SpaceX closed at USD 136.97, up 2.22%.

The session’s large-options tape was dominated by a massive premium-collecting put sale, while bullish structures remained relatively small and tactical. Overall bulk flow leaned clearly to the cautious side, leaving a significant bearish net imbalance on the day.

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Options Indicators

SPCX’s implied volatility stands at 63.08%, and with an IV percentile of 78.20%, current option volatility sits in an elevated range, indicating that options are priced expensively versus their own historical norms. At the same time, the IV/HV ratio of 0.62 suggests implied volatility is running below realized volatility, so while the options screen as expensive on a percentile basis, they are not especially overstated relative to recent actual movement.

The Call/Put volume ratio is 1.54.

Large Trades

A premium-collecting same-direction double PUT sale generated a net credit of $34.32 million, making it the standout large trade of the session. The structure involved selling the 230.0 put expiring 2026-09-18 and selling the 200.0 put expiring 2026-08-28, both in-the-money versus the $136.97 reference share price. As a combination, this trade is best read as a volatility-and-range-oriented premium collection strategy, but because both short puts sit well above spot and carry downside assignment risk, the positioning leans neutral to bearish rather than outright bullish, reflecting willingness to absorb option premium while maintaining exposure to further weakness or at least limited confidence in an immediate rebound.

A directional same-direction double CALL buy was opened for a net debit of $436,000. The buyer purchased the 145.0 call and the 155.0 call, both expiring 2026-08-28, and both out-of-the-money relative to the $136.97 stock price. This is a relatively small but clear upside volatility bet, using long calls to position for a potentially sharp rally while strictly limiting downside to the premium paid. Even so, compared with the much larger premium-selling put structure, this trade looks more like a speculative upside shot than the dominant institutional message of the tape.

Overall sentiment in the bulk orders was bearish, with total bullish flow of $6.08 million versus total bearish flow of $36.03 million, leaving a bearish net imbalance of $29.94 million. The conclusion is that large traders were positioned primarily on the cautious-to-negative side, with the tape dominated by substantial premium collection through short put exposure and reinforced by additional bearish call selling, while the bullish activity that did appear was much smaller and more tactical in nature.

Strategy Reference

For traders wary of assignment risk on deep ITM short puts but still seeking premium, a defined-risk put credit spread using an out-of-the-money short strike near 115.00 or 120.00 for the August 2026 expiration offers a lower probability of assignment and a substantially reduced margin requirement compared with naked short puts.