The SpaceX IPO just landed. Now trade it 2x long or 2x short with SPAL and SNK

SpaceX has filed to go public as SPCX on Nasdaq. Here is what the filing shows about the business, and how GraniteShares plans to launch two daily leveraged and inverse ETFs the moment the stock starts trading.

Key Takeaways,

SpaceX has applied to list its Class A common stock on Nasdaq under the symbol SPCX, per its SEC Form S-1 filed May 20, 2026.1

• SpaceX reported $18,674 million in full-year 2025 revenue and $4,694 million for the first quarter of 2026, spanning its Space, Connectivity, and AI segments.

• GraniteShares plans to launch two daily ETFs in step with the IPO: SPAL seeks +200% of the stock's daily move, and SNK seeks -200%.

SpaceX heads to the public market as SPCX

Space Exploration Technologies Corp. has filed to go public. In its Form S-1, filed with the U.S. Securities and Exchange Commission on May 20, 2026, the company says it has applied to list its Class A common stock on Nasdaq and Nasdaq Texas under the symbol SPCX.1 For a business that

has stayed private through nearly its entire history, the listing marks a turning point, and it gives public-market investors a way to trade SpaceX directly for the first time.

The offering is structured as a dual-class listing. Each Class A share carries one vote, and each Class B share carries ten, and founder and CEO Elon Musk is expected to keep control of shareholder voting after the IPO, which is why SpaceX describes itself as a "controlled company" under Nasdaq rules.1 The deal is being led by a syndicate that includes Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, and J.P. Morgan, and the company says it does not expect to pay dividends in the foreseeable future, intending to reinvest in growth.

GraniteShares is launching alongside that moment. On the day SpaceX shares are expected to begin trading, we plan to list two single-stock ETFs built to track the daily performance of the stock with leverage, in both directions: the GraniteShares 2x Long SpaceX Daily ETF (SPAL) and the GraniteShares 2x Short SpaceX Daily ETF (SNK).

SpaceX by the numbers

The S-1 is the first detailed public look at SpaceX's scale. The figures below are drawn directly from the filing. Operating metrics are stated as of March 31, 2026, and financial figures cover full-year 2025 or the first quarter of 2026.

SpaceX now runs three businesses under one roof: a launch operation built on the reusable Falcon family of rockets and the in-development Starship; the Starlink satellite network delivering

broadband and satellite-to-mobile connectivity; and an AI segment added through the acquisition of xAI, completed in February 2026, which brought the Grok model and the X platform into the company.

What the financials show

SpaceX is growing quickly and still investing heavily, so it reported a loss from operations even as revenue scaled. Its Connectivity segment, driven by Starlink, was the largest revenue line in 2025 and grew 49.8% year over year, while the newer AI segment is in an earlier, investment-heavy stage.

Consolidated results (USD millions)

FY2025 revenue by segment (USD millions)

These numbers help explain why the listing is drawing attention, but they describe the company, not the funds. SPAL and SNK seek to track the daily price move of the SpaceX common stock once it is

public. They do not invest in SpaceX's revenue or earnings, and strong fundamentals do not translate into fund returns over any period longer than a single day.

A long-private company becoming a freely traded stock tends to draw heavy interest, and a newly listed share with no prior trading history can move sharply in its first days*.

(*The fund does not hold the underlying stock)

Meet SPAL and SNK ETFs

SPAL - GraniteShares 2x Long SpaceX Daily ETF

Seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of SpaceX common stock.

SNK - GraniteShares 2x Short SpaceX Daily ETF

Seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of SpaceX common stock.

Both funds are actively managed and aim to reach their objective primarily through swap agreements, and at times options, written against SpaceX common stock. SPAL is built for a trader with a near-term bullish view who wants 2x the stock's daily move. SNK is built for the opposite stance, seeking -2x the daily move, which may serve a trader who wants to position for a decline or to hedge a position over a single trading day.

(These funds carry significant risk)

Frequently asked questions

What is the SpaceX stock ticker and where will it list?

Per its Form S-1 filed with the SEC on May 20, 2026, SpaceX has applied to list its Class A common stock on Nasdaq and Nasdaq Texas under the symbol SPCX. The listing remains subject to change until the offering is effective.

What are the GraniteShares SPAL and SNK ETFs?

SPAL is the GraniteShares 2x Long SpaceX Daily ETF, which seeks 200% of the daily move of SpaceX common stock. SNK is the GraniteShares 2x Short SpaceX Daily ETF, which seeks -200% of the daily move. Both seek their result over a single trading day and reset daily.

What is the difference between SPAL and SNK?

Direction. SPAL is built for a near-term bullish view and seeks +200% of the stock's daily move. SNK is built for a near-term bearish view or a single-day hedge and seeks -200% of the daily move.

How much can an investor lose?

An investor could lose the principal value of his or her investment. The 2x and -2x design uses leverage, which magnifies losses as well as gains.

Fund facts

SPAL and SNK at a glance

RISK FACTORS AND IMPORTANT INFORMATION

This material must be preceded or accompanied by a Prospectus. Carefully consider the Fund’s investment objectives risk factors, charges and expenses before investing. Please read the prospectus before investing.

The Fund is not suitable for all investors. The investment program of the funds is speculative, entails substantial risks and include asset classes and investment techniques not employed by most ETFs and mutual funds. Investments in the ETFs are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged and inverse (2X, 1.25x &

-2X) investment results, understand the risks associated with the use of leverage and inverse and are willing to monitor their portfolios frequently. For periods longer than a single day, the Fund will lose money if the Underlying Stock’s performance is flat, and it is possible that the Fund will lose money even if the Underlying Stock’s performance increases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day.

The Fund seeks daily leveraged investment results and are intended to be used as short-term trading vehicles. This Fund attempts to provide daily investment results that correspond to the respective long leveraged and inverse multiple of the performance of its underlying stock (a leverage and inverse Fund).

Investors should note that such Leverage Long and Inverse Fund pursues daily leveraged investment objectives, which means that the Fund is riskier than alternatives that do not use leverage because the Fund magnifies the performance of its underlying stock. The volatility of the underlying security may affect a Funds return as much as, or more than, the return of the underlying security.

Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of day’s returns compounded over the period, which will very likely differ from 200%, 125% and -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock's performance increases over a period longer than a single day.

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. There can be no guarantee that an active trading market for ETF shares will develop or be maintained, or that their listing will continue or remain unchanged. Buying or selling ETF shares on an exchange may require the payment of brokerage commissions and frequent trading may incur brokerage costs that detract significantly from investment returns.

An investment in the Fund involves risk, including the possible loss of principal. The Fund is non-diversified and includes risks associated with the Fund concentrating its investments in a particular industry, sector, or geographic region which can result in increased volatility. The use of derivatives such as futures contracts and swaps are subject to market risks that may cause their price to fluctuate over time. Risks of the Fund include effects of Compounding and Market Volatility Risk, Leverage Risk, Market Risk, Counterparty Risk, Rebalancing Risk, Intra-Day Investment Risk, Other Investment Companies (including ETFs) Risk, and risks specific to the securities of the Underlying Stock and the sector in which it operates. These and other risks can be found in the prospectus.

This information is not an offer to sell or a solicitation of an offer to buy shares of any Funds to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. Please consult your tax advisor about the tax consequences of an investment in Fund shares, including the possible application of foreign, state, and local tax laws. You could lose money by investing in the ETFs. There can be no assurance that the investment objective of the Funds will be achieved. None of the Funds should be relied upon as a complete investment program.

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