SPCX Bear Put Spread — 2026-08-21

SPCX (Space Exploration Technologies Corp. - Class A Common Stock) shows bearish unusual options activity: $8475K of buyer-initiated unusual put flow (72% put-dominant) detected across near-term expirations, with a peak vol/OI ratio of 14.9x on the 115 put. IV rank is 101 (elevated) — too rich to buy a naked option into, so this is structured as a bear put spread (115/114) to cut vega and cost. Buy the $115 / sell the $114 put bear put spread expiring 2026-08-21 (29 DTE) for a net debit of $0.50 ($50 per spread). Breakeven at $114.50; net delta 0.01.

Underlying: SPCX @ ~$115.26 | 2026-08-21 (29 DTE) | Net debit (entry): ~$50 per spread. Use limit orders at the mid or slightly worse.

MAX LOSS: Limited to the net debit ($50 per spread). Max gain is capped at the strike width minus the debit — a defined-risk, defined-reward trade. | IV RISK: IV rank is 101 — elevated IV inflates premiums; a vol crush could erode value even if direction is correct (the short leg offsets some of this vega). | TIMING: 29 DTE — unusual flow is a near-term signal; act promptly or the setup may stale. Close or take profit before expiration week to avoid gamma risk. | SECTOR: SPCX is in Other — avoid concentration with other open Other positions. | EXECUTION: Use limit orders at mid or slightly worse on the spread (don't leg in). Verify the bid-ask before sending; do not chase with market orders. | EVENTS: Check for upcoming earnings, FDA decisions, or macro prints within the trade window that could cause outsized gap risk.