SpaceX (ticker SPCX) has staged a strong recovery from its August low, and is now challenging the key $150 level, which was its opening price on the first day of trading. Since hitting a low of around $105 on August 3, the stock has rebounded more than 40%, and is currently trading near $148. The $150 opening price has once again become a critical battleground.
The $150 mark is the stock's opening price from its first day of trading on June 12, 2026, and the share price is rapidly approaching this level. A decisive break above $150 could open the door to the next significant upward leg. During its initial post-listing surge, SpaceX touched the $170 area; in July, the $172–$180 range once again formed a strong resistance zone. For those looking to trade this rally while capping potential losses, a bull call spread strategy is suitable: buy one call option and simultaneously sell another call option with a higher strike price. This approach reduces the initial cost, but the trade-off is foregoing all potential gains above the higher strike price.
The first step in the strategy is to buy a call option with a strike price of $150, expiring on October 16. However, simply buying this option outright is expensive. This is the first leg of the SpaceX bull call spread. The premium for this call is approximately $17.25 per share, meaning one contract (representing 100 shares) would cost $1,725. This implies that at expiration, the stock price must rise above $167.25 for the option to break even. Part of the option's price is derived from implied volatility, which reflects the market's expectation of future price swings. Currently, SpaceX option implied volatility is around 72%, indicating a high premium level.
The second step is to sell a call option with a strike price of $170, also expiring on October 16, for a premium of roughly $10.25. This reduces the net cost of the combined position to $7.00 per share, or a total of $700 for the entire spread. The trade-off is clear: all gains generated above the $170 stock price will be forfeited.
The bull call spread consists of: Buying 1 October 16 call option with a $150 strike price, and Selling 1 October 16 call option with a $170 strike price. The net cost of the spread is $7.00 per share. Data sourced from Yahoo Finance, AlphaSpace.
There is a seemingly cheaper alternative, but it is not recommended here. A similar spread expiring on August 21 would cost about $399 total, with a risk-reward ratio of roughly $4 maximum profit for every $1 of risk. The critical flaw is the extremely short time to expiry: with only 9 days remaining, SpaceX would need to rally sharply and immediately. The October contract is more expensive but provides roughly two more months of time for the stock to break through the $150 level.
Trade Profit and Loss Rules:
If, at expiration on October 16, SpaceX stock is at or below $150, the entire $700 investment is lost. Once the stock price rises above the break-even point of $157, profits will increase as the stock climbs. If the stock reaches $170, the maximum profit of $1,300 is achieved. The $170 upside cap is a deliberate choice. Based on the historical price chart, once the $150 level is reclaimed, $170 is the lower bound of the first resistance zone the stock needs to conquer. The primary objective is to first secure the $150 level; once it holds, SpaceX can then target the $170 level.
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