SpaceX IPO Hype Sends Traders Rushing Into EchoStar Options

CNBC reported Thursday that anticipation surrounding what could be the largest initial public offering in history is spilling into the options market for a little-known mid-cap company. Nasdaq-listed EchoStar Corporation (SATS), a Colorado-based satellite networking firm valued at roughly $35 billion, has become a proxy trade for investors who cannot yet touch SpaceX directly.

EchoStar’s SpaceX Stake Draws Options Traders

EchoStar holds an estimated 3% stake in SpaceX, acquired through a September 2025 agreement that granted Starlink access to wireless spectrum. That deal, designed to help SpaceX expand its cell-from-space network, now makes EchoStar one of the few publicly traded vehicles with meaningful SpaceX exposure.

Options activity in EchoStar surged dramatically on Wednesday. More than 60,000 contracts changed hands, generating nearly $50 million in total premium. That figure represents more than three times the stock’s average daily options volume over the prior month, according to data cited by CNBC from Cboe LiveVol.

Calls Dominate But the Picture Is Nuanced

Bullish call options outnumbered puts by roughly five to one in Wednesday’s session. However, the activity was not straightforward directional buying. ThinkOrSwim data indicated that almost three times more calls were sold than purchased. Analysts suggest this pattern points to spread strategies, where traders hedge existing bullish exposure rather than making outright upside bets.

EchoStar shares have surged approximately 650% over the past year. Yet the stock has pulled back around 11% over the past month, adding a layer of complexity to the options positioning.

Background: The SpaceX IPO Filing

SpaceX officially filed for its IPO with the Securities and Exchange Commission late Wednesday. The company is targeting a $75 billion raise at a staggering $1.77 trillion valuation, pricing shares at $135 each. If successful, the offering would dwarf every prior public listing in market history.

The spectrum arrangement underpinning EchoStar’s stake carries strategic weight beyond simple equity. Reuters reported previously that the deal enables SpaceX to deploy next-generation laser-linked satellites. The company has claimed those upgrades will expand its cellular network capacity by more than 100 times.

What Traders Are Watching Next

With the IPO filing now public, attention turns to the roadshow timeline and whether retail investors will gain meaningful allocation. EchoStar, meanwhile, remains the most accessible listed vehicle for investors seeking indirect SpaceX exposure before shares begin trading.

The options surge suggests Wall Street is not waiting for the opening bell.

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