Photo: NASA/Bill Ingalls / space.com
SpaceX's first quarterly report since its June IPO sent its own stock tumbling while supercharging Nvidia-linked leveraged ETFs
SpaceX just dropped its first-ever quarterly earnings report, and the market’s reaction was, well, complicated. The company posted Q2 2026 revenue of $7.8 billion, a 92% jump year-over-year, while narrowing its net loss to $541 million.
The stock still fell. Shares of SPCX have now dropped nearly 30% from their IPO price of roughly $135 to $150, set back in June 2026.
The leveraged ETF fireworks #
The Defiance Daily Target 2X Short SPCX ETF, ticker SPCQ, surged approximately 21% on the back of SpaceX’s post-earnings slide. Meanwhile, the GraniteShares 2x Long NVDA Daily ETF (NVDL) climbed about 6%. The reason sits squarely in what Elon Musk said during the earnings call.
Musk committed SpaceX to building its AI services exclusively on Nvidia systems, specifically name-dropping the Vera Rubin architecture. For a company targeting over 2 gigawatts of compute power by the end of 2026 and nearly 10 gigawatts by the end of 2027, that’s a staggering amount of GPU procurement locked into one vendor.
Why Nvidia keeps winning the AI infrastructure war #
SpaceX previously secured a major multi-year agreement with Google for 110,000 Nvidia GPUs, a deal reportedly worth hundreds of millions per month.
NVDL’s 6% pop reflects this dynamic. The 2x leveraged long ETF amplifies daily moves in Nvidia stock, and traders clearly interpreted Musk’s comments as a demand signal that extends well beyond SpaceX itself.
What this means for crypto and AI-adjacent investors #
The crypto market should be paying close attention here for a few reasons. First, the AI compute buildout that companies like SpaceX are pursuing directly intersects with decentralized compute networks. Projects offering distributed GPU access, think Render, Akash, and io.net, are essentially competing for the same resource: Nvidia hardware. When centralized players lock up massive quantities of GPUs through multi-year deals worth hundreds of millions monthly, it tightens supply for everyone else, including decentralized alternatives.
For traders watching the leveraged ETF space, the SPCQ and NVDL moves offer a template. These instruments are designed for daily rebalancing, which means holding them over multiple days introduces compounding effects that can diverge significantly from the underlying asset’s performance. A 21% single-day move in SPCQ doesn’t mean you’ll see proportional gains if SPCX continues declining over weeks. Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our