Options traders are signaling a shift in sentiment for SpaceX shares, moving away from aggressive call-buying towards more sophisticated strategies that suggest the stock may be finding its floor.
SpaceX employees celebrate the market close of the SpaceX initial public offering (IPO) at the Nasdaq Marketsite on June 12, 2026, in New York City.
Spencer Platt | Getty Images
Previously dominated by out-of-the-money call-buying, Thursday saw a notable shift as selling puts emerged as the most popular directional trade. According to SpotGamma data, of the $600 million in premium traded by midday, $316 million was in puts, with an estimated $166 million tied to put sales. This activity suggests a bullish outlook focused on stock stabilization rather than an immediate, significant rally.
SpaceX shares in the past five trading days
Further reinforcing this bullish sentiment were two major combination trades, known as risk reversals, involving multimillion-dollar put sales alongside long call purchases. These strategies provide dual bullish exposure.
Shortly after the market opened, one trader executed a deal collecting a net $7.7 million by selling $12 million worth of 90-strike puts expiring next June, while simultaneously purchasing $4.3 million of 220-strike calls with the same expiry. This trade effectively wagers that SpaceX shares will not drop another 20% over the next ten months, while also betting on a potential doubling of the stock price.
Later in the day, a similar, albeit smaller, trade involved selling $3.5 million of 75-strike puts expiring in January 2028 and buying an equivalent number of 185-strike calls for the same expiry. In this instance, the calls, valued at $5 million, cost more than the puts generated, making it a debit trade.
While the previous trend of relentless bullish call-buying in SpaceX options, seen since their debut, has often acted as a contrarian indicator, these recent, large-scale bullish trades by sophisticated investors utilizing put-selling tactics suggest that the stock might finally be establishing a bottom.
Technical indicators also support this view. SpaceX shares hit a new low on Monday, ahead of their earnings report, but have largely hovered around $110 since July 23. The momentum to the downside has noticeably decelerated, with the 14-day relative strength index (RSI) bottoming out late last month and implied volatility reaching its lowest point since June 30.
Adding to the positive signs, SpaceX shares saw an uptick on the very day the first insider lock-up period concluded – an event many anticipated would trigger a fresh wave of selling.
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