SpaceX goes public today and the options tape had two very different bets placed the night before. Someone dropped $3.3 million in Tesla calls expiring in six days betting the Musk halo effect from SpaceX spills directly into Tesla shares. JP Morgan just upgraded Tesla to neutral with a $475 target, which sits above the call strike. And $350 billion in demand for a $75 billion raise means SpaceX could open 27 to 30 percent above the IPO price.
The Meta trade is completely different. $5.2 million in calls going 70 days out on a stock trading 29 percent below its all-time highs. Revenue of $55.5 billion, 41 percent operating margins, 1 billion Meta AI users, and Llama with 1.2 billion downloads. Meta is an AI company the market is not calling an AI company. That is the bet.
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