Key Highlights

  • Tradr 2X Short SpaceX Daily ETF (CBOE:SPCG) rose 12.65% to USD 14.25 on October 22, 2026, from USD 12.65, implying SpaceX fell about 6.3%, simple arithmetic close to the reported 6.37% decline.
  • Starlink ended the third quarter with 13.6 million consumer subscribers, and Connectivity Revenue was USD 5.2 billion, up 69%, with enterprise and government revenue up 91%. Super Intelligence is now larger, at USD 7.6 billion.
  • Connectivity gross Margin was 55%, including about 3 points from one-time Tariff refunds, and management expects fourth-quarter margins to look more like the second quarter. Management still expects enterprise and government to outgrow consumer.
  • The fund launched on June 12, 2026, charges 1.49% and held about USD 11.7 million in assets, and it fell 15.21% on October 21 as SpaceX jumped.

What Moved the Fund

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. 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. 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.

Starlink and Connectivity

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. The larger Business is now Super Intelligence, with USD 7.6 billion of revenue, but Connectivity supplies steadier cash flow. A Flight 15 booster catch and Starlink V3 were discussed on the call. Total revenue was USD 14.6 billion, up 161%, with a USD 63 billion backlog. Management expects Connectivity to keep growing with Starlink V3 in the plans, but a rising Capital budget will weigh on free cash flow.

Mechanics and Risks

SPCG, issued by Tradr, trades on Cboe BZX and seeks minus 2x of SpaceX's daily return using swaps, resetting each day. If SpaceX rose 10% then fell 10%, the stock would end down 1.0% while the fund would end down 4.0%, simple arithmetic. SpaceX's recent swings, a 9% gain and a 6.37% drop in two sessions, show how violent compounding can become. Assets of about USD 11.7 million are smaller than rivals' funds, so spreads can widen. A rally above 50% in a day would erase the fund. Swap financing costs add to the stated fee, and the fund is concentrated in one stock. Tracking can drift on days of extreme moves.

Where Things Stand

Tradr 2X Short SpaceX Daily ETF (CBOE:SPCG) rose because SpaceX fell about 6.3% as post-earnings gains faded in a broad AI and chip selloff, and the fund pays twice the inverse. Starlink growth and margins are strong, and Super Intelligence has changed the profile of the business, but capital spending and Merger speculation keep the stock volatile. The next markers are Starlink subscriber trends, Tesla merger news and fourth-quarter capital spending.