SPCX wheel: cash-secured put & covered-call yields
Space Exploration Technologies Corp. Class A Common Stock · Technology · $145.47 close on Sep 28, 2026
What the Sep 28, 2026 close says about SPCX
At 46.1% implied volatility, the options market is pricing a one-standard-deviation move of about $19.85 (13.6%) in SPCX by Oct 30, 2026, 32 days out.
Selling the $137 put (−0.29Δ) for $4.00 means assignment would leave a cost basis of $133.00, 8.6% below the $145.47 close.
The 81-day 0.30Δ put pays 2.0× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.125 vs $0.099).
At 0.30Δ on the Oct 30 expiry the put yields 2.92% on its strike and the call 2.70% on spot: puts and calls pay within 10% of each other on SPCX this session.
Moving down to the $130 put (−0.18Δ) buys 4.8% more room below spot and keeps 54% of the 0.30Δ premium.
Open interest in the stored window totals 280,095 contracts; the largest single line is the $110 put expiring Dec 18 with 23,132 (8.3% of the window).
By options volume SPCX ranks #10 of 441 names in our universe.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on SPCX
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $137 | −0.29 | $4.00 Sep 28 | $400.00 | $13,700 | 2.92% | 33.3% | $133.00 | 705 | 38 |
| 0.20Δ | $130 | −0.18 | $2.15 Sep 28 | $215.00 | $13,000 | 1.65% | 18.9% | $127.85 | 2,661 | 749 |
Snapshot #242 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $135 | −0.32 | $8.00 Sep 28 | $800.00 | $13,500 | 5.93% | 26.7% | $127.00 | 18,316 | 1,422 |
| 0.20Δ | $125 | −0.21 | $4.78 Sep 28 | $478.00 | $12,500 | 3.82% | 17.2% | $120.22 | 15,261 | 114 |
Snapshot #242 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on SPCX
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $157.50 | 0.31 | $3.93 Sep 28 | $393.00 | 2.70% | 30.8% | 10.97% | 125.1% | 342 | 142 |
| 0.20Δ | $165 | 0.20 | $2.17 Sep 28 | $217.00 | 1.49% | 17.0% | 14.92% | 170.1% | 1,080 | 707 |
Snapshot #242 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $170 | 0.30 | $5.85 Sep 28 | $585.00 | 4.02% | 18.1% | 20.88% | 94.1% | 7,518 | 889 |
| 0.20Δ | $185 | 0.19 | $3.45 Sep 28 | $345.00 | 2.37% | 10.7% | 29.55% | 133.1% | 2,942 | 200 |
Snapshot #242 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
SPCX volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 46.1%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 280,095 contractssession 2026-09-28
- Largest open-interest line
- $110 put · Dec 18 · 23,132
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #10 of 441 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- We are building our own daily implied-volatility history (1 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.