SpaceX closed at $146.03, down 1.74%.

SpaceX options saw notable multi-year spread activity as large traders positioned through 2026 expirations. A $385 thousand bear put spread and a $350 thousand bull call spread stood out, reflecting contrasting directional views under elevated implied volatility. The broader large-trade flow leaned moderately bullish, with repeated put selling and call buying suggesting a constructive outlook.

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Options Indicators

SpaceX currently has an implied volatility of 64.44%, and with an IV percentile of 78.20%, its options sit in an elevated volatility regime where contracts are priced expensively relative to their own recent history. The IV/HV ratio of 1.25 also shows implied volatility running above realized volatility, suggesting the market is assigning a premium to forward uncertainty and that option buyers are paying up for exposure at current levels. The Call/Put volume ratio is 1.15.

Large Trades

A bear put spread with a $385 thousand net debit was one of the day’s most notable institutional structures, built by buying the 120.0 put and selling the 95.0 put for the 2026-10-30 expiration. With SpaceX referenced at 146.03, both legs were out of the money at execution, making this a defined-risk bearish spread that targets downside over the longer term while limiting upfront cost through the short lower-strike put. The net debit indicates a premium-paid directional bet rather than premium collection, and the structure suggests the trader is positioning for a meaningful decline toward or below the 120 area, while capping maximum downside participation beneath 95.

A bull call spread with a $350 thousand net debit was the other highlighted large trade, created through the purchase of the 175.0 call and sale of the 215.0 call for the 2026-10-30 expiration. Since SpaceX was trading at 146.03, both calls were out of the money, pointing to a leveraged upside view that remains disciplined on cost and profit target. As a debit call spread, this is a bullish directional strategy rather than a volatility sale, expressing expectations for a rise toward the 175–215 zone by expiration while using the short 215 call to reduce premium outlay. Overall, the large-trade flow leans moderately bullish: although the featured bear put spread shows some downside hedging or tactical caution, the broader block activity favors bullish exposure, with repeated put selling and call buying indicating investors were generally positioning for upside or at least a constructive price outlook rather than bracing for sustained weakness.

Strategy Reference

For a low assignment probability, a seller could consider an out-of-the-money put with a strike near $95.00 or below, while those preferring defined risk without posting large margin might use a short put spread such as selling the $120.00 put and buying the $95.00 put to mirror the featured bearish structure with capped downside.