SPIR Long Put 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 long put on SPIR?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
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 long put 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 long put 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 long put setup
The SPIR long put 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 | Put | $20.00 | $2.60 |
SPIR long put risk and reward
- Net Premium / Debit
- -$260.00
- Max Profit (per contract)
- $1,739.00
- Max Loss (per contract)
- -$260.00
- Breakeven(s)
- $17.40
- Risk / Reward Ratio
- 6.688
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
SPIR long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put 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% | +$1,739.00 |
| $4.44 | -77.8% | +$1,295.57 |
| $8.88 | -55.7% | +$852.15 |
| $13.31 | -33.6% | +$408.72 |
| $17.75 | -11.5% | -$34.71 |
| $22.18 | +10.6% | -$260.00 |
| $26.62 | +32.7% | -$260.00 |
| $31.05 | +54.8% | -$260.00 |
| $35.48 | +76.9% | -$260.00 |
| $39.92 | +99.0% | -$260.00 |
When traders use long put on SPIR
Long puts on SPIR hedge an existing long SPIR stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying SPIR exposure being hedged.
SPIR thesis for this long put
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 long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long SPIR position with one put per 100 shares held. Current SPIR IV rank near 31.30% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put 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 long put positions are structurally 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. 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 long put 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 long put on SPIR?
- A long put on SPIR is the long put strategy applied to SPIR (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. 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 long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the SPIR long put priced from the end-of-day chain at a 30-day expiry (ATM IV 104.10%), the computed maximum profit is $1,739.00 per contract and the computed maximum loss is -$260.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SPIR long put?
- The breakeven for the SPIR long put priced on this page is roughly $17.40 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 long put on SPIR?
- Long puts on SPIR hedge an existing long SPIR stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying SPIR exposure being hedged.
- How does current SPIR implied volatility affect this long put?
- 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.