SpaceX closed at 138.74 USD, up 4.23%.

A massive $10.04 million dual-call purchase dominated SPCX’s options tape, targeting an aggressive rally, while a $0.82 million synthetic short simultaneously bet on medium-term declines. The conflicting signals left total bearish flow at $21.39 million versus $20.78 million in bullish flow, creating a slightly bearish tilt even as the session’s largest premium outlay reflected strong upside conviction.

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Options Indicators

SPCX is currently showing implied volatility of 83.01%, and with an IV percentile of 83.89%, its volatility level sits in the elevated range, indicating that options are priced expensively relative to their own recent history. At the same time, the IV/HV ratio of 0.84 suggests implied volatility is running below realized volatility, so while premium levels are rich on a percentile basis, current option pricing is not fully exceeding the fund’s recent actual movement. The Call/Put volume ratio is 1.39.

Large Trades

A bearish synthetic short with a net debit of $0.82 million was the largest highlighted combination, pairing the purchase of 4,000 June 17, 2027 $115.00 puts with the sale of 4,000 June 17, 2027 $190.00 calls. Both strikes were out of the money versus the $138.74 reference share price, and the structure is a classic synthetic short that expresses a downside view while using the short call to partially finance the long put exposure. The net debit indicates the trader paid to establish the position, signaling a deliberate bearish directional bet rather than pure premium collection, with the long-dated tenor suggesting conviction in a medium- to longer-term downside scenario.

A directional dual-call buying combination with a net debit of $10.04 million was the other major displayed trade, consisting of a purchase of 4,000 January 21, 2028 $250.00 calls and 2,000 December 18, 2026 $180.00 calls. Both call legs were out of the money relative to the current stock reference, making this an aggressive upside positioning trade aimed at capturing a large directional move higher over extended maturities. Because both legs were bought outright, the structure reflects premium paid rather than premium harvested, and its sizable net debit underscores a high-conviction bullish volatility and upside breakout thesis rather than a hedge.

Overall, large-trade sentiment in SPCX was slightly bearish, with total bearish flow of $21.39 million versus total bullish flow of $20.78 million, leaving a net difference of $0.61 million to the bearish side. The directional picture is therefore modestly negative rather than decisively one-sided: the flow included a notable long-dated synthetic short that reinforced downside expectations, while the single biggest premium outlay came from aggressive upside call buying, showing that some participants are still positioning for a sharp rally. Taken together, the tape suggests a market that is actively debating the path ahead, but with bearish positioning holding a narrow edge overall.

Strategy Reference

For traders seeking to collect elevated premium without taking a directional view, selling a June 2027 $190.00 covered call against long stock offers a high out-of-the-money strike with a low assignment probability, leveraging the rich IV percentile to enhance yield.