SpaceX closed at USD 162.57, advancing 1.25% from the previous close.

Large options trades showed decisive bullish conviction, with two long-dated out-of-the-money call blocks totaling $7.16 million. Buyers paid $3.98 million for 1,200 contracts of the 165.0 strike expiring in 2027, and $3.18 million for 3,000 contracts of the 180.0 strike expiring in early 2027. Both positioned for sustained upside while limiting risk to premium paid.

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Options Indicators

SpaceX currently has an implied volatility (IV) of 56.21%, and with an IV percentile of 74.41%, current option volatility sits in an elevated range, indicating options are priced expensively versus their own recent history. The IV/HV ratio of 1.06 also suggests implied volatility is running only modestly above realized volatility, so while premium levels are rich on a percentile basis, they are not wildly detached from actual underlying movement. In this setup, outright option purchases face a relatively higher premium burden, while premium-selling structures or defined-risk spreads may offer a more efficient way to express a view.

The Call/Put volume ratio is 1.72.

Large Trades

A call purchase worth $3.98 million was the largest displayed block, with buyers taking 1,200 contracts of the 165.0 strike call expiring on 2027-09-17. With SPCX referenced at 162.57, this contract was slightly out of the money at execution, making it a clear bullish directional bet on upside over a long-dated horizon. The size and maturity suggest the trader was positioning for a sustained advance rather than a short-term move, using calls to gain leveraged upside exposure while keeping risk limited to the premium paid.

Another bullish block was a $3.18 million purchase of 3,000 contracts in the 180.0 strike call expiring on 2027-01-15. This call was also out of the money versus the 162.57 reference price, so the buyer was targeting a meaningful upside move before expiration. Strategically, this is another straightforward long-call expression, reflecting confidence in higher prices and a willingness to pay premium for convex upside participation. Overall, the large-trade flow points to a clearly bullish tone in SPCX, as the dominant blocks were sizable long call purchases in longer-dated, out-of-the-money strikes, indicating investors are positioning for continued upside rather than defending against downside risk.

Strategy Reference

For premium sellers wary of chasing the bullish flow, a shorter-dated 130.0 strike put sale could offer a low assignment probability while collecting elevated IV; alternatively, a 165.0/200.0 call spread expiring in late 2027 may cap margin while preserving upside participation.