SpaceX closed at USD 135.00, down 1.44%.

SPCX options activity showed a large bullish put sale and a bearish call spread. The biggest trade was a $6.09 million put sale at the $110 strike, while a $103,200 call spread capped upside. Overall block flow leaned slightly bearish despite the headline put sale.

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Options Indicators

SPCX’s implied volatility is 61.98%, and with an IV percentile of 77.73%, current option volatility sits in the elevated zone, indicating that options are priced on the expensive side relative to their own recent history. At the same time, the IV/HV ratio of 0.61 suggests implied volatility is running below realized volatility, so while premiums are rich versus the stock’s historical IV range, they are not fully reflecting the magnitude of recent actual movement.

The Call/Put volume ratio is 1.35.

Large Trades

A PUT sale worth $6.09 million was the largest displayed trade, with 8,700 contracts sold on the December 18, 2026 $110.00 put. With SPCX referenced at $135.00, this strike sits out of the money, so the trade reflects a moderately bullish stance through premium collection and a willingness to own the stock lower if assigned. Strategically, selling such a far-below-spot put suggests the trader is comfortable underwriting downside at $110.00 while expressing confidence that shares can remain above that level into expiration.

A bearish call spread with a net credit of $103,200 was the other highlighted large trade, built by selling 7,941 August 28, 2026 $148.00 calls and buying 7,941 August 28, 2026 $150.00 calls. Both strikes are out of the money versus the $135.00 stock reference, and the structure caps upside while taking in premium upfront. This is a defined-risk bearish income strategy that reflects the view that SPCX is unlikely to rally through the short-call zone by expiration, combining limited-risk hedging with a directional bet against a strong near-term advance. Overall, the large-trade flow leans slightly bearish. Although the biggest single print was a sizable out-of-the-money put sale that showed bullish premium-selling interest, the broader block activity featured multiple notable put purchases and bearish call positioning, indicating that institutional traders are still showing more demand for downside protection and upside caps than for outright upside exposure.

Strategy Reference

For a low assignment probability, a seller could consider the $110.00 put, matching the largest bullish trade; for a defined-risk bearish view, the $148.00/$150.00 call credit spread remains the highlighted structure.