Option Focus | SpaceX’s $6.83 Million Bearish Synthetic Put Sells $150 Calls and Buys $115 Puts, Signaling Institutional Expectation for Downside

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SpaceX closed at $149.24, a 2.59% increase.

Large options trades in SpaceX leaned decisively bearish, led by a $6.83 million net credit synthetic put that sold Nov. 20, 2026 $150.00 calls and bought Nov. 20, 2026 $115.00 puts. A second synthetic put collected a $455 thousand net credit by selling Oct. 16, 2026 $145.00 calls and buying the same-strike puts. Both trades reflect institutional positioning for limited upside or further downside rather than neutral hedging.

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Options Indicators

SpaceX currently has an implied volatility of 51.84%, and with an IV percentile of 66.35%, its options sit in a broadly neutral volatility regime rather than an extreme one. That said, the IV/HV ratio of 1.16 shows implied volatility is running modestly above historical volatility, suggesting the options market is assigning a slight premium to forward uncertainty, but not to a level that would make contracts look notably expensive.

The Call/Put volume ratio is 1.93. Although the headline ratio appears call-heavy, the large-trade composition shows that much of the call activity came from selling rather than buying, which tempers the bullish read from volume alone and aligns with the bearish synthetic put flow.

Large Trades

A bearish synthetic put worth a $6.83 million net credit was the standout large trade, built by selling 7,000 Nov. 20, 2026 $150.00 calls and buying 7,000 Nov. 20, 2026 $115.00 puts. With the call strike just above the $149.24 reference price and the put well out of the money, this structure reflects a notably bearish stance that benefits from capped upside participation and downside exposure similar to a short stock replacement. The sizable net premium collected also suggests the trader was willing to lean decisively bearish while monetizing elevated call value over a long-dated horizon.

Another bearish synthetic put was established for a $455 thousand net credit through the sale of 3,250 Oct. 16, 2026 $145.00 calls and the purchase of 3,250 Oct. 16, 2026 $145.00 puts. With the short call in the money relative to the current stock price and the long put slightly out of the money, this is a cleaner at-the-strike synthetic short expression that points to a directional expectation for weakness over the coming year. The fact that both of the largest displayed trades were synthetic puts, and both were initiated for net credit, reinforces the impression of deliberate institutional bearish positioning rather than simple hedging noise.

Overall, the bulk-order flow points clearly bearish. The dominant large trades were both synthetic short structures, and broader block activity also featured meaningful call selling that outweighed the supportive put-selling and smaller bullish call buying elsewhere. While there was some willingness to sell downside puts, suggesting selective comfort with lower support zones, the defining feature of the session was aggressive upside sale exposure paired with downside participation, indicating that institutional sentiment is tilted toward further weakness or at least limited upside in SPCX.

Strategy Reference

Given the bearish block flow, a seller looking for low assignment probability may consider selling the Nov. 20, 2026 $190.00 call, which sits well above the dominant $150.00 call sale and provides a wider buffer while still collecting premium. Alternatively, a trader who prefers not to post large margin on a synthetic short could use a put debit spread, such as buying the Oct. 16, 2026 $140.00 put and selling the Oct. 16, 2026 $125.00 put, to define risk while aligning with the institutional downside tilt.

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