SpaceX shares rose sharply on Wednesday, 21 October 2026, after the company reported earnings that beat expectations and Elon Musk signalled a possible tie-up with Tesla, according to WSJ. The gains helped lift the Nasdaq at the open and supported AI-related stocks, WSJ reported.
Coverage of the session put the size of the move at different levels. CNBC reported that SpaceX stock jumped 8% following the earnings beat and Musk's comments on a Tesla link, while Barron's put the rise at 10% and suggested the shares could climb toward $500. Investopedia described SpaceX soaring while Netflix sank as major indexes advanced during a busy earnings period. LancasterOnline reported that Wall Street ticked higher with SpaceX's help.
The reports agree on the two drivers behind the move: stronger-than-expected results and Musk's remarks about a potential combination with Tesla. The broader market was also working through a heavy run of corporate earnings, with major indexes rising, according to Investopedia.
What to watch next: whether SpaceX and Tesla confirm any formal deal discussions, and how the rest of the earnings season shapes the major indexes.