SpaceX shares passed a key test Thursday. Now sophisticated traders are betting the bottom may be in

SpaceX employees celebrate the market close of the SpaceX initial public offering (IPO) at the Nasdaq Marketsite on June 12, 2026, in New York City.Spencer Platt | Getty ImagesSpaceX believers are trying a new approach in the options market.Up until now, options flows were largely dominated by out-of-the-money call-buying, but the most popular directional trade on Thursday – albeit by a small margin – was selling puts. Of the $600 million in premium traded by midday, $316 million was in puts, with $166 million likely tied to sales of puts, SpotGamma data show. It's a bullish view, but more about the stock stabilizing rather than staging a huge rally.Stock Chart IconStock chart iconSpaceX shares in the past five trading daysFor the most part, volumes were split between puts and calls Thursday, but two of the biggest dollar-amount trades of the day were bullish combination trades that involved multimillion-dollar put sales alongside long call purchases – a structure known as a risk reversal that offers two points of bullish exposure: short a put and long a call.Shortly after the opening bell, someone collected a net $7.7 million million selling $12 million of the 90-strike puts expir...