SPCX wheel: cash-secured put & covered-call yields
Space Exploration Technologies Corp. Class A Common Stock · Technology · $139.94 close on Nov 12, 2026
What the Nov 12, 2026 close says about SPCX
At 58.5% implied volatility, the options market is pricing a one-standard-deviation move of about $25.71 (18.4%) in SPCX by Dec 18, 2026, 36 days out.
Selling the $130 put (−0.30Δ) for $5.65 means assignment would leave a cost basis of $124.35, 11.1% below the $139.94 close.
The 64-day 0.30Δ put pays 1.4× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.157 vs $0.120).
At 0.30Δ on the Dec 18 expiry the put yields 4.35% on its strike and the call 3.50% on spot: puts pay 1.2× what calls do on SPCX this session.
Moving down to the $120 put (−0.18Δ) buys 7.1% more room below spot and keeps 53% of the 0.30Δ premium.
Open interest in the stored window totals 598,508 contracts; the largest single line is the $120 put expiring Jan 15 with 35,304 (5.9% of the window).
By options volume SPCX ranks #18 of 679 names in our universe.
Near-the-money options volume (22k) is 683% above its 5-session average.
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 | $130 | −0.30 | $5.65 Nov 12 | $565.00 | $13,000 | 4.35% | 44.1% | $124.35 | 24,783 | 876 |
| 0.20Δ | $120 | −0.18 | $2.98 Nov 12 | $298.00 | $12,000 | 2.48% | 25.2% | $117.02 | 19,500 | 850 |
Snapshot #9510 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $130 | −0.32 | $7.65 Nov 12 | $765.00 | $13,000 | 5.88% | 33.6% | $122.35 | 15,339 | 510 |
| 0.20Δ | $120 | −0.21 | $4.60 Nov 12 | $460.00 | $12,000 | 3.83% | 21.9% | $115.40 | 35,304 | 1,302 |
Snapshot #9510 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on SPCX
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $155 | 0.33 | $4.90 Nov 12 | $490.00 | 3.50% | 35.5% | 14.26% | 144.6% | 19,315 | 1,407 |
| 0.20Δ | $165 | 0.21 | $2.78 Nov 12 | $278.00 | 1.99% | 20.1% | 19.89% | 201.7% | 17,746 | 902 |
Snapshot #9510 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $160 | 0.32 | $5.90 Nov 12 | $590.00 | 4.22% | 24.0% | 18.55% | 105.8% | 13,275 | 1,141 |
| 0.20Δ | $175 | 0.19 | $3.00 Nov 12 | $300.00 | 2.14% | 12.2% | 27.20% | 155.1% | 5,852 | 1,070 |
Snapshot #9510 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
SPCX volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 58.5%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 598,508 contractssession 2026-11-12
- Largest open-interest line
- $120 put · Jan 15 · 35,304
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #18 of 679 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 (34 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.