Someone on Wall Street thinks SpaceX could triple this week

Traders are looking for an unusual tell in SpaceX options: a $330-strike call contract expiring Friday has attracted more than 450,000 open positions—around seven times the next most popular strike, according to CNBC analysis of options-flow data. The calls are far out of the money and typically would be unlikely to pay off, yet buying has remained heavy. After Monday’s action, SpotGamma founder Brent Kochuba suggested a large institution may be using them as a hedge against volatility or short exposure tied to Elon Musk’s space and satellite business, which has fallen more than 40% from its peak. SpaceX posts first results Tuesday after the bell, with implied earnings swings of 14%.