This alternative energy stock is more popular than SpaceX in the options pits. Here's why
Crude oil is back above $90 and energy stocks in the S&P 500 index are approaching fresh 52-week highs.
Energy Stocks on the Rise
Crude oil prices have surged above $90, and energy stocks in the S&P 500 index are approaching fresh 52‑week highs, with the sector’s year‑to‑date rally exceeding 40%. Although the energy sector is the top‑performing group in the S&P 500 for 2026, options traders remain uneasy about the durability of conventional energy strength. Instead, they are gravitating toward Bloom Energy, the $82 billion market‑cap power company that supplies onsite fuel‑cell systems to data centers and AI‑driven industrial operations.
Unconventional Popularity
Bloom Energy’s stock has climbed 1,800 % over the past three years. On Tuesday the shares rose more than 10 %, and options activity on the stock spiked to over 2.5 times its 30‑day average, generating a premium exchange of nearly $500 million by midday, according to Cboe LiveVol and SpotGamma data. That volume eclipses the $350 million traded in SpaceX options and dwarfs the $25 million seen in Valero Energy, the most volatile S&P 500 energy stock.
Recent Surge and Index Inclusion
Bloom’s shares have risen more than 30 % in the past week and are up almost 70 % since the company reported earnings in late July. The firm is slated to join the S&P 500 on September 21, as announced by S&P Dow Jones Indices at the end of last week. UBS analyst Manav Gupta notes this will be the first addition of an energy stock to the index since 2022. From an options perspective, Bloom will be a standout among S&P energy constituents.
Options Market Dynamics
Current implied volatility for Bloom sits above 90 %, far higher than any other S&P 500 energy stock, according to ThinkOrSwim. By comparison, Valero leads the traditional energy group with 50 % volatility, while ExxonMobil reads around 30 %. The most heavily traded contract for Bloom on Tuesday was a 300‑strike call expiring Friday, priced at $4.65, which would require the stock to climb an additional 8 % to break even.
Contrasting Trends in Energy Etfs
Options flows for the U.S. Oil Fund (USO) and the State Street Energy Select Sector SPDR ETF (XLE) showed mixed signals. USO trading volume was 50 % above its 30‑day average, moving roughly $90 million. Put and call purchases were nearly balanced, with the three most active contracts being puts, per SpotGamma. In XLE, about 48,000 call contracts were likely bought versus 34,000 puts, with $31 million of the total $37 million premium tied to calls. Among the top five XLE contracts, three were puts, according to SpotGamma.
Source: CNBC · 2026-09-08