SpaceX (SPCX) Soars: Options Trading Begins, $60B Cursor Acquisition Announced

SpaceX (SPCX) options showed high levels of activity as they began trading Tuesday. 

Shares of the company, whose operations span aerospace manufacturing, rocket launch services, and satellite communications through Starlink, gained 4.8% to close at $201.80. That’s a nearly 35% rise since its opening price of $150. 

This investor enthusiasm after the SpaceX IPO Friday helped mint founder Elon Musk as the world’s first trillionaire. Meanwhile, SpaceX itself is valued at more than $2.6 trillion as of Tuesday’s close, overtaking Amazon (AMZN) in terms of market capitalization. 

SpaceX Key Points: 

• The First Day of Options Market Trading: Volume came in at more than 1.72 million Tuesday with a 0.77 put/call ratio. After the dust settled, open interest shows 424,935 contracts on the call side and 365,538 for puts giving an overall total of 790,473. Call open interest is largely within the 200 to 380 strike price range, while put open interest is more condensed between about 130 to 220. The options market shows a possible move for this week’s Jun. 18 monthly expiration in a range of +/-19.9 (9.7%), suggesting significant potential volatility in a short time frame. Meanwhile, the Jul. 17 monthly projects a possible range of +/-55.8 (27.2%), which shows a lower boundary that aligns with the opening price near $150. 
• SpaceX to Acquire Cursor for $60B: SpaceX said Tuesday it would acquire the AI coding agent startup Cursor in an all-stock deal. Cursor, which specializes in software development using natural language instructions (known as vibe coding), could help bolster SpaceX’s strength in this lucrative field. 
• Space Sector Competitors Faltering: Space company shares that gained heading into the SpaceX IPO seem to be coming back to earth. Rocket Lab (RKLB), which is perhaps one of SpaceX’s closest competitors, is down almost -9% since the Jun. 12 IPO. Other names are seeing similar weakness in the same period, such as Firefly Aerospace (FLY, -21.6%), Virgin Galactic (SPCE, -41.6%), AST Spacemobile (ASTS, -15.4%), and Redwire (RDW, -21.3%). Traders interested in following the space sector in general could watch the Procure Space ETF (UFO). 

Economic Data (ET) 

• 7:00AM MBA Mortgage Applications 
• 8:30AM Retail Sales 
• 10:00AM Pending Home Sales 
• 2:00PM FOMC Announcement 
• 2:30PM Fed Chair Press Conference 

Earnings 

• Wednesday Premarket: KMX, JBL, PGR 
• Wednesday Postmarket: SB 
• Thursday Premarket: ACN, KR  
• Thursday Postmarket: None 

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