Quick Read
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A trader bet $10M on SPCX reclaiming $175 by January 2028, while Tesla dominated options flow with $900M tied to bullish calls.
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Oppenheimer’s Tim Horan raised his SpaceX price target to $280, and similar institutional put selling near August lows preceded a 23% rally.
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Someone with real money just placed a long-dated wager on Elon Musk’s rocket company. On Wednesday’s tape, CNBC’s options desk flagged a single trade: a $10 million sale of in-the-money 175 strike SpaceX puts expiring January 2028, a bullish position that only pays off in full if the stock climbs back to a level it has not held since June.
The mechanics are straightforward. The seller collects the premium up front and keeps it all if SpaceX (NASDAQ:SPCX) trades above $175 at January 2028 expiration. Below that, the seller is effectively agreeing to own the stock at $175, less the premium already banked. CNBC’s Oliver Renick described the flow as “a bullish position, but also possibly a bet that volatility in space, which has fallen a lot could continue to subside.”
A Price Line SPCX Has Not Touched Since June
The stock’s short trading history explains why $175 matters. SPCX closed its June 12 debut at $160.95, peaked intraday at $225.64 on June 16, then bottomed at $104.83 intraday on August 3. It has not traded above $175 since June. Shares changed hands at $152.01 Thursday afternoon after an 8.03% single-day pop, still 12.58% below the $160.95 debut close.
Options-chain data confirms the trade sits in a sparse strike. Alpha Vantage’s snapshot shows the January 2028 $175 put marked at $54.10 with implied volatility of 0.56121 and a delta of -0.46951, with only 94 contracts of open interest before the session.
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