SpaceX ended the session at $158.96, marking a 7.35% increase after opening at $149.57 and moving between $149.34 and $159.84.
Large options trades were decisively bullish, featuring a $158,700 net credit synthetic call and a $3.88 million in-the-money call buy. The synthetic position sold the 135.0 put and bought the 190.0 call for 2026-12-18, while the outright call purchase targeted the 155.0 strike expiring 2026-10-16, both reflecting strong upside conviction.
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Options Indicators
SpaceX’s implied volatility is 50.72%, and with an IV percentile of 65.40%, current volatility sits in a neutral range rather than an extreme one. Combined with an IV/HV ratio of 1.27, options appear modestly rich versus realized volatility, but not to a level that would suggest especially expensive pricing. Overall, the options market is implying solid movement expectations, while premiums remain closer to fairly valued than overstretched.
The Call/Put volume ratio is 1.28, indicating a moderately higher level of call activity relative to puts and supporting the bullish tone observed in the day’s trading flow.
Large Trades
A synthetic call position with a $158,700 net credit stood out as one of the day’s largest combination trades, built by selling the 135.0 put and buying the 190.0 call for the 2026-12-18 expiration, with both legs totaling 6,350 contracts and both strikes out of the money versus the $158.96 reference price. This structure expresses a clearly bullish long-delta view while reducing upfront cost through put premium collection, effectively positioning for upside participation over the long-dated horizon with assignment risk on the short put if the stock weakens materially.
A CALL buy worth $3.88 million was the other highlighted large trade, consisting of 5,627 contracts in the 155.0 call expiring 2026-10-16. With the underlying reference price at $158.96, this call was already in the money at execution, making it a higher-delta bullish expression that suggests conviction in continued upside rather than a low-cost lottery-style bet. The trade points to a directional expectation that SPCX can sustain or extend gains over time, with the buyer paying premium for leveraged upside exposure and favorable participation in further appreciation.
Overall, the large-trade flow is decisively bullish. The standout orders were both upside-oriented and included not only outright call buying but also a long-dated synthetic long setup, which signals investors were willing to add meaningful positive exposure through both premium outlay and structured positioning. Even though there were a few smaller bearish transactions elsewhere in the tape, they were overwhelmed by the scale and character of the bullish orders, indicating market participants are leaning toward further strength in SPCX rather than preparing for a downside reversal.
Strategy Reference
For traders preferring a defined-risk approach rather than the short put embedded in the synthetic call, a bull call spread using the 160.0/170.0 strikes expiring 2026-10-16 would capture similar upside while capping capital at the net debit.
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