SpaceX closed at 145.23 USD, down 2.25 %.
Large options activity in SpaceX showed a standout $2.10 million long-dated put purchase for downside protection, alongside a $1.65 million put sale and bullish spread positioning. Despite the sizable bearish hedge, the broader bulk-order flow leaned constructive, with premium-selling and call-side activity keeping the overall tone tilted bullish rather than defensive.
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Options Indicators
SpaceX has an implied volatility of 54.92%, while its IV percentile stands at 65.88%, which places current option pricing in a broadly neutral volatility zone rather than an extreme one. At the same time, the IV/HV ratio of 0.84 suggests implied volatility is running below historical volatility, indicating options appear somewhat reasonably priced to slightly cheap relative to realized movement, rather than richly valued.
The Call/Put volume ratio is 1.96.
Large Trades
A PUT buy worth $2.10 million stood out as the largest displayed large trade, with 1,025 contracts bought on the June 16, 2028 $120.00 put. With SPCX referenced at $145.23, this strike sits out of the money, making it a clear bearish downside hedge or directional downside bet rather than intrinsic-value protection. The long-dated tenor suggests the buyer was seeking extended protection against a larger drawdown over time, which adds weight to the bearish message even though the strike is meaningfully below the current share price.
A PUT sale worth $1.65 million was the other highlighted block, with 2,450 contracts sold on the April 16, 2027 $115.00 put. This put is also out of the money versus the $145.23 reference price, so the trade reflects a bullish-to-neutral stance that expects SPCX to remain above that level through expiration while collecting premium. Taken together with the broader bulk-order flow, the overall tone remains bullish: although there was a notable long-put purchase for downside protection, the larger aggregate pattern was led by premium-selling put activity and bullish spread positioning, indicating market participants were more focused on harvesting premium and expressing confidence in price stability to upside rather than bracing for a sustained decline.
Strategy Reference
For a low-assignment-probability put sale, a trader could consider selling the April 16, 2027 $100.00 put, or use a put credit spread by selling the $115.00 put and buying a lower strike such as $95.00 to cap margin and reduce tail risk.
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