SpaceX closed at $171.92, up 0.49%.

Large options activity was mixed, featuring a $3.06 million outright call purchase but also a $720,000 bearish synthetic put. The largest complex trade expressed a distinctly negative directional view, while elevated implied volatility added to the cautious tone.

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Options Indicators

SpaceX currently has an implied volatility of 54.44%, and with an IV percentile of 71.09%, its volatility is sitting in the elevated range, indicating that options are priced expensively relative to their own recent history. The IV/HV ratio of 1.05 also suggests implied volatility is running slightly above realized volatility, reinforcing the view that the options market is carrying a modest premium for near-term uncertainty.

The Call/Put volume ratio is 1.38.

Large Trades

A bearish synthetic put worth $720,000 in net credit was the largest featured complex trade, built by selling 1,500 Sep. 17, 2027 $205.00 calls and buying 1,500 Sep. 17, 2027 $155.00 puts. With SPCX referenced at $171.92, both legs were out of the money at execution, and the structure expresses a distinctly bearish directional view while taking in premium upfront. This synthetic short setup effectively positions for downside in the underlying over the longer term, combining upside call sale pressure with downside put ownership to benefit from weakness.

A call purchase worth $3.06 million was the largest outright single-leg trade, consisting of 3,577 Jan. 15, 2027 $200.00 calls bought outright. The $200.00 strike sits out of the money versus the $171.92 reference price, so this trade reflects a bullish directional bet that SPCX can rally materially before expiration. Even so, the broader large-order flow still leans bearish overall, as the biggest complex trade was a synthetic short and aggregate block activity showed heavier downside-oriented positioning than upside exposure, suggesting institutional sentiment remains cautious to negative despite selective long-call speculation.

Strategy Reference

Given the elevated IV percentile of 71.09%, a premium-selling approach may suit those expecting range-bound action: a short call vertical using the $200.00 strike against the $210.00 strike keeps assignment risk clearly out of the money while reducing margin versus a naked short call.