SpaceX closed at USD 139.63, up 1.22%.

Large options activity in SPCX showed a clash between a $10.38 million bearish synthetic put and a $5.81 million bullish bull put spread. The biggest trade leaned bearish through a short call and long put structure, while the second-largest trade collected premium on out-of-the-money puts, signaling long-term upside conviction. Despite the headline bearish size, additional call buying and premium-selling pushed the overall flow moderately bullish.

>>>Click to claim your commission-free cards before trading!

Options Indicators

SPCX currently has an implied volatility of 59.58%, and with an IV percentile of 76.78%, its volatility sits in an elevated range, indicating that options are priced expensively relative to their own recent history. At the same time, the IV/HV ratio of 0.59 suggests implied volatility is running below historical realized volatility, which adds an interesting contrast: despite options looking rich on a percentile basis, current implied pricing is still not fully matching the magnitude of past actual movement.

The Call/Put volume ratio is 1.75.

Large Trades

A bearish synthetic put position sized at $10.38 million stood out as the largest displayed trade, built through selling the December 18, 2026 $150.00 call for $6.52 million and buying the December 18, 2026 $115.00 put for $3.87 million, with the structure carrying a net credit of $2.65 million. With SPCX referenced at $139.63, the short call was out of the money and the long put was also out of the money, making this a clearly bearish directional expression that benefits if the stock weakens materially over time. The trader is effectively replicating a short underlying stance while taking in premium upfront, which points to downside conviction rather than simple volatility trading.

A bullish bull put spread with a net credit of $5.81 million was the other major displayed trade, using the June 16, 2028 $130.00 short put against the June 16, 2028 $70.00 long put, both struck below the current stock price and therefore out of the money. This is a classic premium-collection bullish spread: the seller is expressing confidence that SPCX can stay above $130.00 over the long run, while the purchased $70.00 put caps tail risk. The structure signals constructive medium- to long-term expectations and a willingness to monetize elevated downside premium without taking unlimited downside exposure.

Overall, the large-trade flow leans moderately bullish. Although the biggest individual directional bet was a sizable bearish synthetic put, the broader block activity showed stronger support from bullish premium-selling and call-buying interest, including a substantial long-dated bull put spread and additional upside call purchases. Taken together, the flow suggests investors remain constructive on SPCX’s broader trajectory, while still leaving room for selective downside hedging or tactical bearish positioning.

Strategy Reference

For a lower assignment probability, a premium seller could consider the June 16, 2028 $115.00 put, which sits further below spot than the $130.00 short put in the displayed bull put spread and still captures elevated downside premium; alternatively, traders with margin constraints may prefer a bull put spread such as the $130.00/$115.00 put spread to cap risk while maintaining a net-credit posture.