Options volume in space stocks exploded on Friday as investors desperate for exposure to the SpaceX IPO turned to derivatives. Danny Kirsch, head of options trading at Piper Sandler, noted "a ton of short-dated call buying in these names as a way to get long SpaceX" — reflecting a market hungry for any connection to the closely watched offering.
Retail investors have been scrambling for direct access to the offering, even as skepticism runs deep. Some observers have called the valuation "stupid," according to CNBC, while Wired warned that most small buyers will end up with "crumbs" despite the company setting aside an unusually high number of shares for everyday participants.
The IPO itself has drawn a flood of interest from both individual and institutional corners, though the actual allocation available to non-professionals remains a subject of debate. The structure of the deal, combined with limited supply, has pushed many traders toward options on publicly traded space stocks as a proxy bet.
Critics counter that the frothy demand for any SpaceX-adjacent asset risks inflating value in unrelated names, creating a speculative bubble that could burst once the IPO settles. "You're just getting the crumbs," one expert told Wired, suggesting the hype may outweigh the actual opportunity for most retail participants.