How are SPCX bear put spread max profit and max loss calculated?

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the SPCX bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 63.13%), the computed maximum profit is $362.50 per contract and the computed maximum loss is -$337.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SPCX bear put spread?

The breakeven for the SPCX bear put spread priced on this page is roughly $136.63 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The SPCX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 18.10%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SPCX implied volatility affect this bear put spread?

Current SPCX ATM IV is 63.13%; IV rank context is unavailable in the current snapshot.

SPCX Bear Put Spread Strategy

SPCX (Space Exploration Technologies Corp.), in the Industrials sector, (Aerospace & Defense industry), listed on NASDAQ.

Space Exploration Technologies Corp. designs, manufactures, and launches rockets and spacecraft, and provides satellite-based broadband services in the United States, Ireland, and Canada. The company offers launch services for satellites, cargo, and crew to destinations such as low Earth orbit, the International Space Station, the Moon, and Mars, using vehicles, including Falcon 9, Falcon Heavy, and Starship. It provides dedicated rideshare missions for small satellites, manufactures reusable rockets and spacecraft, such as Dragon and Starship, and conducts suborbital and orbital flight tests. The company supplies broadband internet connectivity through the Starlink satellite network for consumer and commercial use, and offers Starshield, a satellite-based solution for government users focused on sensing, communications, and satellite bus services. It supports scientific research opportunities and provides on-orbit research and travel services for private and government customers, and collaborates with government agencies for national security space launch missions. The company serves government agencies, national security organizations, commercial satellite operators, research institutions, and private spaceflight clients, supporting scientific research and commercial payload missions for professional and industrial clients in the aerospace and telecommunications sectors.

SPCX (Space Exploration Technologies Corp.) trades in the Industrials sector, specifically Aerospace & Defense, with a market capitalization of approximately $1.91T, a beta of 0.00 versus the broader market, a 52-week range of 104.83-225.64, average daily share volume of 124.1M, a public-listing history dating back to 2026, approximately 22K full-time employees. These structural characteristics shape how SPCX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates SPCX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a bear put spread on SPCX?

A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.

SPCX snapshot

As of August 14, 2026, spot at $139.60, ATM IV 63.13%, expected move 18.10%. The bear put spread on SPCX below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 28-day expiry.

Why this bear put spread structure on SPCX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SPCX is inferred from ATM IV at 63.13% alone, with a market-implied 1-standard-deviation move of approximately 18.10% (roughly $25.27 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SPCX expiries trade a higher absolute premium for lower per-day decay. Position sizing on SPCX should anchor to the underlying notional of $139.60 per share and to the trader's directional view on SPCX stock.

SPCX bear put spread setup

The SPCX bear put spread below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SPCX at $139.60 on that close, the first option leg uses a $140.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SPCX chain at a 28-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 SPCX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$140.00	$9.75
Sell 1	Put	$133.00	$6.38

SPCX bear put spread risk and reward

Net Premium / Debit: -$337.50
Max Profit (per contract): $362.50
Max Loss (per contract): -$337.50
Breakeven(s): $136.63
Risk / Reward Ratio: 1.074

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.

SPCX bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on SPCX. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	+$362.50
$30.88	-77.9%	+$362.50
$61.74	-55.8%	+$362.50
$92.61	-33.7%	+$362.50
$123.47	-11.6%	+$362.50
$154.34	+10.6%	-$337.50
$185.20	+32.7%	-$337.50
$216.07	+54.8%	-$337.50
$246.93	+76.9%	-$337.50
$277.80	+99.0%	-$337.50

When traders use bear put spread on SPCX

Bear put spreads on SPCX reduce the cost of a bearish SPCX stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.

SPCX thesis for this bear put spread

The market-implied 1-standard-deviation range for SPCX extends from approximately $114.33 on the downside to $164.87 on the upside. A SPCX bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on SPCX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Industrials name, SPCX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SPCX-specific events.

SPCX bear put spread positions are structurally moderately bearish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. SPCX positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SPCX alongside the broader basket even when SPCX-specific fundamentals are unchanged. Long-premium structures like a bear put spread on SPCX are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current SPCX chain quotes before placing a trade.

Frequently asked questions

What is a bear put spread on SPCX?: A bear put spread on SPCX is the bear put spread strategy applied to SPCX (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With SPCX stock at $139.60 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed SPCX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SPCX bear put spread max profit and max loss calculated?: Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the SPCX bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 63.13%), the computed maximum profit is $362.50 per contract and the computed maximum loss is -$337.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SPCX bear put spread?: The breakeven for the SPCX bear put spread priced on this page is roughly $136.63 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The SPCX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 18.10%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a bear put spread on SPCX?: Bear put spreads on SPCX reduce the cost of a bearish SPCX stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
How does current SPCX implied volatility affect this bear put spread?: Current SPCX ATM IV is 63.13%; IV rank context is unavailable in the current snapshot.