SpaceX has now lost more than $1.2 trillion in market value since hitting a high of $225.64 in June, a valuation roughly equivalent to that of Elon Musk's other company, Tesla, whose shares recently fell to near their lowest level in a year.

On Monday, SpaceX shares declined for the thirteenth time in the last sixteen sessions, losing more than 1% to close at $113.50, according to CNBC.

While option flows have begun to shift toward a balance between bulls (those betting on a rise) and bears (those betting on a fall), the largest individual SpaceX trades on Monday were neutral or slightly bullish.

Small-time speculators continue to buy long contracts with low probability of winning, as these contracts require the plummeting stock to reverse course quickly for its price to more than double.

In terms of volume, short contracts outnumbered long contracts on Monday, with traders buying 106,000 long contracts compared to 77,000 short contracts, although the bulk of the premiums (totaling $442 million) were for short contracts. The most actively traded contract by volume was a $330 strike-to-expire-Friday long contract, which trades at 10 cents and has a probability of success of only about one-third of 1%, according to ThinkOrSwim data.