SpaceX Hits $2 Trillion in Three Days — SPCX Options Start Trading Today

The momentum from the largest IPO in US equity market history shows no signs of cooling. According to CNBC, SpaceX listed on Nasdaq on June 12 and closed its first session up roughly 19%; shares have continued to rally since, pushing the company's market cap above $2 trillion. The next milestone to watch: SPCX options begin trading today, Tuesday June 16 — just two trading days after the stock went public.^{[Crypto Briefing]}

Three Days In: How the Stock Has Moved

A handful of key figures tell the story of SPCX's opening act. According to CNBC, SpaceX priced its IPO at $135 per share, implying a valuation of roughly $1.75 trillion — the largest IPO ever on a US exchange.^[CNBC] Here's how the stock has traded since:

• June 12 (day one): opened at $150, closed at $161 — up ~19% from the offer price;
• After-hours that same day: shares climbed further, topping $166;
• As of June 15: SPCX was trading around $177.99, with market cap crossing $2 trillion.

From offer price to June 15 close, SPCX has gained roughly 30% in just a few sessions. The stock trades on Nasdaq under the ticker SPCX.

What the Options Launch Means

The bigger market event on June 16 is the debut of SPCX options. According to Crypto Briefing, options on SpaceX stock will begin trading on Cboe on Tuesday — only two trading days after the June 12 IPO, a timeline that market participants consider unusually aggressive.^{[Crypto Briefing]}

That compressed schedule matters because of what options markets typically need to function efficiently. According to GuruFocus, analysts expect SPCX's options market to see substantial activity from the start, with investors using contracts both to hedge existing positions and to take directional bets on price swings. Short-dated, out-of-the-money contracts are expected to draw the most interest — a pattern typical of high-profile new listings, where institutional speculators and retail traders hunting asymmetric payoffs tend to converge.^[GuruFocus]

The structural novelty here is also worth noting: a brand-new options market has no open interest history, no established implied volatility anchor, no existing gamma exposure, and no call wall or put wall — all of that has to develop organically as the first order flow comes in.^[GuruFocus]

A New Volatility Anchor — and Index Flows to Watch

Volatility is a recurring theme in the SPCX conversation. According to GuruFocus, some analysts draw a comparison to Tesla (TSLA) — another Elon Musk company known for large price swings — and suggest that if SPCX trades with similar characteristics, its realized volatility could run roughly twice that of a typical stock, which would further fuel options activity.^[GuruFocus] High retail participation and the price discovery process inherent to any new listing also tend to translate into elevated near-term volatility.

A separate structural variable drawing attention is index inclusion. According to SpotGamma, potential rule changes affecting the S&P 500 (SPY), Nasdaq 100 (QQQ), and Russell 2000 (IWM) could trigger passive index funds to buy SpaceX as part of rebalancing — adding flows that are driven by index mechanics rather than fundamental views on the company.^[SpotGamma]

A Few Caveats

Translating the above narrative into a view on the stock requires some caution. First, the "twice Tesla's volatility" framing is an analogy-based expectation, not realized data — actual volatility for a newly listed stock is highly uncertain. Second, heavy options activity is itself directionally neutral: it can reflect hedging just as easily as speculation, and volume alone says nothing about where the stock is headed. Third, while SPCX's gains since the IPO have been substantial, early post-IPO price action is notoriously noisy and has historically shown little correlation with long-term performance. This article summarizes publicly reported information and market commentary. It does not constitute investment advice or a recommendation regarding SpaceX (SPCX) or any other asset.

This content is for informational purposes only and does not constitute investment advice, trading advice, or any guarantee of returns.