare to Tesla’s options trading?
While SpaceX’s options volume hit a five-year high, Tesla (TSLA) has historically dominated options trading due to its larger market cap and Musk’s dual role as CEO and Twitter/X owner. However, SpaceX’s options activity has surged in recent months, narrowing the gap between the two companies. In 2025, Tesla’s options traded at an average of 200,000 contracts per session, compared to SpaceX’s 80,000—until now.

What comes next for SpaceX’s stock and options?
The Federal Communications Commission (FCC) is expected to rule on Starlink’s expansion into new markets by late July, a decision that could either stabilize or further disrupt SpaceX’s stock. Meanwhile, SpaceX’s upcoming Starship test flights—scheduled for August—will be closely watched by investors, as success could unlock new contracts with NASA and private space tourism ventures.

Barron’s quoted a market strategist as saying, “SpaceX’s options market is a barometer for how investors view its regulatory and growth risks. If the FCC approves Starlink’s expansion, we could see another wave of call buying. But if there are delays, puts might gain traction.”

Key figures driving the trend:

• June 16 options volume: 102,000 contracts (5th-highest in CBOE history)
• Call-to-put ratio: 3:1
• Stock price movement (past 30 days): +12%
• Next major catalysts: FCC Starlink ruling (July 2026), Starship test flights (August 2026)

Investors are also eyeing SpaceX’s potential spin-off from Tesla, a move that could reshape its valuation. While no official timeline has been set, Musk has hinted at exploring the idea, adding to the uncertainty that fuels options trading.

For now, traders appear willing to bet on SpaceX’s volatility—whether through calls, puts, or both—as the company remains a focal point in both aerospace and financial markets.

Sources: Barron’s (June 16, 2026); CBOE options data; FCC filings; SpaceX earnings reports; Tesla investor disclosures.