The most popular contract among SpaceX options bulls is the $330-strike call contract, which has become more popular due to the company's drop in value. The further the stock drops, the cheaper the contract becomes, the less likely it will pay off. However, according to a CNBC analysis of option-flow data, there are currently over 450,000 open positions on the call at this strike, which is seven times as many as the next most popular. The call contract was purchased about 90,000 times Monday, costing about $2.2 million. The total open interest in the contract is nearing $20 million. This type of big-money buying of a strike that's almost three times higher than current levels would be unusual for most stocks, but SpaceX isn't most stocks. The company's $1.5-trillion market-cap business is more volatile than anything in the S&P 500, with an implied volatility of 133.