Key Highlights

  • Leverage Shares 2X Short SPCX Daily ETF (CBOE:SSPC) rose 12.84% to USD 8.28 on October 22, 2026, from USD 7.34, implying SpaceX fell about 6.4%, simple arithmetic close to the reported 6.37% decline.
  • The fund charges 0.75% a year, the lowest expense ratio among the four SpaceX short funds, and held about USD 71.7 million in Assets since its June 15, 2026 launch.
  • SpaceX spent USD 19.6 billion on Capital Expenditure in the third quarter and guided the fourth quarter to USD 35 billion to USD 40 billion, even as it posted USD 4.4 billion of net income.
  • On October 21, 2026 the fund fell 15.54% as SpaceX jumped about 9% on results, so two sessions moved the fund in opposite directions by double digits.

What Moved the Fund

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. The Nasdaq Composite fell about 2.1% on October 22, 2026 and Lam Research (NASDAQ:LRCX) dropped about 9% after guiding December-quarter Revenue to USD 8.6 billion despite record results, so the selloff was broad. 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.

SpaceX Capital and Cash Flow

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. Net Income of USD 4.4 billion compares with a USD 1.1 billion net loss a year earlier, which shows how quickly the mix has changed.

Mechanics and Risks

SSPC, issued by Leverage Shares, trades on Cboe BZX and seeks minus 2x of SpaceX's daily return. Its 0.75% expense ratio is lower than rivals, but swap financing costs still apply, and compounding dominates over time. If SpaceX rose 10% then fell 10%, the stock would end down 1.0% while the fund would end down 4.0%, simple arithmetic. A rally above 50% in one day would erase the fund. The cheaper fee does not reduce Volatility drag, and Merger news with Tesla could move the shares abruptly. The fund is non-diversified and concentrated in one stock. Tracking can drift on days of extreme moves, and swap counterparties add risk.

Where Things Stand

Leverage Shares 2X Short SPCX Daily ETF (CBOE:SSPC) gained because SpaceX fell about 6.4% as post-earnings enthusiasm faded in a broad chip and AI selloff, and the fund pays twice the inverse. Operating results were strong, but the capital intensity is extreme and the stock is volatile after its June IPO. The next markers are fourth-quarter capital spending, any Tesla merger terms and the first-quarter 2027 revenue guide of USD 33 billion to USD 37 billion.