Palantir Sees $10 Million in Unusual Call Activity as Stock Holds Near Mid-Range

By TrendSpider Editor

Palantir Technologies Inc. is drawing attention in the options market Tuesday, with four unusual call contracts totaling more than $10.1 million in premium flooding in as shares trade at $175.14, up 1.06% on the session. All four flagged contracts are calls, with zero puts in the mix, painting a dec

Palantir Sees $10 Million in Unusual Call Activity as Stock Holds Near Mid-Range

Palantir Technologies Inc. is drawing attention in the options market Tuesday, with four unusual call contracts totaling more than $10.1 million in premium flooding in as shares trade at $175.14, up 1.06% on the session. All four flagged contracts are calls, with zero puts in the mix, painting a decidedly one-sided bullish picture. The stock currently sits in the lower half of its 52-week range of $106.375 to $207.52, leaving meaningful room to the upside if momentum builds.

Key Drivers of the PLTR Stock Move

• Main Catalyst: Four unusual call contracts were flagged today across multiple strikes and expirations, generating $10,171,391.80 in total premium. The largest two contracts, a $85 strike expiring September 18, 2026, and a $82.50 strike expiring December 18, 2026, each printed 547 contracts and were both deep in the money, contributing $4,926,938.40 and $5,146,285.40 in premium respectively.
• Bull Case: Every single flagged contract is a call, and three of the four are in the money, suggesting conviction rather than speculative lottery-ticket positioning. The $82.50 December call posted an open interest percentage of 1,243%, signaling that today's volume dwarfs existing open interest by more than twelve times. That kind of surge in a deep ITM strike often reflects institutional accumulation or a directional roll with a longer time horizon.
• Bear Case: At $175.14, PLTR remains more than 15% below its 52-week high of $207.52, and the near-term $185 strike expiring September 18, 2026, printed only $60,593 in premium on 767 contracts with just 5% OI, suggesting limited urgency around a near-term breakout above current levels. The deep ITM nature of the dominant contracts could also reflect covered call unwinds or hedging rather than purely directional bullish bets.

The broader setup for Palantir remains closely tied to continued momentum in artificial intelligence infrastructure spending and government contract awards, themes that have driven the stock from its 52-week low of $106.375 to its current level. With the September 18 expiration just three days away, the large ITM call positions in that expiry will be resolved almost immediately, making the December $82.50 strike the more strategically meaningful position to watch as a gauge of longer-term sentiment. If PLTR can reclaim ground toward its 52-week high of $207.52, the deep ITM calls already in profit stand to benefit significantly from any acceleration in price.

PLTR Unusual Options Activity

• Contract 1: Call | Strike: $65 | Expiry: January 19, 2029 | Volume: 3 | Open Interest: 1,000% above prior OI
• Contract 2: Call | Strike: $85 | Expiry: September 18, 2026 | Volume: 547 | Open Interest: 5% of prior OI
• Contract 3: Call | Strike: $82.50 | Expiry: December 18, 2026 | Volume: 547 | Open Interest: 1,243% above prior OI
• Contract 4: Call | Strike: $185 | Expiry: September 18, 2026 | Volume: 767 | Open Interest: 5% of prior OI

All four contracts are calls. Three are in the money. The December $82.50 call stands out with an OI percentage of 1,243%, the highest of the group, indicating an outsized surge in activity relative to existing positioning at that strike.

PLTR Seasonality

Mid-September has historically been a volatile period for technology and growth names as traders reposition ahead of quarter-end. Options activity of this scale, with expirations clustering around September 18 and December 18, may reflect an effort to establish or extend exposure through the end of the third and fourth quarters of 2026.

PLTR Relative Performance

Palantir's 1.06% gain on Tuesday places it in positive territory on a session where broader market sentiment will determine relative strength. The stock remains roughly 15.6% off its 52-week high of $207.52 but has more than recovered from its 52-week low of $106.375, representing a gain of more than 64% from that trough to today's price of $175.14. That outperformance from the lows underscores the sustained institutional interest that the today's unusual options flow appears to reinforce.