SpaceX closed at $151.85, down 0.56%.

The session's dominant options activity was unmistakably bullish, headlined by a $737,000.00 net-credit synthetic long structure targeting $230.00 calls by 2027. Block flow leaned heavily toward upside positioning, with institutional investors selling deep out-of-the-money puts to finance a large long-call position. A much smaller defensive put purchase provided the only bearish counterpoint, underscoring a tape skewed decisively toward expectations of a major SpaceX advance.

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

Options Indicators

SPCX is showing an implied volatility of 54.24%, and with an IV percentile of 71.09%, current option pricing sits in the elevated zone, indicating that volatility is on the expensive side relative to its own recent history. The IV/HV ratio of 1.31 further suggests implied volatility is running above realized volatility, meaning the options market is embedding a noticeable premium for future movement versus what the stock has actually delivered.

The Call/Put volume ratio is 1.53.

Large Trades

A net-credit spread structure worth $737,000.00 dominated the tape, built from selling 15,800 June 17, 2027 $120.00 puts and buying a total of 14,000 June 17, 2027 $230.00 calls, with all legs out of the money versus the $151.85 reference price. Because the package contains a Buy Call and a Sell Put, it is effectively a synthetic call overlay, but the added long-call leg also makes it a call-heavy ratio-style spread structure executed for a net credit. Strategically, this points to an aggressively bullish longer-dated directional bet: the short $120.00 put helps finance upside exposure, while the long $230.00 calls concentrate leverage on a major rally into 2027. Collecting premium up front while still positioning for upside suggests strong conviction that SPCX can remain above the put strike and potentially stage a meaningful advance over time.

A put buy worth $63,000.00 targeted the September 25, 2026 $142.00 strike, with 2,181 contracts purchased out of the money. As a single-leg bearish trade, it reflects downside protection or a modest speculative hedge against weakness below the current spot reference. Overall, the large-trade flow is clearly bullish. The dominant order was a sizable, longer-dated upside structure established for net credit and centered on synthetic long exposure, while the only bearish print was small and defensive by comparison. Taken together, the block activity indicates institutional positioning that leans decisively toward upside participation rather than preparing for sustained downside pressure.

Strategy Reference

For traders seeking a defined-risk alternative without the margin burden of naked puts, a bull call spread such as buying the June 17, 2027 $200.00 call and selling the $230.00 call could capture upside participation with a capped cost, while put sellers may consider the $100.00 strike for a lower assignment probability given the institutional support at $120.00.