SpaceX closed at $151.21, up 2.04 percent.

SPCX options activity showed a clear institutional bullish lean, highlighted by a $6.75 million out-of-the-money put sale and a $3.01 million in-the-money call purchase. The largest trade sold 5,000 contracts at the 105 strike expiring in 2028, while another bought 2,854 contracts at the 145 strike expiring in 2026. The broader block flow favored bullish structures over bearish positioning.

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

Options Indicators

SPCX’s implied volatility is 54.13%, and with an IV percentile of 72.04%, current option volatility sits in the elevated range, indicating that options are priced expensively relative to the stock’s own recent history. The IV/HV ratio of 1.28 further suggests implied volatility is running above realized volatility, meaning the market is embedding a richer premium for expected future movement than what has recently been observed.

The Call/Put volume ratio is 1.93.

Large Trades

A PUT sale worth $6.75 million was the largest displayed trade, with 5,000 contracts sold at the 105.0 strike expiring on 2028-01-21. With SPCX referenced at 151.21, this put was out of the money, making it a moderately bullish income-style position that suggests the trader was comfortable taking downside assignment risk well below the current stock price in exchange for premium. Strategically, this kind of large out-of-the-money put sale typically reflects confidence that shares will remain above the strike over time, or at least that any decline to that level would still be acceptable for accumulation.

An in-the-money call purchase worth $3.01 million was the other highlighted large trade, consisting of 2,854 contracts bought at the 145.0 strike expiring on 2026-10-16. Because the strike sat below the 151.21 reference price, the call was already in the money, which points to a clearly bullish directional stance with meaningful delta exposure. The use of a long-dated in-the-money call suggests the buyer was seeking leveraged upside participation while committing less capital than an outright stock purchase, signaling conviction in continued strength rather than a short-term speculative burst.

Overall, the large-trade flow in SPCX leaned clearly bullish. The biggest capital concentrations were centered on premium-selling through out-of-the-money puts and outright upside exposure through long in-the-money calls, while the broader block activity also showed bullish structures outweighing bearish positioning. Taken together, the flow suggests institutional traders were positioning for stability to upside, with willingness to monetize downside fear through put sales while also maintaining directional exposure to further gains.

Strategy Reference

For traders seeking a lower assignment probability when selling puts, consider a strike near 125 or below, aligning with the elevated IV rank; alternatively, a bullish call spread such as buying the 150 call and selling the 170 call can cap margin while maintaining upside exposure.