CoreWeave, Inc. closed at USD 107.73, rising 19.28% from the prior session.

A massive $10.08 million call purchase in December 2027 $110 calls and a $4.69 million long straddle dominated the options tape, underscoring overwhelmingly bullish sentiment despite historically cheap volatility. The session saw aggressive long-dated upside positioning, with total bullish premium flow of $19.28 million dwarfing bearish activity by a factor of nearly four.

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Options Indicators

CRWV’s implied volatility is 82.46%, but its IV percentile is only 9.56%, which indicates that despite the high absolute IV level, current option pricing sits near the low end of its own historical range. In other words, volatility is on the cheap side rather than elevated, and the IV/HV ratio of 0.65 further suggests implied volatility is running below realized volatility, pointing to relatively inexpensive option premiums compared with the stock’s recent actual movement. The Call/Put volume ratio is 1.51.

Large Trades

A CALL buy worth $10.08 million was the largest single-leg trade of the session, with 5,000 contracts bought in the December 18, 2026 $110.00 call. With CRWV referenced at $107.73, this strike sat slightly out of the money at execution, making it a clearly bullish upside bet that gives the buyer long-dated exposure to a move above $110.00. The size and maturity suggest conviction in a sustained appreciation scenario rather than a short-term tactical trade, and the use of outright call buying points to a willingness to pay premium for leveraged upside participation.

A net-debit CALL+PUT combination worth $4.69 million was the other standout trade, consisting of the purchase of 1,050 January 15, 2027 $110.00 puts and the purchase of 1,050 January 15, 2027 $110.00 calls. This is a long straddle established for a net debit, with the $110.00 put in the money and the $110.00 call out of the money versus the $107.73 stock reference. Strategically, the trade reflects a volatility-driven positioning rather than a simple directional bet: the buyer paid a substantial premium to own both tails, seeking a large move in either direction while hedging against being wrong on direction. Even so, the scale shows expectations for meaningful future price expansion.

Overall, large-trade sentiment was bullish, with $19.28 million in bullish flow versus $5.01 million in bearish flow, leaving a net bullish difference of $14.26 million. The directional takeaway is clearly positive, as the tape was dominated by aggressive upside call buying, especially in longer-dated expirations, while bearish activity was comparatively smaller and more limited. Although the notable long straddle indicates some traders are preparing for significant volatility rather than committing to one-way upside, the broader balance of premium still points to a market leaning decisively bullish on CRWV.

Strategy Reference

Given the low IV percentile, selling premium is less attractive; traders seeking a defined-risk bullish setup could consider a bull call spread, such as buying the December 2027 $110 call while selling a higher-strike call like the $130 call to reduce cost and breakeven.