SpaceX closed at USD 149.74, up 6.42 percent from the prior session.
Despite the gain, the options tape flashed a decisively cautious institutional tone, punctuated by a USD 15.78 million bear put spread and a USD 4.93 million short call. Both large trades positioned for limited upside and potential deeper downside into 2027, suggesting that some sophisticated participants viewed the rally as an opportunity to add bearish exposure rather than chase strength.
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Options Indicators
SPCX’s implied volatility stands at 55.33%, and with an IV percentile of 75.94%, current option volatility is 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 0.77 suggests implied volatility is running below historical volatility, which tempers the richness somewhat, but the overall percentile reading still points to a market where premium levels are on the high side rather than cheap.
The Call/Put volume ratio is 1.49.
Large Trades
A bear put spread with a net debit of $15.78 million was the largest displayed block and stands out as a clearly bearish directional wager. The trade involved buying 1,700 Sep. 17, 2027 $245.00 puts, which were in the money versus the $149.74 reference price, while simultaneously selling 1,700 Sep. 17, 2027 $110.00 puts, which were out of the money. As a same-expiration long-put/short-put spread, this structure caps downside payoff below the short strike but materially lowers the upfront cost versus an outright put purchase, signaling a defined-risk bearish view that SPCX could weaken meaningfully over time.
A $4.93 million short call was the other highlighted large trade, consisting of the sale of 4,500 Jun. 17, 2027 $230.00 calls. With the strike well above the current reference price, the option was out of the money, making this trade a premium-collection position that also leans bearish to neutral, as the seller is effectively betting SPCX will remain below $230.00 into expiration or at least fail to rally enough to threaten the strike. The choice to sell long-dated upside exposure reinforces a view that substantial upside is unlikely in the medium term.
Overall, the large-trade flow points to a bearish outlook for SPCX. The tape is dominated by downside-oriented structures, especially sizeable bear put spreads and call selling, which together suggest institutions are either positioning for further weakness or expressing low confidence in a sustained upside move. While there are some bullish trades in the broader flow, they are comparatively smaller and do not offset the heavier concentration in bearish premium deployment and downside hedging, leaving the aggregate sentiment clearly negative.
Strategy Reference
For traders sharing the bearish but wanting lower assignment risk and reduced margin, selling a call spread such as the 230/260 call spread in Jun. 17, 2027, offers a defined-risk way to collect elevated premium without carrying the unlimited upside exposure of a naked short call.
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