Options Action: SpaceX options soar in debut

Oliver Renick reports on the explosive debut of options linked to SpaceX (underlying DXYZ), with massive call volume and bullish skew early, followed by notable bearish activity including a large risk reversal that bets the high-flying stock will fall. - SpaceX-linked options (DXYZ) debuted with nearly half a billion in first 30 minutes. - Calls outpaced puts by volume, with total premium bigger than Tesla and NVDA combined. - Bullish aggression visible in out-of-the-money calls; skew strongly favors calls. - As the session progressed, more balanced and bearish activity emerged around the money. - A risk reversal sold $31M in Sept 25 calls and bought $30M in Sept 205 puts. - That trade represents a large bearish bet that the stock’s high-flying start will reverse. - Stock stalled above $220, contributing to the bearish setup.