SpaceX closed at USD 108.37, down 3.41% from the prior close.
Despite the pullback, large option traders leaned heavily into premium-selling strategies, placing a massive $22.41 million collar-like structure and an $11.40 million short strangle. The flow highlights a conviction that the stock will remain stable within a wide, defined range, with institutional players collecting substantial credit rather than chasing directional breakouts.
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Options Indicators
SPCX’s implied volatility is currently 115.69%, and with an IV percentile of 98.10%, volatility is sitting at an exceptionally elevated level relative to its own recent history. Combined with an IV/HV ratio of 2.39, this suggests the options market is pricing in substantially more future movement than what the underlying has recently realized, leaving contracts in an expensive state and implying rich premium levels for near-term exposure.
The Call/Put volume ratio is 1.81.
Large Trades
A 3-leg combination option trade worth $22.41 million was the largest highlighted position, structured as a short 105.0 put, a short 120.0 call, and a long 90.0 put, all expiring on August 21, 2026. With SPCX referenced at 108.37, the 105.0 put, 120.0 call, and 90.0 put were all out of the money at execution. This is effectively a collar-like short-volatility structure centered around a defined downside floor, combining income generation with a moderately bullish-to-range-bound outlook. Using the provided leg premiums, the trade collected $10.24 million from the short 105.0 put and $7.93 million from the short 120.0 call, while paying $4.25 million for the long 90.0 put, resulting in a net premium received of $13.49 million. Strategically, the seller appears willing to accumulate exposure above 105.0 on the downside and cap upside above 120.0, while the long 90.0 put limits tail-risk if the underlying falls sharply.
A 2-leg combination option trade worth $11.40 million was another major featured position, consisting of a short 140.0 call and a short 75.0 put, both expiring on September 17, 2027. With the stock at 108.37, both strikes were out of the money, making this a classic short strangle designed primarily for premium income and a view that SPCX will remain within a broad range over time. The trader collected $7.60 million from the short 140.0 call and $3.80 million from the short 75.0 put, with no long-option hedge attached, for a net premium received of $11.40 million. The positioning suggests confidence that upside will stay below 140.0 and downside above 75.0 through expiration, but it also reflects meaningful unhedged risk on both tails in exchange for substantial premium intake.
Overall, the large-trade flow points to a moderately bullish market tone for SPCX. The sentiment summary shows bullish large-trade activity exceeding bearish activity, and the defining feature of the tape was the presence of large premium-selling structures that were placed with both downside strikes below spot and upside strikes meaningfully above spot. That pattern indicates investors were generally comfortable underwriting volatility and expressing a view that the stock can remain stable to higher, rather than preparing for a sharp breakdown. While some bearish protection did appear elsewhere in the flow, the balance of large trades supports a constructive, mildly bullish conclusion.
Strategy Reference
For traders seeking to mimic the large-trade tone with a smaller capital outlay, an out-of-the-money put credit spread—such as selling the 100.0 put and buying the 95.0 put—can monetize the rich IV environment while defining risk, though a short put on its own at the 90.0 strike could also align with the institutional view of stability above that level.
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