How are SPIR collar max profit and max loss calculated?

Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the SPIR collar priced from the end-of-day chain at a 30-day expiry (ATM IV 103.20%), the computed maximum profit is $183.00 per contract and the computed maximum loss is -$17.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SPIR collar?

The breakeven for the SPIR collar priced on this page is roughly $17.17 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 29.59%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SPIR implied volatility affect this collar?

SPIR ATM IV is at 103.20% with IV rank near 36.28%, 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.

SPIR Collar Strategy

SPIR (Spire Global, Inc.), in the Industrials sector, (Specialty Business Services industry), listed on NYSE.

Spire Global, Inc. specializes in creating advanced hardware and a sophisticated analytics platform designed to observe oceanic activities, atmospheric conditions, and weather phenomena worldwide. This enterprise provides its solutions to a diverse range of sectors, including the maritime industry, meteorological services, aviation, space operations, earth intelligence, and various government entities. A significant strategic alliance exists between Spire Global and TAC Index Limited. Founded in 2012, the company initially operated under the name Nanosatisfi, Inc., before officially adopting its current corporate identity, Spire Global, Inc., in July 2014. While its primary headquarters are situated in San Francisco, California, Spire Global also maintains additional facilities 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 $530.0M, a trailing P/E of 11.16, a beta of 2.49 versus the broader market, a 52-week range of 6.6-25.93, average daily share volume of 1.9M, 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 2.49 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. The trailing P/E of 11.16 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.

What is a collar on SPIR?

A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.

Current SPIR snapshot

As of June 29, 2026, spot at $17.62, ATM IV 103.20%, IV rank 36.28%, expected move 29.59%. The collar 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 17-day expiry.

Why this collar structure on SPIR specifically: IV regime affects collar pricing on both sides; mid-range SPIR IV at 103.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 29.59% (roughly $5.21 on the underlying). The 17-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 $17.62 per share and to the trader's directional view on SPIR stock.

SPIR collar setup

The SPIR collar 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 $17.62, the first option leg uses a $19.00 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 17-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 100 shares	Stock	$17.62	long
Sell 1	Call	$19.00	$1.35
Buy 1	Put	$17.00	$0.90

SPIR collar risk and reward

Net Premium / Debit: -$1,717.00
Max Profit (per contract): $183.00
Max Loss (per contract): -$17.00
Breakeven(s): $17.17
Risk / Reward Ratio: 10.765

Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.

SPIR collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar 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.

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	-99.9%	-$17.00
$3.90	-77.8%	-$17.00
$7.80	-55.7%	-$17.00
$11.69	-33.6%	-$17.00
$15.59	-11.5%	-$17.00
$19.48	+10.6%	+$183.00
$23.38	+32.7%	+$183.00
$27.27	+54.8%	+$183.00
$31.17	+76.9%	+$183.00
$35.06	+99.0%	+$183.00

When traders use collar on SPIR

Collars on SPIR hedge an existing long SPIR stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.

SPIR thesis for this collar

The market-implied 1-standard-deviation range for SPIR extends from approximately $12.41 on the downside to $22.83 on the upside. A SPIR collar hedges an existing long SPIR position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current SPIR IV rank near 36.28% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar 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 collar positions are structurally neutral (protective); 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. Always rebuild the position from current SPIR chain quotes before placing a trade.

Frequently asked questions

What is a collar on SPIR?: A collar on SPIR is the collar strategy applied to SPIR (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With SPIR stock trading near $17.62, 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 collar max profit and max loss calculated?: Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the SPIR collar priced from the end-of-day chain at a 30-day expiry (ATM IV 103.20%), the computed maximum profit is $183.00 per contract and the computed maximum loss is -$17.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SPIR collar?: The breakeven for the SPIR collar priced on this page is roughly $17.17 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 29.59%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on SPIR?: Collars on SPIR hedge an existing long SPIR stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
How does current SPIR implied volatility affect this collar?: SPIR ATM IV is at 103.20% with IV rank near 36.28%, 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.