SpaceX closed at USD 148.36, down 4.11%.

Despite the decline, large options prints showed pronounced bullish conviction. A $3.17 million synthetic long and a $1.59 million long-dated put sale dominated displayed activity. The first built leveraged upside exposure into late 2026, while the second collected premium against a deep out-of-the-money strike into 2028. Both structures reflected confidence in long-term resilience and appreciation for SpaceX, suggesting institutional traders treated the dip as an opportunity to establish or add to optimistic positions.

>>>Start OPTIONS trading & earn up to SGD 200 in rewards!

Options Indicators

SpaceX currently has an implied volatility (IV) of 53.79%, and its IV percentile stands at 69.19%, which places volatility in a broadly neutral zone, though close to the upper end of its recent range. Combined with an IV/HV ratio of 1.32, the options market is pricing in somewhat richer forward volatility expectations than the stock’s realized movement, but overall option pricing is not yet in clearly expensive territory.

The Call/Put volume ratio is 1.19, indicating moderately higher demand for calls than puts and aligning with the bullish leaning shown by the largest trades.

Large Trades

A synthetic call position worth $3.17 million stood out as the largest displayed trade, built by selling 2,000 November 20, 2026 $150.00 puts for $2.46 million while buying 4,000 November 20, 2026 $200.00 calls for $704,000, for a reported net credit of $1.76 million. With SPCX referenced at $148.36, the short $150.00 put was in the money and the long $200.00 call was out of the money, creating a leveraged bullish structure that mirrors long stock exposure above the strike while using option premium intake to help finance upside participation. The trader appears to be expressing a longer-dated bullish view, willing to accept downside assignment risk in exchange for substantial upside exposure into late 2026.

A put sale worth $1.59 million was the second major displayed trade, consisting of 1,250 December 15, 2028 $90.00 puts sold. With the stock well above that strike, the option was out of the money at execution, making this a bullish-to-neutral income-style position that suggests confidence SPCX can remain above $90.00 over the long term. The seller is effectively betting that deep downside risk is limited over this horizon, using premium collection as the primary objective while signaling willingness to own shares at a much lower effective entry level if assigned. Overall, the large-trade flow leans clearly bullish, as the biggest orders were both premium-generating structures tied to upside participation or downside confidence rather than outright downside hedging. The mix of a large synthetic long and a sizable long-dated put sale suggests institutional traders are positioning for resilience and eventual appreciation in SPCX, even if they are using option structure and premium collection to manage entry and risk.

Strategy Reference

If seeking low assignment probability, a seller may prefer the $100.00 strike or lower in shorter-dated expirations, where delta is smaller relative to the $90.00 long-dated put sold here; alternatively, a call spread such as buying a $160.00 call and selling a $200.00 call can reduce upfront cost versus the large synthetic long while retaining upside exposure to SpaceX.