SPCX Futures Turnover Jumps 129% as Tesla and SpaceX Explore Merger

SpaceX-linked SPCX futures turnover rose 129.2% to $3.146 billion over 24 hours. Tesla and SpaceX formed committees to explore a possible merger.

SPCX open interest, the value of outstanding contracts, reached $1.049 billion, up 6.33% over 24 hours. Liquidations totaled $4.26 million over 12 hours, including $3.36 million in short positions and $900,000 in long positions.

Tesla-linked TSLA futures generated $479 million in 24-hour turnover, down 1.69%. Open interest in those contracts fell 2.81% to $195 million. The increase in trading was concentrated in the SpaceX-linked contracts.

SpaceX shares gained 8.06% in after-hours trading following its third-quarter results. Tesla shares rose 1.76% after hours.

Elon Musk expressed support for a combination, but a merger has not been agreed. The committees will examine the possibility of a deal. Any merger would also require support from half of all Tesla shareholders.