Palantir Options Traders Bet Big on Downside With $1.4M Put Block Expiring December 2028

By TrendSpider Editor

Palantir Technologies saw unusual options activity Monday as a single deep out-of-the-money put contract drew over $1.4 million in premium, raising eyebrows even as the stock climbed 2.81% to $182.64 on the session. The $105 strike put expiring December 2028 represents a long-dated bearish wager sit

Palantir Options Traders Bet Big on Downside With $1.4M Put Block Expiring December 2028

Palantir Technologies saw unusual options activity Monday as a single deep out-of-the-money put contract drew over $1.4 million in premium, raising eyebrows even as the stock climbed 2.81% to $182.64 on the session. The $105 strike put expiring December 2028 represents a long-dated bearish wager sitting well below PLTR's current trading range, though bulls can point to the stock holding comfortably above its 52-week low of $106.375. With a 52-week high of $207.52, PLTR remains within striking distance of record territory, making the options divergence a notable signal to watch.

Key Drivers of the PLTR Stock Move

• Main Catalyst: Three unusual options contracts were flagged today, totaling $1,485,202 in premium. The dominant trade was a block of 900 put contracts at the $105 strike expiring December 15, 2028, generating $1,404,000 in premium with open interest utilization at just 15%, suggesting this is a new or lightly trafficked position. Two additional contracts rounded out the activity: a call at the $182.50 strike expiring October 16, 2026, and a put at the $195 strike expiring October 2, 2026.
• Bull Case: The near-term call activity at the $182.50 strike expiring October 16 reflects directional confidence close to the current price of $182.64, and the stock's 2.81% gain today signals underlying momentum. The $182.50 call saw volume of 60 contracts against an open interest surge of 1,000%, indicating aggressive new positioning by bulls in the short term.
• Bear Case: The $1,404,000 put block at the $105 strike is a significant long-dated bearish bet, implying a potential decline of roughly 42% from current levels over a two-year horizon. Additionally, the in-the-money $195 put expiring October 2, with a 200% OI ratio and $29,602 in premium, adds near-term downside pressure to the picture, as the stock currently trades below that strike.

The forward setup for PLTR is mixed heading into the fall. The stock is pressing the upper half of its 52-week range but has yet to reclaim its 52-week high of $207.52. The two near-term contracts, both expiring in early to mid-October, suggest active traders are positioning for a directional move in the next few weeks. The long-dated December 2028 put is the more unusual of the three, pointing to a trader or institution either hedging a large existing long position or making an outright directional bet on a significant drawdown over the next two-plus years. Until PLTR can clear $207.52 and set a new 52-week high, the bears have a credible narrative supported by that heavyweight options position.

PLTR Unusual Options Activity

• Contract 1: Call | Strike: $182.50 | Expiry: October 16, 2026 | Volume: 60 | Open Interest: 1,000% above normal | Status: Out of the money | Premium: $51,600
• Contract 2: Put | Strike: $195.00 | Expiry: October 2, 2026 | Volume: 20 | Open Interest: 200% above normal | Status: In the money | Premium: $29,602
• Contract 3: Put | Strike: $105.00 | Expiry: December 15, 2028 | Volume: 900 | Open Interest: 15% utilization | Status: Out of the money | Premium: $1,404,000

Total unusual options premium across all three contracts: $1,485,202. The overwhelming weight of premium, nearly 95% of the total, sits in the long-dated bearish put, making the net directional lean of this options flow decidedly bearish despite the intraday price gain.

PLTR Seasonality

Late September and early October have historically been a period of elevated volatility for growth and technology names, which may explain the cluster of near-term contracts expiring in the first two weeks of October. The long December 2028 put suggests at least one trader is thinking well beyond seasonal noise and positioning for a structural revaluation.

PLTR Relative Performance

PLTR's 2.81% gain on Monday outpaced many of its large-cap technology peers on the session, and at $182.64 the stock is trading in the upper half of its 52-week range of $106.375 to $207.52. The stock remains approximately 12% below its 52-week high, meaning it has recovered substantial ground from its lows but has not yet set new highs, a key threshold that would either confirm bullish momentum or act as a ceiling for the near term.