SpaceX options: 1.29 million contracts and $648 million in premium, 3.3 times normal, as the stock jumps 6%

There was unusual options activity in SpaceX (Nasdaq: SPCX) on Monday. As of a 1:55 p.m. ET snapshot of Robinhood's options data, 1,293,087 contracts had changed hands, 3.28 times the stock's 10-day average, with about $648 million in total premium paid. The shares were at $168.70, up 6.13%.

The numbers

• Calls: 803,574 contracts. Puts: 489,513. That is 0.61 puts for every call, so calls led, but puts were far from absent.
• Premium: about $648.1 million, an average of roughly $501 per contract.
• Against the shares: each contract covers 100 shares, so the 1.29 million contracts reference about 129 million shares. The stock itself had traded about 86.1 million. The puts alone reference about 49 million shares, 57% of the day's share volume.
• Implied volatility: the 30-day figure was 63.7%, which Robinhood's data ranks at the bottom of its one-year range (rank 0.0). Options on SpaceX are priced cheaply against its own recent history even after a day this busy.

The snapshot is from mid-afternoon, so the final session totals will differ.

What was moving the stock

Two stories ran alongside the move. Yahoo Finance reported that Morgan Stanley analyst Adam Jonas kept an Outperform rating and a $300 price goal on SpaceX in a note titled "SPCX $159: Cheap and Getting Cheaper," after the stock's prior close. Yahoo said the note argues investors have a limited window before Starship Flight 15, and that the market undervalues SpaceX's AI compute business.

Separately, CNBC reported at midday that Elon Musk confirmed talks with TSMC about helping his Terafab chip venture run its Texas factories. CNBC said SpaceX shares jumped 6% and TSMC rose 2%, while Intel, also part of Terafab, slid about 2%.

We cannot say which of these, if either, drove the options trading. Options volume does not reveal who traded or why. Calls can be directional exposure; puts are as often insurance on a large share position, and SpaceX has a lot of holders who came in at the June IPO.

How it compares with other heavy names

Company	Options volume	Times 10-day avg	Puts per call	Stock move
SpaceX	1,293,087	3.28	0.61	+6.13%
Tesla	2,518,147	4.86	0.63	+2.49%
Microsoft	697,925	3.35	0.45	+1.42%
Chipotle	157,045	3.83	2.27	-5.13%
United Microelectronics	69,828	13.53	0.02	-9.76%
Primo Brands	30,332	42.66	0.00	+2.13%

Tesla actually traded more contracts than SpaceX, and Microsoft's activity was close to SpaceX's relative level. The same table shows how different the shapes are: Chipotle's puts outnumbered calls more than two to one, while Primo Brands traded 30,324 calls and 8 puts.

Earnings and the track record

SpaceX's next report is expected November 17 after the close, but that date is not verified. It has one earnings reaction on record as a public company: the shares fell 13.61% after the August 4 report, from $125.33 to $108.27, per Robinhood's data. One data point is not a pattern. Our earlier coverage of Starship's orbital flight shows how the stock reacted to the last big operational milestone.

Congressional trades

TipRanks, drawing on STOCK Act disclosures, lists six purchases of SPCX by House members, all in ranges of $1,001 to $15,000 except one at $15,001 to $50,000, dated between June 11 and August 12 and disclosed between July 3 and September 10. Members have up to 45 days to disclose, so these are history, not a current signal. See all of them at our congressional trades page.

Sources: options volume, implied volatility and market data via Robinhood; congressional trades via TipRanks (STOCK Act disclosures); filings via SEC EDGAR; CNBC; Yahoo Finance. Some data may be delayed. This is market information, not investment advice.