Fresh pnpm codex install fails to start

System info: M3 Pro, Sonoma
pnpm version 10.8.1 (also happens on 9.15.1)
node 22.2.0

A fresh install of codex fails outright:

❯ pnpm add -g @openai/codex
 WARN  2 deprecated subdependencies found: lodash.isequal@4.5.0, phin@2.9.3
Already up to date
Progress: resolved 324, reused 314, downloaded 0, added 0, done
Done in 8.6s using pnpm v10.8.1
❯ codex
/Users/kofron/Library/pnpm/codex: line 16: exec: NODE_OPTIONS=--no-deprecation: not found
❯ codex --upgrade
/Users/kofron/Library/pnpm/codex: line 16: exec: NODE_OPTIONS=--no-deprecation: not found

Installing via npm -g add _does_ work.