Key Highlights

  • SSPC fell 5.36% to $8.22 on Friday, October 23, implying a SpaceX gain of roughly 2.68% (calculated).
  • The fund fell 15.54% to $7.34 on Wednesday, October 21, when SpaceX rose 7.79%.
  • Starlink ended the third quarter with 13.6 million consumer subscribers after 1.6 million net additions.
  • SpaceX Connectivity revenue was $5.2 billion, up 69%, with monthly revenue per subscriber of $69.
  • SSPC charges a 0.75% expense ratio and uses swaps for exposure to SpaceX.

SSPC ETF Move: Why Did the Fund Fall 5.36% After Two Large Sessions?

Leverage Shares 2X Short SPCX Daily ETF (CBOE:SSPC) fell 5.36% to $8.22 on Friday, October 23, 2026, as SpaceX (NASDAQ:SPCX) rose about 2.03% to $147.69. Halving the fund's decline implies a SpaceX gain of roughly 2.68% (calculated).

The three-day path was uneven. SSPC fell 15.54% to $7.34 on Wednesday, October 21, when SpaceX gained 7.79%, then rose roughly 18.3% on Thursday (calculated from the screened price), when SpaceX dropped 9.14%. Friday's decline took back part of that gain. At minus 2x, a 7.79% stock rise costs about 15.6% and a 9.14% fall adds about 18.3% (calculated), which is why the fund's daily swings are so wide.

Fund Mechanics: How Does a Swap-Based Minus 2x Fund Work?

SSPC began trading on June 15, 2026, and seeks minus 200% of SpaceX's daily performance through an unfunded swap on the stock's price rather than by holding shares. Leverage Shares lists an expense ratio of 0.75%, the lowest among the four short SpaceX funds reviewed, against 0.97% net for Direxion's LOFD, 1.49% for Tradr's SPCG and 2.20% for GraniteShares' SNK.

The swap structure means the fund depends on a counterparty to deliver the daily return, and the target resets after each session. That is why holding periods longer than a day can produce results that differ from minus twice the stock's return.

Starlink Growth: What Do 13.6 Million Subscribers Mean for SpaceX Shares?

SpaceX said Connectivity revenue was $5.2 billion in the third quarter, up 69% from a year earlier and 22% from the second quarter, with 13.6 million Starlink consumer subscribers after 1.6 million net additions and monthly revenue per subscriber of $69. Gross margin of 55% included a one-time benefit of roughly 3 percentage points, mainly from tariff refunds.

Starlink Mobile passed 22 million monthly users, up 37% sequentially, and the company agreed to buy low-band spectrum. It is also contracted for about 12,000 aircraft, and enterprise and government revenue rose 91% from a year earlier.

Those figures sit alongside a Super Intelligence segment that produced $7.6 billion of the company's $14.6 billion in revenue, which is why Starlink is one of several stories behind the stock.

Other Catalysts: What Could Move SpaceX and SSPC Next?

The company also expects fourth-quarter gross margin to resemble the second quarter. Special committees at SpaceX and Tesla (NASDAQ:TSLA) are discussing a possible combination at shareholders' request, with no agreed terms. Starship Flight 15, which will try to catch both stages, is expected in November, and fourth-quarter capital spending is guided to $35 billion to $40 billion.

With the stock moving 7.79% and 9.14% in consecutive sessions, daily-reset inverse funds can swing by double digits. This article is informational only.