SpaceX shares surged 6% in post-market trading after the company reported quarterly results that exceeded expectations, a move that lifted US stock futures on Wednesday. The rally was driven by growth in AI infrastructure and cloud services, renewing investor enthusiasm for AI-related equities ahead of earnings reports from Tesla and Meta.
Futures for the S&P 500 gained 0.3%, while contracts for the Nasdaq 100 climbed 0.9%. Futures for the Dow Jones Industrial Average were little changed. These gains followed mixed closes for the major averages on Monday.
According to Yahoo Finance's Pras Subramanian, SpaceX disclosed that it added $6.7 billion in incremental solutions and infrastructure revenue year-over-year. The company attributed this increase to cloud services agreements, the acquisition of Cursor, and the expansion of its software models and applications, including Grok Bot.
Elon Musk stated that both SpaceX and Tesla have formed special committees to discuss a potential merger. Tesla, along with Meta, is expected to report results after the bell on Wednesday, marking the start of Big Tech's earnings season.
Not all tech stocks followed the upward trend. Netflix shares fell in premarket trading after the streamer's fourth-quarter revenue forecast missed estimates and its 2026 ad revenue guidance was lowered.
Energy markets also moved higher, with Brent crude futures rising to $109 per barrel. West Texas Intermediate crude traded near $98 per barrel.