SpaceX closed at 150.88 USD, up 5.15 %.
Large options trades in SPCX showed a decisively bearish institutional tilt, headlined by a massive $28.28 million short call position at the 185 strike expiring in March 2027. While a modest $851 thousand synthetic long was also built through selling a 144 put and buying a 167.5 call, its size was insufficient to offset the overwhelmingly bearish signal from heavy call selling. Aggregate flow suggests institutions are positioning for limited upside or outright weakness.
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Options Indicators
SPCX’s implied volatility is 57.13%, and with an IV percentile of 74.88%, current volatility is in an elevated range, indicating that options are priced expensively relative to their own recent history. The IV/HV ratio of 1.38 further suggests implied volatility is running meaningfully above historical realized volatility, showing that the options market is assigning a premium to forward uncertainty. The Call/Put volume ratio is 1.45, but this headline ratio is misleading given the dominance of sell-side call flow in large trades.
Large Trades
A call sale worth $28.28 million was the standout large trade of the session, with 22,700 contracts sold at the 185.0 strike expiring on 2027-03-19. With SPCX referenced at 150.88, this call sits out of the money, so the seller is effectively expressing a bearish-to-capped outlook, betting the stock will remain below that strike or at least not rally enough to make the short call materially painful before expiration. Strategically, this kind of sizable OTM call writing usually points to premium collection or a view that upside is limited over the longer-dated horizon, and it stands out as a notably bearish institutional signal given both its scale and its distance from spot.
A synthetic call worth $851 thousand also appeared in the flow, built through selling the 144.0 put and buying the 167.5 call, both expiring on 2026-09-18, for a net credit of $851 thousand. Both legs are out of the money versus the 150.88 reference price: the short put sits below spot while the long call sits above spot, creating a bullish synthetic long structure that benefits from upside participation while taking on downside assignment risk through the short put. The fact that this position was established for a net credit further improves the entry economics, suggesting a trader willing to express constructive medium-term upside exposure in a capital-efficient way. Overall, however, the bulk-order picture remains clearly bearish: despite the presence of selective bullish positioning, the dominant large-trade activity was led by heavy call selling and the aggregate directional flow leans decisively to the downside, indicating institutional sentiment is still cautious and skewed toward limited upside or outright weakness in SPCX.
Strategy Reference
For sellers looking to follow the institutional lead and collect premium with a low assignment probability, the 200 strike call expiring on 2027-03-19 sits well above the heavy 185 short call and offers an additional buffer beyond the dominant downside positioning, or consider a bear call spread at 185/200 to cap risk while expressing a limited-upside view.