The SPCX Options Chain: First-Week IV, Skew and Open Interest Read
Options on SPCX began trading days after the IPO. Here is what implied vol, the put/call skew and early open interest are telling us about positioning.
30d IV at listing
~78%
Put/call skew
Light put bias
First-week OI
~430k contracts
Where IV settled and why
Listed options on SPCX opened with 30-day implied vol around 78% — high in absolute terms, low relative to the realised intraday range of the first session. By the end of week one, IV had drifted into the 60s as the tape stabilised. That decay is the standard 'IPO premium' bleed-off and is itself tradeable for sellers of premium.
Skew tilted modestly toward puts (3-month 25-delta put/call skew at ~5 vol points), which is consistent with newly-listed mega-caps where downside hedgers are the natural marginal buyer.
What open interest is saying
First-week open interest concentrated in front-month $170 and $200 calls, with meaningful put OI at $140 (the stabilisation floor). That distribution looks like covered-call writing on top of the IPO allocation (long stock, short upside) and protective-put buying for fresh longs (long stock, long downside).
Key takeaways
- 78% IV at listing is high but realised vol was higher — sellers were initially favoured
- Skew is mildly put-biased — typical for new mega-caps with hedging demand
- Open interest patterns suggest institutional covered-call + protective-put structures
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