OPTIONS FLOW$SPCXSpace Exploration Technologies Corp.Open ticker analysis →
$7.94M moved through Space Exploration Technologies Corp. ($SPCX) options on Monday in a 2-leg trade built around the $115 to $150 strikes. The legs lean bearish: the bought side profits as Space Exploration Technologies falls, and the sold side helps pay for it.
What happened
The legs printed together in the afternoon, around 2:25 p.m. ET on Monday, September 28, with $SPCX near $147.85, for $7.94M in combined premium across 10,000 contracts.
Trading the legs as one ticket locks in the price of the whole structure at once, which is how professional desks usually put on spreads.
Netting the legs, the trader collected about $5.48M up front. That credit is theirs to keep if the stock cooperates, but it comes with obligations on the sold side.
- SPCX Dec 18 $115 Put: 5,000 contracts at $2.46 (bought)
- SPCX Dec 18 $150 Call: 5,000 contracts at $13.42 (sold)
Why it matters
A risk reversal buys one side and sells the other, using the premium from one leg to pay for the other. It is a directional view financed with the opposite option.
Net of all legs, the structure behaves like being short roughly 329,500 shares of SPCX, about $48.72M of stock exposure.
The strikes run from $115.00 (22.2% below the stock) to $150.00 (1.5% above the stock), so the trade is built around a zone rather than a single target.
With 81 days until Dec 18, this is positioning for months, not a quick flip. Implied volatility ran around 51%, elevated, which means traders are paying up for movement.
Over the last 11 sessions $SPCX has traded between $142.50 and $158.13 and is down 0.4% over that stretch. The stock came into this trade in the middle of that range.
The numbers
| Structure | Risk reversal (2 legs) |
|---|---|
| Lean | Bearish |
| Expirations | Dec 18 (nearest in 81 days) |
| Strikes | $115, $150 |
| Contracts | 10,000 |
| Total premium | $7.94M |
| Net cost | $5.48M credit |
| Stock at the trade | $147.85 |
Three ways this could play out
Bullish continuation
A move through $150.00 puts $SPCX above every strike. For a structure leaning bearish, that is the worst case.
Bearish rejection
A drop under $115.00 takes $SPCX below every strike. That is where this bearish structure pays the most.
Neutral stabilization
If $SPCX settles between $115.00 and $150.00 into Dec 18, time decay and the final price decide who wins, which is exactly what spreads are built to control.
What to watch next
- $115.00 and $150.00: the outer strikes that define this trade.
- Open interest on each leg in the next session, to confirm the structure was opened rather than closed.
- Dec 18: expiration, 81 days out for the nearest leg, when the structure resolves.
- Follow-on spreads at nearby strikes, which would show a desk building a larger position.
- $142.50 and $158.13: the edges of SPCX’s recent trading range.
