Both the SP1 and SP2 are powered by a variant of the naturally aspirated 6,496 cc F140 GA V12 found in the 812 Superfast. The engine has been tuned to generate 7.4 kW (10 hp; 10 PS) more than the engine in the 812, for a total of 596 kW (799 hp; 810 PS) at 8,500 rpm and 719 N⋅m (530 lbf⋅ft) of torque at 7,000 rpm, making them at the time, the most powerful factory Ferrari V12 road cars ever produced until the release of the 812 Competizione and Competizione A, featuring an upgraded F140 V12 producing 820 hp (830 PS).

The manufacturer claimed performance figures for both of the cars include a 0–97 km/h (0–60 mph) acceleration time of 2.9 seconds, 0–200 km/h (0–124 mph) acceleration time of 7.9 seconds, and a top speed that exceeds 299 km/h (186 mph)