Key Highlights

  • GraniteShares 2x Short SpaceX Daily ETF (CBOE:SNK) rose 12.91% to USD 13.64 on October 22, 2026, implying SpaceX fell about 6.5%, after losing 16.11% the day before when SpaceX jumped about 9% on third-quarter Revenue of USD 14.6 billion.
  • Leverage Shares 2X Short SPCX Daily ETF (CBOE:SSPC) rose 12.84% to USD 8.28 and charges 0.75% a year, the lowest of the four, while SpaceX guided fourth-quarter Capital spending to USD 35 billion to USD 40 billion.
  • Defiance Daily Target 2X Short SPCX ETF (CBOE:SPCQ) rose 12.77% to USD 9.89 and charges 1.31% gross, using swaps and options, while Musk said a SpaceX and Tesla combination would be a good idea and no terms are agreed.
  • Tradr 2X Short SpaceX Daily ETF (CBOE:SPCG) rose 12.65% to USD 14.25 and charges 1.49%, while Starlink reached 13.6 million consumer subscribers and Connectivity revenue grew 69% to USD 5.2 billion.

GraniteShares 2x Short SpaceX Daily ETF (CBOE:SNK): GraniteShares, largest, 2.20% fee

The fund rose 12.91% in the October 22, 2026 session after falling 16.11% on October 21. SpaceX gained about 9% on October 21 after reporting quarterly revenue of USD 14.6 billion and its first operating profit as a public company, then fell 6.37% on October 22, giving back more than half of the gain. Musk's refusal to discuss a possible SpaceX and Tesla combination on Tesla's call added to the pressure in premarket trading, when the stock was down about 2.2%. For GraniteShares 2x Short SpaceX Daily ETF (CBOE:SNK), Merger news is the marker. SpaceX (NASDAQ:SPCX) reported third-quarter revenue of USD 14.6 billion, adjusted EBITDA of USD 8.8 billion, Operating Income of USD 2.8 billion and Net Income of USD 4.4 billion. Super Intelligence revenue was USD 7.6 billion and Connectivity, mainly Starlink, was USD 5.2 billion, up 69%. The company holds a USD 63 billion backlog, about USD 42 billion of which should convert within a year. Cursor, a coding platform, was acquired on August 14.

Leverage Shares 2X Short SPCX Daily ETF (CBOE:SSPC): Leverage Shares, cheapest at 0.75%

The fund rose 12.84% in the October 22, 2026 session after falling 15.54% on October 21, a whipsaw that mirrors SpaceX's own swing. SpaceX rose about 9% after its results and then fell 6.37%, giving back more than half of the gain. Investors also weighed the size of SpaceX's spending commitments, with fourth-quarter Capital Expenditure guided to USD 35 billion to USD 40 billion, nearly double the third-quarter figure. Total revenue was USD 14.6 billion. At Leverage Shares 2X Short SPCX Daily ETF (CBOE:SSPC), spending news is the marker. A one-day rise above 50% in the underlying would erase Leverage Shares 2X Short SPCX Daily ETF (CBOE:SSPC). SpaceX (NASDAQ:SPCX) generated adjusted EBITDA of USD 8.8 billion in the third quarter, up 306%, but capital expenditure of USD 19.6 billion exceeded that figure. Management guided fourth-quarter capital spending to USD 35 billion to USD 40 billion, and Connectivity gross Margin of 55% included about 3 points from one-time Tariff refunds, with Q4 margins expected to look more like the second quarter. Revenue was USD 14.6 billion, up 161%, and Backlog was USD 63 billion. The first-quarter 2027 revenue guide of USD 33 billion to USD 37 billion implies continued rapid growth that must be funded.

Defiance Daily Target 2X Short SPCX ETF (CBOE:SPCQ): Defiance, swaps and options, Tesla merger angle

The fund rose 12.77% in the October 22, 2026 session, implying SpaceX fell about 6.4%. SpaceX had jumped about 9% on October 21 after reporting third-quarter revenue of USD 14.6 billion, so the October 22 decline gave back more than half of that gain. Merger speculation added a wrinkle: Musk said combining SpaceX and Tesla would be a good idea but gave no terms, and he declined to discuss it on Tesla's earnings call, which reported adjusted EPS of USD 0.48 and lowered 2026 capital spending to about USD 20 billion. For Defiance Daily Target 2X Short SPCX ETF (CBOE:SPCQ), deal headlines are the marker. A rebound in the underlying would hurt Defiance Daily Target 2X Short SPCX ETF (CBOE:SPCQ) within a session. SpaceX (NASDAQ:SPCX) reported third-quarter revenue of USD 14.6 billion, up 161%, operating income of USD 2.8 billion and net income of USD 4.4 billion. Special committees at SpaceX and Tesla (NASDAQ:TSLA) were formed, but neither side has agreed to terms and Musk said there is no guarantee. A deal would raise questions about valuation, governance and dilution, and a merger announcement could move shares sharply either way in a single session. SpaceX also guided fourth-quarter capital expenditure to USD 35 billion to USD 40 billion and first-quarter 2027 revenue to USD 33 billion to USD 37 billion.

Tradr 2X Short SpaceX Daily ETF (CBOE:SPCG): Tradr, smallest, Starlink angle

The fund rose 12.65% in the October 22, 2026 session after falling 15.21% on October 21, when SpaceX gained about 9% on results. The October 22 gain implies SpaceX fell about 6.3%, in line with the reported 6.37% decline that gave back more than half of the post-earnings rise. Rising oil, with Brent near USD 111, and a Treasury Yield near 5% added to a risk-off tone in growth stocks. The stock had risen to about USD 161.64 early on October 21. At Tradr 2X Short SpaceX Daily ETF (CBOE:SPCG), Starlink data is the marker. Daily resets mean Tradr 2X Short SpaceX Daily ETF (CBOE:SPCG) can lose money even when the underlying falls over several days. SpaceX (NASDAQ:SPCX) generated USD 5.2 billion of Connectivity revenue, up 69%, led by Starlink's 13.6 million consumer subscribers. Enterprise and government revenue rose 91%, and management expects it to eventually outgrow consumer. Gross margin of 55% was helped by about 3 points of one-time tariff refunds.

Where Things Stand

These four funds rose because SpaceX fell about 6.4%, giving back more than half of its post-earnings gain in a broad AI and chip selloff, and each fund pays twice the inverse. Operating results were strong, with revenue up 161% and a first operating profit, but capital spending and merger speculation keep the shares volatile. GraniteShares 2x Short SpaceX Daily ETF (CBOE:SNK) is the largest. SSPC is the cheapest. The next markers are merger committee news and fourth-quarter spending.