SpaceX employees celebrate the market close of the SpaceX initial public offering (IPO) at the Nasdaq Marketsite on June 12, 2026, in New York City. Up until now, options flows were largely dominated by out-of-the-money call-buying, but the most popular directional trade on Thursday – albeit by a small margin – was selling puts. Of the $600 million in premium traded by midday, $316 million was in puts, with $166 million likely tied to sales of puts, SpotGamma data show. This time, the calls – worth $5 million – cost more than the puts brought in, meaning the trade was done at a debit. There's also the fact shares are up on the day the first insider lock-up period is ending – an event many thought would lead to fresh selling of SpaceX stock.