Five leveraged ETFs tied to SpaceX each rose more than 14% during Friday's trading session, after SpaceX completed three launches within roughly 13 hours.

The funds posting those gains were Defiance Daily Target 2X Long SPCX ETF, Leverage Shares 2X Long SPCX Daily ETF, Direxion Daily SpaceX Bull 2X ETF, T-REX 2X Long SPCX Daily Target ETF, and GraniteShares 2X Long SpaceX Daily ETF. SpaceX shares closed up 7.35% at $158.96 on Friday.

The launches behind the rally

The trading activity followed SpaceX's completion of three missions in a compressed window: NASA's Crew-13 mission, the Transporter-18 rideshare mission carrying 130 payloads, and the classified NROL-97 mission aboard a Falcon Heavy.

How the 2X structure amplifies moves

Each of the five ETFs seeks roughly 2X the daily performance of SpaceX. The table below summarises the key structural details disclosed in the source.

Because each fund targets roughly 2X the daily move, a 7% gain in SpaceX can translate into a gain of approximately 14% for a 2X fund before fees, expenses, and tracking differences.

Daily reset and volatility risk

These funds reset their leverage every day and are designed primarily for short-term trading. Daily compounding means returns over longer periods can diverge significantly from twice the return of the underlying. The Defiance Daily Target 2X Long SPCX ETF has recorded a 52-week range spanning from a low of $7.07 to a high of $37.35, reflecting the high-volatility profile of leveraged ETFs in this space.

SpaceX's arrival on public markets has created a leveraged ETF trading complex, allowing investors to express highly leveraged views on the company's operations. SpaceX plans another Falcon 9 launch on October 5.

Shares of Space Exploration Technologies Corp (NASDAQ: SPCX) rose 1.21% to $152.69 on Thursday morning, driven by a major operational milestone for its Starship vehicle and a significant new contract from a key supplier.

Starship achieves first orbital payload deployment

The primary catalyst for the share movement was SpaceX’s successful launch of Starship Flight 14 from Starbase, Texas, on Monday. This mission marked the first time the vehicle reached orbit and delivered a meaningful payload, deploying 26 Starlink V3 satellites. Although the mission was classified as expended rather than recovered, the upper stage completed a controlled reentry and splashdown in the Pacific Ocean. The Super Heavy booster also completed its planned landing-burn test before splashing down in the Gulf.

Despite a Raptor engine shutting down during ascent, the vehicle maintained its trajectory. The flight lasted approximately three hours, significantly shorter than the originally planned ten-hour profile, but achieved its core objective of orbital insertion and satellite deployment.

Filtronic secures largest SpaceX contract

Adding to the positive sentiment, U.K.-based Filtronic plc announced a follow-on order from SpaceX valued at $68.1 million. This represents the largest order Filtronic has received from the space company to date. The contract covers Cerus E-band gallium nitride solid-state power amplifier units, which are critical for low-Earth-orbit satellite communications. Filtronic expects to fulfill a substantial portion of this order during fiscal 2028, reinforcing its strategic relationship with SpaceX.

Operational pace accelerates with triple-launch window

SpaceX is also targeting a rare single-day triple-launch milestone on Thursday, demonstrating increased operational cadence. The schedule includes:

• Crew-13 Mission: A Falcon 9 rocket carrying four astronauts to the International Space Station, scheduled for 11:10 am ET from Cape Canaveral.
• Transporter-18: A rideshare mission delivering 130 payloads to low-Earth orbit, targeting an 11:18 am PT window from Vandenberg Space Force Base.
• NROL-97: A Falcon Heavy launch carrying a classified payload for the National Reconnaissance Office, slated for 11:53 pm ET from Kennedy Space Center.

If all three liftoffs proceed as scheduled, SpaceX will complete three orbital launches within a 13-hour window.

Index inclusion drives passive buying

SpaceX’s weighting in the Nasdaq-100 index was significantly increased following the quarterly rebalance that took effect earlier in September. The weight rose to 2.82% from approximately 1.28%. This adjustment is expected to trigger billions of dollars in additional buying by passive funds and exchange-traded funds tracking the index, providing structural support to the stock price.

What the numbers show

The divergence between the shortened flight duration and the successful payload deployment highlights a shift in testing priorities. While the three-hour flight fell short of the ten-hour plan, the deployment of 26 satellites validates the core capability of Starship to reach orbit with useful cargo. Simultaneously, the $68.1 million Filtronic order, set for fulfillment in fiscal 2028, indicates long-term supply chain commitments that extend well beyond immediate operational milestones.