SpaceX will launch its IPO on June 12, 2026 on the Nasdaq in New York City.
Adam Jeffrey | CNBC
Nothing is the same as the real thing.
space x “Proxy stocks,” which saw a surge in options trading ahead of Friday’s historic initial public offering, are reversing gains. Some companies look more likely to rebound than others.
Shares of Echostar, the Colorado-based networking company that owns an estimated 3% of SpaceX stock, reversed and fell 14%. Shares of AST SpaceMobile, whose satellite is scheduled to launch next week on a SpaceX rocket, fell nearly 13%. Virgin Galactic Holdings shares have completely reversed Thursday’s big gains, falling 34%.
Option traders appear unfazed. Calls outperformed puts in all three stocks, with AST being the most popular, trading over 250,000 contracts at a premium of more than $60 million. More than twice as many calls were bought as there were Friday morning puts.
“There’s a lot of short-term call buying in these stocks as a way to go long SpaceX stock,” Danny Kirsch, head of options trading at Piper Sandler, said by phone. “There’s no question that some of it is retail demand, but there’s definitely an organic demand for SATS.”
SATS is the ticker symbol for EchoStar, and the stock rose another 5% in early trading Friday. AST Space Mobile stock was also rising at the time.
Simultaneous demand for space-focused exchange-traded funds is also creating a supply bottleneck, which is driving proxy prices higher, said Corey Johnson, chief market strategist at San Francisco-based Epistrophy Capital Research.
Things like ETFs are Space ETF procurement and Defiance Drones and Modern Warfare ETF Both companies own shares in ASTS. Procure Space, trading as UFO, is up 38% in 2026, and Defiance, trading as JEDI, is up about 33%.
“People who can’t buy SpaceX or don’t think they’re going to have enough money right away are putting money into these ETFs, and that’s forcing these funds to buy stocks like AST, Echostar and Spire,” Johnson said by phone. “It has nothing to do with the quality, product demand or cash flow of these companies.”
One thing is clear: Demand for SpaceX options, which begin trading on Tuesday, is likely to reach astronomical numbers. The IPO is priced at $135 per share, a perfect price for individual traders who don’t mind paying a high premium for a nominally low-priced stock.
EchoStar and AST stock prices closed Thursday at $128.13 and $97.56, with implied volatilities trading at 91 and 126, respectively.
“SpaceX has the potential to become one of the most actively traded options stocks among retail investors,” Webull Group President and U.S. CEO Anthony Denier said in an email. “The combination of expected high stock prices, significant volatility, and enormous public interest creates an ideal environment for options trading. If stock to borrow becomes scarce or expensive, put options may provide investors with a more practical way to express a bearish view than directly shorting the stock.”
The original Musk cult stock, Tesla is one of the most actively traded stocks among retail options traders.
