diff --git a/upup/pkg/fi/cloudup/awstasks/launchtemplate_target_terraform.go b/upup/pkg/fi/cloudup/awstasks/launchtemplate_target_terraform.go
index 2d154483c47f1..c65e2f1266e07 100644
--- a/upup/pkg/fi/cloudup/awstasks/launchtemplate_target_terraform.go
+++ b/upup/pkg/fi/cloudup/awstasks/launchtemplate_target_terraform.go
@@ -75,7 +75,7 @@ type terraformLaunchTemplateMarketOptions struct {
 	// MarketType is the option type
 	MarketType *string `json:"market_type,omitempty"`
 	// SpotOptions are the set of options
-	SpotOptions []*terraformLaunchTemplateMarketOptionsSpotOptions `json:"options,omitempty"`
+	SpotOptions []*terraformLaunchTemplateMarketOptionsSpotOptions `json:"spot_options,omitempty"`
 }
 
 type terraformLaunchTemplateBlockDeviceEBS struct {
diff --git a/upup/pkg/fi/cloudup/awstasks/launchtemplate_target_terraform_test.go b/upup/pkg/fi/cloudup/awstasks/launchtemplate_target_terraform_test.go
index 4731dbcd1d342..6dd71ec4f0480 100644
--- a/upup/pkg/fi/cloudup/awstasks/launchtemplate_target_terraform_test.go
+++ b/upup/pkg/fi/cloudup/awstasks/launchtemplate_target_terraform_test.go
@@ -34,6 +34,7 @@ func TestLaunchTemplateTerraformRender(t *testing.T) {
 				ID:                     fi.String("test-11"),
 				InstanceMonitoring:     fi.Bool(true),
 				InstanceType:           fi.String("t2.medium"),
+				SpotPrice:              "0.1",
 				RootVolumeOptimization: fi.Bool(true),
 				RootVolumeIops:         fi.Int64(100),
 				RootVolumeSize:         fi.Int64(64),
@@ -67,6 +68,14 @@ resource "aws_launch_template" "test" {
   instance_type = "t2.medium"
   key_name      = "${aws_key_pair.newkey.id}"
 
+  instance_market_options = {
+    market_type = "spot"
+
+    spot_options = {
+      max_price = "0.1"
+    }
+  }
+
   network_interfaces = {
     associate_public_ip_address = true
     security_groups             = ["${aws_security_group.nodes-1.id}", "${aws_security_group.nodes-2.id}"]