SpaceX closed at $167.60, down 2.51%.

Large options activity in SpaceX featured a $8.57 million in-the-money call purchase and a $3.90 million net-credit synthetic put. The single-leg call buy expresses a high-conviction upside stance, while the synthetic short reflects a bearish overlay. With implied volatility at the 70th percentile, premiums remain elevated, making directional exposure expensive relative to SpaceX’s own volatility history.

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Options Indicators

SpaceX currently has an implied volatility of 54.34%, and with an IV percentile of 70.62%, current option volatility sits in an elevated range, indicating that options are priced expensively relative to SpaceX’s own recent history. The IV/HV ratio of 1.10 also suggests implied volatility is running modestly above realized volatility, reinforcing the view that the market is embedding a premium into current option pricing rather than offering particularly cheap exposure.

The Call/Put volume ratio is 1.18.

Large Trades

A bearish synthetic put position with a $3.90 million net credit stood out as one of the largest displayed trades. This 2028-06-16 combination was built by selling 5,000 contracts of the 265.0 call and buying 5,000 contracts of the 120.0 put, both out of the money versus the $167.60 reference stock price. As a synthetic short setup, it expresses a clearly negative directional view while also bringing in upfront premium, suggesting the trader is positioning for downside or at least for the stock to remain well below the short-call strike over the longer term.

A bullish single-leg call purchase worth $8.57 million was the other key displayed block. The trade involved buying 2,000 contracts of the 130.0 call expiring on 2027-01-15, which is in the money relative to the current stock price of $167.60. An in-the-money long call of this size typically signals a high-conviction upside stance with substantial delta exposure, functioning much like leveraged stock replacement while limiting risk to the premium paid.

Overall, the large-trade flow leans moderately bullish. Even though the displayed synthetic short shows that some institutional money is still actively positioning for downside, the broader block activity favors upside exposure through long calls, synthetic longs, and other call-heavy structures, indicating investors are not uniformly defensive. The takeaway is that sentiment remains constructive but mixed, with bullish positioning holding the edge while longer-dated hedging or bearish overlays continue to temper enthusiasm.

Strategy Reference

For a low assignment probability, sellers could consider the 200.0 call in the nearest monthly expiration, which is roughly 19.33% above spot and outside the elevated implied volatility range, or use a 180.0/200.0 bear call spread if seeking defined risk without posting excessive margin.