SpaceX closed at 147.95 USD, a change of −1.20%.
SPCX options flow featured a dominant $1.43 million put sale at the $90.00 strike, signaling bullish downside confidence, while a smaller $59,800 call sale at $175.00 reflected a more capped upside view. The combination points to a market positioning that favors stability over aggressive upside bets, with premium collection concentrated in far out-of-the-money strikes.
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Options Indicators
SPCX’s implied volatility is 54.82%, and with an IV percentile of 75.47%, current volatility sits in the elevated range, indicating that options are priced expensively relative to their own historical levels. At the same time, the IV/HV ratio of 1.00 suggests implied volatility is roughly in line with realized volatility, so while premiums are not especially stretched versus recent actual movement, they are still on the high side in historical percentile terms.
The Call/Put volume ratio is 1.30.
Large Trades
A PUT sale worth $1.43 million was the standout large trade, with 1,600 contracts sold on the January 21, 2028 $90.00 put. With SPCX referenced at $147.95, this strike sits out of the money, making the trade a moderately bullish stance: the seller is effectively expressing confidence that the shares will remain above $90.00 through expiration while collecting premium. Strategically, this kind of far-out-of-the-money put sale often reflects willingness to accumulate exposure at a much lower effective entry level or simply a premium-harvesting view built on downside stability.
A CALL sale worth $59,800 was the other displayed large trade, consisting of 1,049 contracts sold on the September 18, 2026 $175.00 call. Relative to the current stock reference of $147.95, the strike is out of the money, so this is a bearish-to-neutral income trade that benefits if SPCX fails to rally above $175.00 by expiration. The seller is effectively capping upside participation in exchange for premium, which suggests skepticism about a strong upside breakout over that horizon. Overall, the large-trade flow leans bullish, as the dominant premium activity is concentrated in short out-of-the-money puts that imply confidence in downside support, while the bearish call selling appears more consistent with upside being viewed as limited rather than a conviction call for sharp weakness.
Strategy Reference
For a low assignment probability put sale, traders could consider a strike near $100.00 or below on the same January 2028 expiration, accepting lower premium in exchange for a wider cushion; alternatively, a bull put spread such as selling the $90.00 put and buying the $70.00 put would cap margin requirements while still expressing downside support.
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