Space Stocks Got Crushed in June, but the Options Whales Just Came Back.
$SpaceX (SPCX.US)$ SpaceX's IPO is set to price June 11 and trade the following day. The space sector already front-ran the news, and most aerospace stocks surged 50–150% then pullback into early June.
The largest options prints of the past 5 days tell a story the price action doesn't. 5 of 6 largest prints over the past 5 days lean BULLISH, a sharp reversal from the institutional unwind that defined the prior month. Smart money is buying the post-correction dip into the SpaceX IPO window.
Rocket Lab
IV sitting at the 90th percentile of the past year, so options are richly priced.
Spot at $113 is wedged between Put Wall $100 and Call Wall $130. The $130 wall is the lid that capped the recent pullback from $151. As long as price holds above the $106 gamma flip, dealers stay long gamma, meaning rallies get faded and dips get bought (low-vol grind). Break $106 and the regime flips: moves accelerate.
On Jun 8, a whale bought 8,980 contracts of the Oct 16 $55 puts on the ask for $2.59M. A deep-OTM crash hedge at less than half of spot, institutional tail protection, not a directional short on the name.
AST SpaceMobile
P/C of 0.37 is heavily call-skewed; retail still loves the satellite-direct-to-phone narrative. But that's the setup pros fade.
Spot $92 is sitting right on the Put Wall $90, with the Call Wall $100 capping any bounce. Tight battle range. A break of $90 removes dealer support and opens an air-pocket back to the high.
On Jun 5, a whale bought 1,000 contracts of the Sep 18 $130 calls on the ask for $1.57M. Strike pinned at the prior all-time high, a clean directional bet on a full retrace and breakout into the SpaceX IPO window.
Redwire
IV Percentile 97%, Options are very expensive. P/C of 0.24 is one of the most lopsided call-skews in the basket; pure retail call-buying frenzy.
Spot $18.57 is right under the Call Wall $20 — that's the magnet that capped the rally and now caps any bounce. The Put Wall $16 is the floor. Wide gamma flip at $7.57 means there's no real positive-gamma support nearby; volatility stays elevated.
On Jun 5, a buyer bought 1,500 contracts of the Jul 17 $18 calls on the ask for $555K via a cross. Short-dated tactical long — betting RDW reclaims the $20 Call Wall before July expiry.
Intuitive Machines
Spot $29.74 sits exactly on the Put Wall $30, a key inflection. Below the gamma flip at $21, dealer flows would amplify the selloff. Above, the next magnet is Call Wall $40. Range: $30 must hold or it's a fast trip to the low-$20s.
On Jun 5, a whale bought 4,610 contracts of the Sep 18 $42 calls on the ask for $2.31M as a new opening position. Strike sits right on the Call Wall, a bullish bet to the prior high, with 101 days of runway to catch a SpaceX sympathy bid.
Planet Labs
Spot $32.74 is just under both walls — Put Wall $35 and Call Wall $37 are stacked tight overhead. The gamma flip at $29.34 is the line in the sand. As long as PL holds $29, dealers stay long gamma and the path of least resistance is the chop back toward $35.
On Jun 8, a whale sold 1,160 contracts of the Aug 21 $45 puts on the bid for $1.72M. Effectively a synthetic long and collecting premium on the bet that PL grinds back toward $45 by August.
Virgin Galactic
The most volatile name on the board. HV at 255% means SPCE has been moving like a meme coin. The spike to $8.90 and crash back to $4 happened in days.
Spot $4.12 right between Put Wall $3.50 and Call Wall $5. Tight, low-priced strikes, typical penny-stock cluster. Gamma flip at $2.13 means everything above $2 is positive-gamma territory but the walls are weak.
On Jun 5, a buyer swept 6,320 contracts of the Jul 17 $17 calls on the ask for $189.69K. Strike at 4x spot for pennies apiece, a pure lottery-ticket bet on a SpaceX-IPO-induced moonshot.
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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