SpaceX shares closed at $148.07, down 1.85%.

Despite the daily pullback, large options trades revealed a firmly bullish institutional posture. The most notable activity included a $3.77 million synthetic call and a net-credit bull put spread, both structured for upside participation and downside premium collection. With implied volatility at 49.54% and call volume outpacing puts by 1.54 to 1, traders used long-dated and spread-based strategies to express conviction that SpaceX can build on its longer-term strength without paying a heavy upfront premium.

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Options Indicators

SpaceX currently has an implied volatility (IV) of 49.54%, and with an IV percentile of 64.93%, its volatility profile sits in a neutral range rather than at an extreme. Options are therefore not especially cheap or overly expensive at current levels, while the IV/HV ratio of 1.10 suggests implied volatility is running modestly above realized volatility, indicating the market is assigning a slight premium to forward uncertainty. The Call/Put volume ratio is 1.54.

Large Trades

A synthetic call position sized at $3.77 million stood out as one of the largest displayed trades, combining the purchase of 1,100 June 17, 2027 $180.00 calls for $1.81 million with the sale of 1,100 June 17, 2027 $140.00 puts for $1.96 million, resulting in a net credit of $0.14 million. With SPCX referenced at $148.07, the long $180.00 call was out of the money and the short $140.00 put was also out of the money, creating a classic bullish synthetic structure that mimics long stock above the strike framework while taking in premium upfront. Strategically, this reflects a longer-dated upside view, with the trader willing to assume downside assignment risk below $140.00 in exchange for leveraged participation if the stock climbs materially over time.

A bullish put spread with a net credit of $0.20 million was the other key displayed trade, built by selling 2,001 October 9, 2026 $142.00 puts for $0.22 million and buying 2,001 October 2, 2026 $140.00 puts for $16.00 thousand. Since both strikes sat below the $148.07 spot reference, both legs were out of the money, and the structure signaled a premium-collecting bullish stance that benefits if SPCX remains above the short-put area into expiration. The use of a net-credit spread suggests the trader was not chasing explosive upside, but rather positioning for stability to modest strength while defining part of the downside exposure through the long lower-strike put.

Overall, the large-trade flow points clearly to a bullish bias in SPCX. The most important size was concentrated in upside-oriented positioning, including a sizable long call, a long-dated synthetic call, and a bullish put spread, which together suggest traders are leaning toward further gains while using structures that either reduce upfront cost or monetize elevated downside premium. Although there were some bearish call sales and defensive income-style trades in the broader tape, they were outweighed by the scale and intent of the bullish orders, indicating institutional sentiment remains constructive and is centered on upside participation with selective risk-defined premium collection.

Strategy Reference

For traders seeking a lower assignment probability, selling the October 9, 2026 $130.00 put offers a wider cushion below the $140.00 short-put area while still collecting premium; alternatively, a bull call spread such as buying the June 17, 2027 $180.00 call and selling the $200.00 call can define risk and reduce net cost compared with an outright long call.