SPIR Bull Call Spread Strategy
SPIR (Spire Global, Inc.), in the Industrials sector, (Specialty Business Services industry), listed on NYSE.
Spire Global, Inc. develops a hardware and intelligent analytics platform that tracks the oceans, skies, and weather. It serves maritime, weather, aviation, space services, earth intelligence, and federal industries. Spire Global, Inc. has a strategic partnership with TAC Index Limited. Spire Global, Inc. was formerly known as Nanosatisfi, Inc. and changed its name to Spire Global, Inc. in July 2014. The company was incorporated in 2012 and is based in San Francisco, California with additional offices in Boulder, Colorado; Washington, D.C.; Glasgow, United Kingdom; Luxembourg; and Singapore.
SPIR (Spire Global, Inc.) trades in the Industrials sector, specifically Specialty Business Services, with a market capitalization of approximately $615.9M, a beta of 2.43 versus the broader market, a 52-week range of 6.6-23.59, average daily share volume of 1.5M, a public-listing history dating back to 2020, approximately 434 full-time employees. These structural characteristics shape how SPIR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.43 indicates SPIR has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a bull call spread on SPIR?
A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.
Current SPIR snapshot
As of May 15, 2026, spot at $20.06, ATM IV 104.10%, IV rank 31.30%, expected move 29.84%. The bull call spread on SPIR below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this bull call spread structure on SPIR specifically: SPIR IV at 104.10% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 29.84% (roughly $5.99 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SPIR expiries trade a higher absolute premium for lower per-day decay. Position sizing on SPIR should anchor to the underlying notional of $20.06 per share and to the trader's directional view on SPIR stock.
SPIR bull call spread setup
The SPIR bull call spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SPIR near $20.06, the first option leg uses a $20.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SPIR chain at a 34-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 SPIR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $20.00 | $2.53 |
| Sell 1 | Call | $21.00 | $1.95 |
SPIR bull call spread risk and reward
- Net Premium / Debit
- -$57.50
- Max Profit (per contract)
- $42.50
- Max Loss (per contract)
- -$57.50
- Breakeven(s)
- $20.58
- Risk / Reward Ratio
- 0.739
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit.
SPIR bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on SPIR. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$57.50 |
| $4.44 | -77.8% | -$57.50 |
| $8.88 | -55.7% | -$57.50 |
| $13.31 | -33.6% | -$57.50 |
| $17.75 | -11.5% | -$57.50 |
| $22.18 | +10.6% | +$42.50 |
| $26.62 | +32.7% | +$42.50 |
| $31.05 | +54.8% | +$42.50 |
| $35.48 | +76.9% | +$42.50 |
| $39.92 | +99.0% | +$42.50 |
When traders use bull call spread on SPIR
Bull call spreads on SPIR reduce the cost of a bullish SPIR stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
SPIR thesis for this bull call spread
The market-implied 1-standard-deviation range for SPIR extends from approximately $14.07 on the downside to $26.05 on the upside. A SPIR bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on SPIR, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current SPIR IV rank near 31.30% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on SPIR should anchor more to the directional view and the expected-move geometry. As a Industrials name, SPIR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SPIR-specific events.
SPIR bull call spread positions are structurally moderately bullish; 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. SPIR positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SPIR alongside the broader basket even when SPIR-specific fundamentals are unchanged. Long-premium structures like a bull call spread on SPIR 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 SPIR chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on SPIR?
- A bull call spread on SPIR is the bull call spread strategy applied to SPIR (stock). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With SPIR stock trading near $20.06, the strikes shown on this page are snapped to the nearest listed SPIR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SPIR bull call 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-call strike plus net debit. For the SPIR bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 104.10%), the computed maximum profit is $42.50 per contract and the computed maximum loss is -$57.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SPIR bull call spread?
- The breakeven for the SPIR bull call spread priced on this page is roughly $20.58 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current SPIR market-implied 1-standard-deviation expected move is approximately 29.84%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bull call spread on SPIR?
- Bull call spreads on SPIR reduce the cost of a bullish SPIR stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
- How does current SPIR implied volatility affect this bull call spread?
- SPIR ATM IV is at 104.10% with IV rank near 31.30%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.