$SPCX’s overnight jump to $220+ pushed its market cap to nearly $2.9 trillion, sparking comparisons to Tesla and Apple.
Retail sentiment split sharply: bullish posts praised AI ambitions and orbital data, while bearish posts warned of dilution, lock‑ups, and a possible gamma squeeze.
Options activity and a potential gamma squeeze fueled speculation that the stock could reach $400, drawing attention from both traders and analysts.
The first day of trading for SpaceX’s Class A shares saw the price climb above $220, a level that would value the company at almost $2.9 trillion—just shy of Microsoft’s market cap. The surge was driven largely by retail enthusiasm, as evidenced by the 10 posts and 679 comments on r/wallstreetbets alone, where a single post with 11,706 upvotes highlighted the valuation jump and the combined market cap of SpaceX and Tesla reaching $4.4 trillion.
However, the same subreddit also hosted a flurry of bearish posts. Users warned that market makers were propping up the price to lure retail FOMO, that institutional investors could be dumping shares, and that the stock’s high price‑to‑sales ratio of 145× made it “insanely overvalued.” One post even speculated that a future dilution by Elon Musk could trigger an inverted short squeeze, potentially wiping out passive funds.
On the options front, the CBOE launched a wide range of strikes for $SPCX, aiming to mitigate a gamma squeeze. Traders noted the backwardation in the day‑one volatility surface and the staggered lock‑up schedule, suggesting that August and November expiries might be more attractive than the December cliff.
News outlets echoed the retail narrative. Benzinga’s “SpaceX’s First Wall Street Bear” article introduced a sell rating, citing the company’s $2.75 trillion valuation as overly optimistic given its negative free cash flow and heavy capital expenditures. The Motley Fool focused on the company’s AI ambitions and the probability of sustaining its current valuation, while another Benzinga piece framed the IPO as a classic hype‑driven rally similar to Tesla’s early days.
The convergence of retail hype, bearish caution, and analyst skepticism made $SPCX the most discussed ticker that day, with a sentiment score of 0.4875 and a rank delta of 55, reflecting a sharp rise in attention.
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