SpaceX’s $1.2 Trillion Market-Cap Erosion Triggers Wild Trading Activity

SpaceX’s market value has shrunk by more than $1.2 trillion since its peak price of $225.64 in June, erasing roughly the entire market cap of Elon Musk’s other public company, Tesla, whose shares have slipped to near one-year lows. On the most recent trading day, SpaceX’s stock closed at $113.50, marking its 13th decline in 16 sessions. A fleet of Tesla Cyber trucks was photographed at charging stations outside SpaceX’s Starbase launch complex in Texas on July 20, 2026.

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Trading volume showed more puts than calls, with 77,000 puts versus 106,000 calls, while the bulk of the $442 million premium was tied to puts. The most traded contract was a 330-strike call expiring on Friday, priced at 10 cents and carrying roughly a one-third of 1 % chance of expiring in the money, according to ThinkOrSwim data. Four of the five largest premium trades were neutral or bullish, including a multimillion-dollar sale of in-the-money put spreads that would profit from a rally, and a $1.8 million transaction that sold 5,200 100-strike puts (expiring Oct. 16) while buying 7,000 85-strike puts with the same expiry.

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"As an investor it's early – as a trader, Wall Street is now punishing the AI stocks for capex," “As an investor it's early – as a trader, Wall Street is now punishing the AI stocks for capex,” — Charles Moon, a tech and momentum specialist for Prosper Trading Academy in Chicago

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SpaceX’s first earnings report since its initial public offering is slated for early August. The filing will allow shareholders to sell up to 911.5 million locked-up shares—about 20 % of eligible stock—on the second full trading day after the earnings release. Analysts note that earnings releases often dampen volatility, but the timing of this report could influence the already turbulent trading patterns.

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The combination of a steep market-cap decline, heavy put-biased options activity, and a large upcoming share-sale window creates a “wild ride” for market participants. Traders who bought low-probability calls are betting on a rapid reversal, while the dominant put flow suggests many investors anticipate further downside or at least a prolonged period of uncertainty.

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