SPCX ended the session at USD 114.92, rising 6.14%.

The options market lit up with colossal bullish conviction, headlined by a $16.29 million synthetic long position structured to ride upside through 2027. This dominance of high-conviction directional bets, including a sizeable bull call spread, paints a picture of institutional investors aggressively positioning for a sustained rally, bypassing near-term hedges for long-dated upside exposure.

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Options Indicators

SPCX’s implied volatility is 89.97%, and with an IV percentile of 86.73%, current option volatility sits in the elevated range, indicating options are priced expensively relative to their own recent history. The IV/HV ratio of 1.14 further suggests implied volatility is running moderately above realized volatility, so the options market is embedding a premium for forward uncertainty rather than offering especially cheap volatility exposure. The Call/Put volume ratio is 0.99.

Large Trades

A bullish synthetic long worth $16.29 million was the largest displayed trade, built by selling 7,500 June 17, 2027 $90.00 puts and buying 5,000 June 17, 2027 $220.00 calls. With SPCX referenced at $114.92, the short put strike was out of the money while the long call strike was also out of the money, making this a directional upside structure that seeks stock-like bullish exposure with defined optionality on the call side and premium intake from the put sale. Based on the legs provided, the trader received $11.97 million from the short puts and paid $4.32 million for the long calls, resulting in a net credit of $7.65 million. Strategically, this suggests a high-conviction long-term bullish view in which the investor is willing to assume downside assignment risk below $90.00 in exchange for financing upside participation through June 2027.

A bull call spread worth $3.16 million was the second displayed large trade, consisting of a purchase of 2,500 September 18, 2026 $120.00 calls and a sale of 5,000 September 18, 2026 $170.00 calls. Both strikes were out of the money versus the $114.92 reference price, and the structure expresses a moderately bullish view targeting upside into the $120.00-$170.00 region while capping gains above the short strike in exchange for reduced entry cost or premium collection. The trader paid $2.31 million for the long $120.00 calls and received $0.85 million from the short $170.00 calls, leaving a net debit of $1.47 million. This is a classic defined-risk bullish spread aimed at directional exposure with a more cost-efficient profile than outright call buying.

Overall, the large-trade flow in SPCX was clearly bullish. The sentiment summary shows bullish activity dominating bearish flow, and that tone is reinforced by the character of the biggest trades: the session’s largest premium concentration came in long-dated synthetic long exposure, while another top trade used a bull call spread to position for further upside with defined risk. Even where traders sold puts, the positioning generally implied willingness to own weakness rather than outright downside speculation. Taken together, the large-trade tape points to institutional participants leaning meaningfully to the upside, with a preference for structured bullish exposure over aggressive near-term bearish hedging.

Strategy Reference

For those seeking income with a lower assignment probability, selling the out-of-the-money $90.00 put from the synthetic long structure captures elevated premium while mimicking the institutional willingness to own shares at a much lower price, or a bull put spread could be employed to define risk without posting excessive margin.