SPCE - IV resistant idiot spread

I missed the easy entry at 2.XX when that other post popped up claiming a SpaceX tag a long. A couple weeks ago SPCE was hanging around $2 and somebody here was already pointing at the thing. I watched it, did nothing, and now the chart is spicy AF because SpaceX filed to go public. I've bought the version that does not require full MSRP for the ongoing FOMO. My position: **40x SPCE 7/17/2026 4.5C/7C call debit spreads**. For those who need some help, this means buying and selling calls simultaneously for a smaller cost than going full yolo on OTM FDs. Max profit is $8,187 for a risk of $1,813. So pretty good bagger if it continues to rip. Breakeven is about $4.95 per share. Spread Position: [](https://preview.redd.it/spce-iv-resistant-idiot-spread-v0-4q83qgks244h1.jpg?width=1600&format=pjpg&auto=webp&s=7757adab0639d7a3d04dd865230aea3483c6b1a3) https://preview.redd.it/9yrjfjuc444h1.jpg?width=1600&format=pjpg&auto=webp&s=d183294d39ccb629acabc55657cf7adb41f28670 SpaceX filed its S-1 on May 20. The filing says Space Exploration Technologies Corp. applied to list Class A shares under **SPCX**. Reuters, via MarketScreener, reported a possible **June 11 pricing / June 12 debut**. That's coming up pretty quickly and most of y'all gonna be piling into it like I shovels 7-layer choco cake after smoking a fatty. Shit i might too... The reason I am in SPCE is kinda dumb: before SPCX actually trades, retail has one listed space-tourism ticker with a similar-looking symbol, a live options chain, and meme charachteristics. Virgin Galactic also has its own catalyst calendar. The company says Delta flight testing is still targeted for **Q3 2026** and commercial spaceflight is still targeted for **Q4 2026**. Obviously the bear case is real too: Q1 revenue was basically a rounding error, losses are still ugly, and ATM financing is part of the story. I don't think anyone will dispute this is a dogshit company outside of hype. That is why I like the spread instead of naked calls or FDs (but maybe ill pick some of those up too). If you look at the covid chart there is still plenty of runway... [](https://preview.redd.it/spce-iv-resistant-idiot-spread-v0-fp76fpux244h1.jpg?width=680&format=pjpg&auto=webp&s=f21a1b83d9ff146278ff02f9585c39f53aded2e6) https://preview.redd.it/6u1bwbla444h1.jpg?width=978&format=pjpg&auto=webp&s=11e98e19c23bc33b8b60262cf0979ba93b80fa39 **TLDR:** **Selling 7C against buying 4.5C for potential 4x bagger on minimal risk. My bet is retail chasing tickers before reading filings. The IV is high enough that I would rather sell part of the trade than go completely naked. Its a defined risk trade.** https://preview.redd.it/snye6cg4444h1.jpg?width=721&format=pjpg&auto=webp&s=024316d3edefff04609ca2c132997305f797c5b0 **Also, that other dude's shit blew up so ya know...maybe that'll help** [](https://preview.redd.it/spce-iv-resistant-idiot-spread-v0-4q339pxy244h1.jpg?width=721&format=pjpg&auto=webp&s=58367b7db4a0c673f87e0f69582360198fc62909) Sources: SpaceX S-1, Virgin galactic Q1 release, SPCE 10-Q, and some market screener crap.