Correct me if I'm wrong but typically 1 call option represents 100 shares (so in this case 1.247.000 shares).

There's lot's going on. POET's innovative tech is getting external approval of the big boys (ADVA, Foxconn, Luxshare,...). Also, as of May 15 2024, POET had cash and cash equivalents of US$23.6M and working capital of US$22.8M, so there isn't any financial risk. Cutting edge engines and modules are being developed and brought into commercialisation. I expect revenue to increase over the next 18 months. Speaking of valuation given POET's shortterm revenue expectations of 20M and a price sales ratio of 20-30 gives 600M market cap. Given the expectation of 600M revenue longterm you can guess why people are buying call options. Once increasing revenue is published, we're going through the roof. Especially because since 2023 the world is looking at AI and datacom more than ever before. Valuations are incredibly high even for brand new tech start-ups without any proven track record.