The unprecedented hype surrounding the SpaceX IPO has reached a fever pitch, with trading capital already eager to position itself.

Option trading volume for Nasdaq-listed Echostar has surged significantly. This Colorado-based communications service provider, valued at $35 billion, secured a roughly 3% stake in SpaceX last September through a deal involving the transfer of wireless spectrum to Starlink.

Data from Cboe LiveVol shows the stock's trading activity on Wednesday was more than triple its average daily volume over the past month. Over 60,000 option contracts were traded, with total premiums nearing $50 million.

According to brokerage ThinkOrSwim, the number of call options traded was five times that of put options. However, the volume of calls sold was nearly triple the volume of calls bought. This trading pattern suggests capital is hedging long positions using option spread strategies. The stock has soared 650% over the past year but has pulled back 11% in the last month.

Previous Reuters reports indicated that following SpaceX's acquisition of spectrum from Echostar last year, it was able to develop and mass-deploy a new generation of satellites with laser interlink technology. The company claims these new satellites can increase Starlink's cellular network capacity by over 100 times.

SpaceX filed IPO registration documents with the U.S. SEC on Wednesday evening, planning to raise $75 billion. The post-listing valuation is targeted at $1.77 trillion, with an offering price set at $135 per share.