Key Highlights

  • GraniteShares 2x Short SpaceX Daily ETF (CBOE:SNK) rose 12.91% to USD 13.64 on October 22, 2026, from USD 12.08, implying SpaceX fell about 6.5%, simple arithmetic that matches the reported 6.37% decline in the stock.
  • The day before, the fund fell 16.11% as SpaceX jumped about 9% after third-quarter results showing Revenue of USD 14.6 billion, up 161%, against USD 13.02 billion expected.
  • Super Intelligence, which includes leased AI compute, Grok and the Cursor coding platform, produced USD 7.6 billion of revenue, up 830%, and is now SpaceX's largest segment.
  • The fund holds about USD 90.7 million in assets, the largest of the four SpaceX short funds, and charges 2.20% a year, the highest in the group.

What Moved the Fund

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. 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. 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%.

SpaceX Fundamentals

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. It guided first-quarter 2027 revenue to USD 33 billion to USD 37 billion. Cursor, a coding platform, was acquired on August 14. The shares rose to about USD 161.64 early on October 21, 2026. Management called it an inflection moment across launch, connectivity and superintelligence, and Starlink had 13.6 million consumer subscribers.

Mechanics and Risks

SNK, issued by GraniteShares, launched on June 15, 2026 and trades on Cboe BZX. It seeks minus 2x of SpaceX's daily return using derivatives, resets daily and charges 2.20%. 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 moved 9% in one session after results, and the shares are volatile after a June IPO. A one-day gain above 50% would erase the fund. SpaceX reports again in early 2027, with no date confirmed. 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

GraniteShares 2x Short SpaceX Daily ETF (CBOE:SNK) rose because SpaceX fell about 6.5% as the post-earnings pop faded in a broad AI and chip selloff, and the fund pays twice the inverse. SpaceX's results were strong, with revenue up 161% and a first operating profit, but huge Capital spending and Merger speculation make the shares volatile. The next markers are any Tesla merger terms and fourth-quarter capital spending of USD 35 billion to USD 40 billion.