CoreWeave closed at USD 85.93, up 1.01%.

Large options flow in CoreWeave showed a distinctly bullish tone: a $2.08 million call purchase at the $200 strike expiring in 2028 and a $2.28 million put sale at the $70 strike expiring in 2026. The call buyer is paying for substantial long-dated upside, while the put seller is expressing confidence that the stock holds above $70 through late 2026.

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Options Indicators

CoreWeave’s implied volatility is 79.02%, while its IV percentile stands at 9.96%, which indicates that despite the high absolute IV level, current option pricing is still cheap relative to its own recent history and volatility conditions are on the low side rather than elevated. With an IV/HV ratio of 1.09, implied volatility is only modestly above realized volatility, suggesting option premiums are not especially stretched and are being priced fairly close to the stock’s actual movement profile.

The Call/Put volume ratio is 1.19.

Large Trades

A CALL purchase worth $2.08 million was the largest upside expression among the displayed trades, with 2,000 contracts bought at the $200.00 strike expiring on 2028-01-21. With CRWV referenced at $85.93, this is a clearly out-of-the-money long call, making it a high-conviction bullish position that seeks substantial upside over a long time horizon while limiting risk to the premium paid. The far-dated tenor and elevated strike suggest the buyer is positioning for a major appreciation scenario rather than a modest near-term move.

A PUT sale worth $2.28 million was the other featured large trade, consisting of 5,000 contracts sold at the $70.00 strike expiring on 2026-12-18. With the stock above that strike at $85.93, the put is out of the money, so this trade expresses a moderately bullish stance: the seller is effectively betting CRWV will stay above $70.00 through expiration, aiming to collect premium and potentially accept shares at a lower effective entry if assigned. This is typically a yield-enhancing bullish strategy that reflects confidence in downside support rather than an aggressive upside chase.

Overall, the bulk-order flow points to a bullish institutional tone in CRWV. The strongest displayed trades combine a long-dated upside call purchase with a sizable out-of-the-money put sale, showing both willingness to pay for major upside participation and confidence that the stock can hold above lower support levels. Broader large-trade activity also leans positive, so the conclusion is that professional flow is net bullish, with sentiment favoring upside continuation while using option structures that balance directional conviction with premium collection.

Strategy Reference

For a lower capital alternative, a bull call spread such as buying the January 2028 $100 call and selling the January 2028 $150 call would express a similar upside view with reduced premium outlay and limited margin requirement.