Today’s option flow data showed significant bullish positioning in Palantir Technologies (PLTR) through $200 strike call options expiring January 16, 2026. With approximately 7 months until expiration, these LEAPS represent a substantial out-of-the-money bet, as the current stock price sits around $135-137. A 46-48% upward move from current levels would be required just to reach the strike price.
The volume-to-open interest ratio of approximately 21.7% (1,402 volume against 6,463 open interest) indicates moderate trading activity relative to existing positions. The total premium investment of $2.2M across 2,046 contracts at $10.50-$11.00 per contract demonstrates significant capital allocation toward this bullish thesis. The “Split” designation and substantial size suggest this could be institutional or sophisticated investor activity positioning for Palantir’s potential growth trajectory over the next seven months. Investors are likely anticipating major business developments, earnings growth, or broader market conditions that could drive the stock substantially higher.
Volume and Open Interest Data
The weekly trading data for this contract provides a detailed snapshot of recent activity. It focuses on the PLTR $200 strike call options expiring January 16, 2026 (LEAPS). The most striking activity occurred on June 11, 2025, with a massive volume spike to 8,958 contracts. This is unusually high compared to previous days with volumes of 1,735 (June 10th) and 598 (June 9th). This surge in volume came with a significant increase in open interest. OI rose by +1,507 contracts to a total of 6,463, indicating substantial new positioning rather than just closing or rolling existing trades.
The price of the contract also increased, closing at $11.00 on June 11th from $9.80 the day before, showing rising demand and possibly bullish sentiment. The implied volatility (IV) edged up slightly to 64.47%, consistent with large option buying pressure. The volume far exceeded the change in OI, which suggests a mix of opening and closing trades — though the net OI gain indicates fresh bullish positions were added.
Trade Side Distribution
The trade side distribution chart for PLTR $200 call options expiring January 16, 2026 shows a dominant buyer-driven sentiment that is difficult to ignore. An overwhelming 86% of the total premium—approximately $4.1 million—was executed at the ask. This is a strong signal that buyers were eager to enter these positions and willing to pay up to do so. This level of activity at the ask typically reflects institutional accumulation or high-conviction speculative interest, especially in long-dated, deep out-of-the-money LEAPS contracts like this one.
In contrast, only 10% of trades ($461K) were executed at the bid. This implies a lack of strong selling pressure or urgency to offload contracts at discounted levels. A further 4% ($183.2K) were filled at the midpoint, showing some measured transactions but not enough to shift the overwhelmingly bullish skew. Importantly, no trades were executed above the ask or below the bid. This further reinforces the idea that demand was concentrated near the highest available offer, with buyers displaying minimal price sensitivity.
What’s Happening with Palantir
Palantir Technologies has seen strong momentum recently, driven by major government contracts and surging commercial growth. The company signed a $30 million deal with ICE to develop “ImmigrationOS,” a system for immigration enforcement. It also expanded its global defense presence through a NATO deal for its AI-powered Maven Smart System.
Palantir’s Q1 2025 earnings showed a 39% year-over-year revenue increase, with U.S. commercial revenue up 71%, fueling a sharp rally that pushed the stock to an all-time high of $139.20. However, its deepening role in surveillance has sparked criticism, raising concerns about data privacy and civil liberties.
About Palantir
Palantir Technologies is a data analytics and software company that specializes in building platforms for integrating, managing, and analyzing large and complex datasets. Founded in 2003, the company provides powerful tools—such as Palantir Gotham, Foundry, and its Artificial Intelligence Platform (AIP)—used by government agencies, military organizations, and commercial enterprises.
Palantir’s software helps users make data-driven decisions by enabling real-time intelligence, predictive modeling, and operational insights. The company is particularly known for its work with the U.S. government in areas like defense, intelligence, and law enforcement. It is also well known for its expanding role in industries like healthcare, energy, and finance.
Analyst Ratings
| Analyst Firm | Rating | Updated On |
|---|---|---|
| CFRA | ★★★★☆ (Buy) | 06/08/2025 |
| Market Edge | Long | 05/08/2025 |
| Argus | Hold | 05/08/2025 |
| Morningstar | ★★☆☆☆ (Sell) | 06/10/2025 |
| LSEG | Hold | 06/10/2025 |
| Schwab Equity Ratings | C | 06/11/2025 |
The analyst sentiment for Palantir Technologies is mixed, with a divided outlook across institutions. CFRA is the most bullish, issuing a 4-star “Buy” equivalent rating. Market Edge follows suit with a “Long” recommendation, indicating positive technical or trend-based momentum. However, several fundamental analysts maintain a more cautious view: Argus and LSEG both rate Palantir as “Hold”, while Morningstar gives a bearish 2-star rating, implying that the stock is overvalued relative to its long-term fundamentals. Schwab Equity Ratings gives Palantir a “C”, reflecting average expectations.
This range of perspectives highlights investor uncertainty about valuation and future growth, despite Palantir’s recent stock strength and contract wins.
Want to see more of these trades? Try out Cheddar Flow free for 7 days. Learn More
Disclaimer: Options trading involves significant risk and is not suitable for all investors. You may lose the entire investment, and certain strategies may result in losses exceeding the initial amount invested. Past performance does not guarantee future results. This content is for informational purposes only and should not be considered investment advice. Always consult a financial or tax advisor before making investment decisions.
