SPCE Calls Are Trading Above 400% IV Heading Into The SpaceX IPO

After [my post on SPCE ](https://www.reddit.com/r/thetagang/comments/1tvg4yn/spce_what_does_the_options_market_think_after_a/)last week the situation keeps getting more interesting. Current setup: * Stock: $6.12 * DTE: 6 days * ATM IV: 344% * ATM straddle: $2.26 * Market-implied move: ±37% Notice the call skew. My model uses: * 25Δ Put IV: 320% * 25Δ Call IV: 400% But the actual 25Δ call (around the $11 strike) is trading closer to **405% IV**, while the equivalent 25Δ put (roughly between $4 and $4.50) sits near **320% IV**. That's an enormous premium for upside. My model is only made for 400% IV, which should be plenty in normal scenarios, but I guess I will update it this weekend to account for these plays in the future. The stock was up another \~30% today, yet traders are still aggressively bidding for upside exposure ahead of the SpaceX IPO. The probability distribution that is heavily tilted to the upside. Whether the market is right or wrong isn't really the point. People are clearly willing to pay for a squeezer higher. One of the more extreme examples of upside call demand I've seen in a while. Curious if anyone here is trading this one.