SpaceX shares closed at USD 148.18, up 0.43%.
SPCX experienced an unusually lopsided options session, with a dominant $165.60 million double-buy put spread on the 200/205 strikes expiring in September 2026. This massive bearish structure dwarfed a comparatively small $1.80 million bullish call purchase, leaving the large-trade tape firmly tilted toward downside protection and directional bearish exposure.
>>>Start OPTIONS trading & earn up to SGD 200 in rewards!
Options Indicators
SPCX’s implied volatility is 57.36%, and with an IV percentile of 75.36%, current option pricing sits in the elevated range, indicating options are relatively expensive versus their own historical volatility backdrop. The IV/HV ratio of 1.30 further suggests implied volatility is running above realized volatility, meaning the market is assigning a premium to future movement expectations. The Call/Put volume ratio is 1.37.
Large Trades
A put-buying spread-style combination with a net debit of $165.60 million was the dominant large trade, consisting of long 205.0 puts and long 200.0 puts expiring on 2026-09-18. This is a same-direction double-buy put structure, effectively a bearish volatility bet rather than a premium-selling position, and both legs were in the money versus the $148.18 reference stock price. The trader paid a substantial debit to gain downside exposure across two in-the-money strikes, signaling expectations for a meaningful adverse move and/or a desire for strong downside protection into the long-dated expiry. A bullish single-leg call buy worth $1.80 million was also notable, with 3,500 contracts of the 150.0 call expiring on 2026-09-18. That strike sat slightly out of the money against the current stock reference, making it a relatively directional upside bet that would benefit from a recovery above 150.0 over time, but its scale was far smaller than the dominant put accumulation.
Overall, the large-trade flow is clearly bearish. The tape was overwhelmingly shaped by sizable downside put activity, especially long put combinations that involved paying meaningful premium for directional protection or outright bearish exposure, while the limited bullish activity was comparatively small and insufficient to offset that pressure. In short, institutional positioning appears to favor caution and downside risk management, pointing to a negative near-to-medium-term sentiment backdrop for SPCX.
Strategy Reference
For traders seeking a lower assignment probability while collecting elevated premium, a short put vertical using the 120/115 strikes expiring in 2026-09-18 could be considered, or a bear put spread on the 150/140 strikes for those expecting continuation of the downside pressure without overcommitting margin.
Comments