Bitcoin extended gains to approach $85,000 after US stock markets reacted to higher-than-expected SpaceX earnings.
Bitcoin (BTC) passed $84,000 after Wednesday’s Wall Street open as US stocks added to gains on more strong corporate earnings reports.
Data from TradingView showed BTC/USD gaining nearly 2% on the day as markets reacted to a significant Q3 earnings beat from SpaceX.
After the market close on Tuesday, SpaceX reported a Q3 revenue of $14.6 billion, up 161% year-on-year and beating expectations by nearly 15%. The net income of the company was $4.4 billion for the quarter.
“The combination of our launch leadership, recurring Starlink revenue, and the significant expansion of our SI infrastructure continues to drive meaningful operating leverage,” chief financial officer Bret Johnsen commented on the earnings release.
US stocks were green at the start of the US trading session, with the tech-heavy Nasdaq Composite Index 0.7% higher at 26,601 points before retracing some of its gains. Tesla and Meta earnings are due after Wednesday’s market close.
In a note quoted by CNBC, analysts at Truist Securities suggested that SpaceX’s performance had helped to calm market fears over corporate spending on AI buildouts. Last week, those misgivings resurfaced in a fresh tech sell-off that began in South Korea and spilled over to Asia and the US.
“Despite market concerns relating to financing for AI cloud providers this past week, we believe SpaceX’s third-quarter 2026 represents the first data point during the earnings season to support the bull case for AI cloud providers,” Truist wrote.
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