SpaceX closed at 135.27 USD, down 0.60%. Recent large options trades in SPCX, including a $61.81 million premium-collection strategy and a $19.70 million synthetic short, highlight significant institutional positioning amidst a modest daily stock decline.

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Options Indicators

SPCX’s implied volatility is 93.11%, and with an IV percentile of 95.73%, current volatility sits at a clearly elevated level relative to its own recent history, indicating that options are priced expensively. The IV/HV ratio of 1.08 also suggests implied volatility is running slightly above realized volatility, reinforcing the view that the options market is carrying a modest premium for forward uncertainty. The Call/Put volume ratio is 0.87.

Large Trades

A put-heavy premium collection trade worth $61.81 million was the largest displayed block, structured as a same-direction double short put combination by selling 4,747 contracts of the August 21, 2026 $200.00 put and 4,747 contracts of the July 17, 2026 $200.00 put. This is a net credit position designed to collect option premium, and with both strikes deep in-the-money versus the $135.27 reference stock price, it reflects a high-conviction volatility or range-view trade rather than an outright bullish expression. Strategically, the seller appears willing to take on downside assignment risk across two maturities in exchange for premium income, which fits a neutral-to-bearish stance in the context of the aggregated sentiment.

A synthetic short worth $19.70 million was the other displayed large trade, built by buying 5,000 contracts of the September 18, 2026 $150.00 put and selling 5,000 contracts of the September 18, 2026 $150.00 call. This sell call plus buy put structure creates a net bearish exposure similar to shorting the stock, and it was executed for a net debit across the combined position. With the put already in-the-money and the call out-of-the-money relative to the $135.27 reference price, the trade expresses a clear directional downside bet while also using options to define the positioning through expiration.

Overall sentiment was decisively bearish, with total bearish large-trade flow of $110.93 million against just $1.49 million of bullish flow, leaving a net bearish imbalance of $109.45 million. The directional judgment is clearly negative: the tape was dominated by repeated synthetic short structures and reinforced by the large premium-selling put combination, indicating that institutional activity was skewed toward downside positioning, defensive structuring, and income generation under a cautious-to-bearish market view rather than upside accumulation.

Strategy Reference

For traders seeking to collect premium with a defined-risk profile in this high-IV environment, a bear put spread using OTM strikes, such as buying a $130 put and selling a $120 put, could limit downside exposure while still positioning for a decline.