SpaceX closed at USD 134.0, down 4.05 percent.
SPCX registered heavy institutional activity on Wednesday, headlined by a $166.64 million net-credit triple put sale spanning 2026 expiries. Despite the enormous premium collection from sold puts at 230.0, 200.0, and 180.0 strikes, overall block sentiment remained defensive, with bearish flow exceeding bullish flow by $21.85 million. The session's large trades reflected a mix of aggressive premium selling and guarded downside positioning, leaving the options tape tilted cautiously bearish even as select traders positioned for stabilization above key support levels.
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Options Indicators
SPCX has an implied volatility of 66.53%, and with an IV percentile of 78.67%, its current volatility regime sits in the elevated range, indicating that options are priced expensively relative to their own recent history. At the same time, the IV/HV ratio of 0.66 suggests implied volatility is running below realized volatility, so while premiums are rich on a percentile basis, the market’s forward pricing is still not especially aggressive versus what the underlying has actually been delivering. The Call/Put volume ratio is 0.94.
Large Trades
A net-credit calendar-style three-leg put combination worth $166.64 million was the dominant block trade of the session. This cross-expiry put structure brought in a net credit of $166.64 million through the sale of deep in-the-money 230.0 puts expiring on 2026-09-18, along with the sale of in-the-money 200.0 puts and 180.0 puts expiring on 2026-08-21. Because all three legs were sold for premium, the trade reads as an aggressive premium-collection strategy with downside exposure rather than a straightforward hedge, effectively expressing the view that SPCX can remain firm enough over time to justify monetizing elevated put premiums across multiple maturities, even though the strikes sit well above the current $134.00 reference price.
A bullish bull put spread with a net credit of $6.68 million was the second featured large trade. The structure sold 145.0 puts expiring on 2026-09-18, which are in the money versus the $134.00 spot reference, and bought 130.0 puts expiring on 2026-10-16, which are out of the money, producing a defined-risk premium-collection position. Strategically, this is a moderately bullish income trade: the trader is willing to take in premium by leaning on support above the long 130.0 put while capping part of the downside risk, signaling confidence that SPCX will avoid a deeper breakdown over the life of the spread.
Overall, large-trade sentiment skews bearish, with total bullish flow at $48.17 million versus bearish flow at $70.02 million, leaving a bearish net gap of $21.85 million. Even though the displayed top trades include sizable premium-selling activity that can reflect confidence in stabilization, the broader block flow still shows heavier downside-oriented positioning, suggesting institutional traders remain cautious and are either hedging downside risk or expressing a guarded view on SPCX’s forward price path.
Strategy Reference
For traders seeking a low assignment probability, selling the 100.0 put in a nearer-dated expiry may offer a practical balance between premium collection and downside cushion; alternatively, a defined-risk put credit spread near the 145.0/130.0 zone can reduce margin requirements while still aligning with the cautious stabilization view.
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