CoreWeave, Inc. closed at $83.35, up 3.00%.

Large options activity in CoreWeave showed a strongly bullish bias, headlined by a $14.03 million purchase of long-dated calls at the $110 strike, alongside a $937,500 sale of out-of-the-money puts at the $60 strike, both expiring in March 2027. The dominant flow suggests conviction in significant long-term upside while expressing comfort with limited downside risk above $60.

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Options Indicators

CRWV’s implied volatility stands at 78.84%, but its IV percentile is only 6.77%, which means that despite the headline IV looking high in absolute terms, it is still sitting near the low end of its own historical volatility range. In other words, current option pricing is relatively cheap versus where this name’s implied volatility has traded in the past, while the IV/HV ratio of 1.19 shows implied volatility is only modestly above realized volatility rather than being aggressively overstated.

The Call/Put volume ratio is 2.30.

Large Trades

A call purchase worth $14.03 million was the standout large trade, with 11,500 contracts bought at the 110.0 strike for expiration on 2027-03-19. With the stock reference price at 83.35, this call was out of the money, making it a distinctly bullish directional wager on substantial upside over a long-dated horizon. The scale and tenor suggest the buyer was positioning for a major appreciation scenario rather than seeking near-term income, reflecting conviction that CRWV could rally well beyond the current price and eventually clear the 110.0 level.

A put sale worth $937,500 was the other displayed large trade, involving 1,500 contracts sold at the 60.0 strike for expiration on 2027-03-19. Because the strike sat below the 83.35 reference price, the put was out of the money, which makes this a bullish-to-neutral income-generating stance that also signals willingness to own shares at a materially lower level if assigned. In combination with the dominant long call activity, this trade reinforces the view that large traders were comfortable with downside risk being limited above 60.0 while positioning for medium- to long-term upside.

Overall, the large-trade flow was clearly bullish. The tone was driven primarily by the very large out-of-the-money long call purchase, while the out-of-the-money put selling added a supportive, confidence-heavy backdrop by expressing comfort with lower-strike downside exposure. Although there was some mildly bearish or range-bound premium-selling activity elsewhere in the bulk orders, it was far smaller and did not materially offset the upside conviction embedded in the biggest trades.

Strategy Reference

For traders seeking a lower assignment probability on the put-selling side, consider selling puts at strikes below $55, given the large-trader comfort zone above $60; for those wanting defined risk without posting excessive margin, a bullish call spread such as buying the March 2027 $100/$120 call spread can capture upside while reducing premium outlay versus the outright long call.