An investor says a massive bet on SpaceX (NASDAQ:SPCX) has already cost him nearly $200,000, but he’s not ready to walk away yet.

The investor from the popular WallStreetBets subreddit recently shared screenshots showing losses across both SpaceX shares and options positions, including a Roth IRA that is down more than $112,000. Even after the losses, the investor still believes upcoming events could help the stock recover.

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A Costly SpaceX Trade

The biggest position is a Roth IRA holding 1,498 shares of SpaceX. According to the screenshots, the shares were purchased at $211 each, the stock’s peak closing price, and are now worth roughly $136 per share. The position is showing an unrealized loss of more than $112,000, or 35.5%.

But the stock losses were only part of the damage.

The investor also placed two bullish call spread trades through Robinhood Markets (NASDAQ:HOOD). One July 24 $150/$160 call spread position was down about $53,700, while a second July 17 $135/$145 call spread had already lost roughly $28,500 shortly after being opened.

Combined, the positions add up to approximately $194,500 in losses, which the trader rounded up to “almost a $200,000 loss” in a July 15 YouTube portfolio update.

“My net worth right now is around 1.5 million,” he said in the video. “Basically, it’s nullifying the gains I’ve made in, let’s say like, in the recent couple of weeks.”

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Despite the mounting losses, he appeared surprisingly calm. Discussing the possibility of losing even more money on the remaining options, the trader said he had already mentally accepted the risk.

Still Holding

Many Reddit commenters questioned why the investor continued adding risk after already losing six figures on the stock position. 

“No one could have seen this coming,” one highly upvoted commenter joked. “Crazy that people knew the insanely bloated valuation but still went long,” another wrote, while others warned about future insider share sales potentially putting pressure on the stock.

The trader, however, made it clear he isn’t giving up.

“We’ll learn how to trade this stock eventually,” he said in the video. “It’s my whole thing.”

For investors watching from the sidelines, the story serves as a reminder that conviction and concentration aren’t the same thing. While enthusiasm for a company can create opportunities, combining a large stock position with short-dated options can quickly magnify losses when the trade moves the wrong way.

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The trader’s conviction in SpaceX reflects a broader belief that breakthrough technology can create enormous long-term value, even if the road is volatile. For investors who want exposure to innovation without chasing the latest market swings, another option is investing in companies building the future of work.

Immersed is building technology for the future of work through spatial computing. Known for its AR/VR productivity platform that enables users to work across multiple virtual screens, the company has grown to more than 1.5 million users worldwide. Immersed is also developing Visor, a lightweight headset designed specifically for professional productivity. You can now buy shares in Immersed at $0.79 per share with the opportunity to earn up to 20% in bonus shares.

Most SpaceX investors who bought after the initial excitement are now underwater. The stock has also come a long way down from its June 16 high of $225.64. By July 14, it was down nearly 40% from that peak, wiping out roughly $1.2 trillion in market value as enthusiasm around the blockbuster IPO cooled. Around ten days later, the stock was at only $115.

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