SPCX finished the session at USD 140.00, a decline of 0.91 percent from the previous close.

A massive wave of institutional bearish activity swept through SPCX options, headlined by a $9.28 million outright put purchase and a $1.00 million synthetic short, overwhelming modest bullish flow and resulting in a net bearish imbalance of $81.40 million on the session.

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Options Indicators

SPCX’s implied volatility stands at 68.05%, and with an IV percentile of 80.57%, current option volatility is clearly 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 0.66 suggests implied volatility is running below realized volatility, which adds an interesting nuance: despite options screening as expensive on a percentile basis, the market’s forward volatility pricing is still somewhat restrained versus what the underlying has actually delivered. The Call/Put volume ratio is 1.23.

Large Trades

A synthetic short with a $1.00 million net debit was the largest highlighted trade, built by buying 10,000 Jan. 21, 2028 $125.0 puts and selling 10,000 Jan. 21, 2028 $185.0 calls. With SPCX referenced at $140.0, both legs were out of the money at execution. This sell-call plus buy-put structure is a classic bearish synthetic, and the key sizing metric is the stated $1.00 million net debit rather than the gross leg notional. Strategically, it expresses a longer-dated directional bearish view, likely seeking downside participation while using the short call leg to partially finance the put purchase.

A PUT buy worth $9.28 million was the other standout large trade, consisting of 11,623 contracts of the Dec. 18, 2026 $110.0 put purchased outright. Given the $140.0 reference price, the strike was out of the money, making this a downside bet that requires meaningful weakness over time to appreciate materially. As a single-leg long put, the trade is straightforwardly bearish and may reflect either a speculative view that SPCX will decline or a hedge against a sizable long underlying position.

Overall sentiment was clearly bearish, with total bullish large-trade flow at $8.25 million versus bearish flow at $89.65 million, leaving a net bearish imbalance of $81.40 million. The conclusion is decisively negative because the dominant trades were both downside-oriented put exposure and a long-dated synthetic short, indicating that institutional-sized activity was concentrated in protection buying and outright downside positioning rather than upside participation.

Strategy Reference

For premium sellers looking to fade the bearish extreme, the Dec. 18, 2026 $185.0 call remains well above the synthetic short ceiling and could be sold against a hedged underlying position to capture elevated volatility with a low probability of assignment.