SpaceX closed at USD 133.29, down 3.93%, after moving between USD 130.50 and USD 139.98 during the session.

A massive $4.01 million long straddle and a $0.30 million synthetic short dominated SPCX options activity, as total bearish large-trade flow reached $26.44 million, overwhelming a mere $5.15 million in bullish flow to create a stark $21.29 million net bearish imbalance.

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Options Indicators

SPCX is showing an implied volatility of 74.44%, and with an IV percentile of 81.99%, current option volatility is clearly in the elevated range, indicating that options are priced expensively versus their own recent history. At the same time, the IV/HV ratio of 0.75 suggests implied volatility is running below realized volatility, so while premiums are rich on a historical percentile basis, the market is not pricing options as aggressively as recent actual movement might imply.

The Call/Put volume ratio is 1.19.

Large Trades

A $4.01 million net-debit CALL+PUT combination was one of the day’s standout trades, with 1,500 September 18, 2026 $145 puts bought alongside 1,500 September 18, 2026 $145 calls bought for a net debit of $4.01 million. This is effectively a long straddle structure, established through buying both downside and upside exposure at the same strike, signaling a volatility-driven directional bet rather than premium collection. With SPCX referenced at $133.29, the $145 put is in the money while the $145 call is out of the money, so the position appears designed to capture a large move over time in either direction, with the heavy upfront premium indicating the trader is paying materially for convexity and event-driven optionality.

A $0.30 million net-debit synthetic short was the other highlighted trade, built by buying 5,200 June 17, 2027 $115 puts and selling 5,200 June 17, 2027 $190 calls for a net debit of $0.30 million. This sell-call plus buy-put structure is a classic bearish synthetic, expressing downside conviction while using the short call leg to offset part of the put cost rather than collecting premium outright. With SPCX at $133.29, both the $115 put and the $190 call are out of the money, which suggests a longer-dated hedge or directional bearish positioning that benefits from sustained weakness while capping upside participation through the short call.

Overall sentiment was bearish, with total bullish large-trade flow at $5.15 million versus bearish flow at $26.44 million, leaving a net bearish difference of $21.29 million. The conclusion is clearly negative in directional terms: bearish activity dominated not only in aggregate size but also in structure quality, led by the long-dated synthetic short and reinforced by meaningful put buying elsewhere. Even the large CALL+PUT combination, while not a pure directional short by itself, reflects willingness to pay substantial premium for a major move and fits a market tone marked by caution, downside protection demand, and a preference for defensive or bearish optionality over straightforward upside exposure.

Strategy Reference

Traders unwilling to pay the elevated IV percentile for outright longs could consider selling a bear call spread, such as the September 2026 $190/$210 call spread, to capitalize on rich premium while maintaining a bearish posture with defined risk.