CoreWeave closed at $87.12, up 1.38%.

CoreWeave’s options market displayed notable bullish conviction, highlighted by an $8.51 million double call buy targeting the $125–$130 area by 2027. A separate $1.62 million put sale on the $70 strike reinforced the positive tone, with premium collection reflecting a willingness to accept downside exposure. Volume skewed heavily toward calls, with a call/put ratio of 2.97, underscoring the session’s upside bias.

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Options Indicators

CoreWeave’s implied volatility is 79.95%, while its IV percentile stands at 12.75%, which indicates that despite the high absolute IV level, its current implied volatility sits near the lower end of its own recent range. In other words, option pricing appears relatively cheap and volatility is on the low side versus its historical distribution, while the IV/HV ratio of 1.13 suggests implied volatility is only modestly above realized volatility.

The Call/Put volume ratio is 2.97.

Large Trades

A $8.51 million same-direction double call buy was the dominant large trade of the day, structured as a call spread-style upside wager with both legs bought for a net debit of $8.51 million. The position bought 5,250 contracts of the March 19, 2027 $125.00 call and 5,250 contracts of the March 19, 2027 $130.00 call, with both strikes out of the money versus the $87.12 reference stock price. Because this combination includes both a buy call and another buy call, it is best read as a bullish high-strike call combination expressing a view that CRWV could make a large upside move over a long time horizon, with the paid premium showing clear directional conviction rather than income collection or downside hedging.

A put sale worth $1.62 million was the second-largest displayed trade, with 3,750 contracts sold on the December 18, 2026 $70.00 put. That strike sits out of the money relative to the current stock price, so the trade reflects a moderately bullish stance: the seller is effectively betting CRWV will stay above $70.00 into expiration, allowing premium collection, while also signaling willingness to be long the stock at a lower effective entry if assigned. Taken together, the bulk-order flow points to a clearly bullish overall read on CRWV, as the largest capital commitment was a sizable long-dated upside call structure and the next key trade was an out-of-the-money put sale, while the broader large-trade mix still leans toward premium-selling on downside strikes and selective upside participation rather than aggressive bearish positioning.

Strategy Reference

For income-oriented traders, selling the December 18, 2026 $70.00 put aligns with the demonstrated flow and offers a lower assignment probability, though margin requirements apply. Alternatively, a bull call spread such as buying the March 19, 2027 $125.00 call and selling the $130.00 call would cap margin and reduce net debit versus the outright double call purchase.