VRT: Nov 250/320 call spread
Vertiv sits at $253, a third below its $380 high, with Q3 results due Oct 28 and a tracked hyperscaler book that includes the 1,200 MW Oracle/OpenAI campus. IV is only at the 40th percentile of its year, so the chain charges 18.9% for a move through November; the 250/320 spread costs $19.74 on $70 of width and caps what the print can crush.
- Ticker: VRT
- Direction: Bullish
- Risk profile: earnings
- Confidence: medium
- Catalyst: Q3 2026 earnings (2026-10-28)
- Cohort: 2026-09-27
- Expires: 2026-10-04
- Max loss: $19.74
- Max gain: $50.26
Structure
- long call 250 2026-11-20
- short call 320 2026-11-20
Signals
- Hyperscaler projects tracked: Oracle/OpenAI 1,200 MW; Anthropic 340 MW across 2 campuses (DB)
- Distance from 52w high: $253 vs $380 (47% of range) (DB)
- IV percentile (52w): 40th; Nov straddle implies 18.9% (DB)
- Earnings date: Oct 28 BMO (TipRanks; Yahoo still shows Oct 21 estimate) (web_search)
What invalidates this thesis
UPS lead times in our table are marked easing (30 to 60 weeks); a book-to-bill under 1 on the print would say the cooling backlog is being worked down, not rebuilt, and the stock stays under $270.