SpaceX earnings boost SPCQ 21%, NVDL 6% as Musk goes all-in on Nvidia AI chips

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 mo...