SpaceX Traders Sell $166 Million in Puts as Risk Reversals Signal Stock Bottom
Updated
Updated · CNBC · Aug 6
SpaceX Traders Sell $166 Million in Puts as Risk Reversals Signal Stock Bottom
3 articles · Updated · CNBC · Aug 6
Summary
$166 million of SpaceX put premium traded by midday was likely tied to put selling, making it Thursday’s top directional options trade and signaling bets the stock is stabilizing rather than plunging further.
Two of the day’s biggest trades used bullish risk reversals: one collected a net $7.7 million by selling June 2027 90-strike puts and buying 220-strike calls, effectively wagering shares avoid another 20% drop and could double.
A second trade sold $3.5 million of January 2028 75-strike puts and bought $5 million of 185-strike calls, reinforcing the view that larger, more sophisticated players are stepping in with bullish structures.
SpaceX shares hit a new low on Monday but have mostly held near $110 since July 23, while the 14-day RSI has turned less negative and implied volatility has fallen to its lowest since June 30.
The shift matters because earlier SpaceX options flow had been dominated by out-of-the-money call buying, and the stock is rising even as its first insider lock-up period ends, defying fears of fresh selling.