SpaceX shares fall after election results raise merger and regulatory concerns

Post-election decline

International Business Times AU reports that SpaceX shares dropped more than 9% on Thursday, extending a selloff that began after Tuesday's elections. The stock lost $12.61, or 9.28%, to $123.31, with about 74.8 million shares traded. The article says that left SpaceX with a market value of about $1.66 trillion. It also notes that shares had closed at $135.92 on Nov. 4, down 3.81%.

Political and merger concerns

The article says the decline followed worries that Democratic control of Congress could make Elon Musk's plans for SpaceX more difficult. According to the report, both SpaceX and Tesla were hit after Democrats won control of the House and Senate, raising concern about regulatory hurdles tied to data center buildouts and a possible merger between the two companies. The source says one report put the wealth loss from the stock drop for Musk at $33 billion.

AI and financing pressure

International Business Times AU says SpaceX's increasing focus on artificial intelligence has made it more exposed to the broader data center selloff. The article states that SpaceX has increasingly relied on AI compute as a source of revenue. It also reports that Musk earlier this year announced a Terafab, a large semiconductor manufacturing complex in Texas intended to supply SpaceX and Tesla. Separately, the source says reports indicated SpaceX's $40 billion chip financing hit the market.

Revenue growth and recent support

The report says the stock weakness came despite strong quarterly results. SpaceX's third-quarter revenue was $14.575 billion, up 161% from a year earlier, while net income was $4.4 billion compared with a $1.1 billion loss a year earlier. The article also says a multiyear Qualcomm deal to build the ground network for Starlink Mobile, SpaceX's planned wireless carrier, helped limit the stock's decline on Wednesday.

Trading history since listing

The source says SpaceX has been volatile since it went public on Nasdaq on June 12, 2026. By late July, shares had fallen about 50% from their peak in the week after the IPO. The article adds that the stock's 52-week range is $104.83 to $225.64.