SpaceX rebounds 4% as tech stocks recover from the post-election selloff

SpaceX joins the tech rebound

24/7 Wall St. reports that SpaceX is recovering along with tech stocks after a heavy post-election selloff. The stock traded at $128.92, up 4%, though it remained down 25% over the past month.

The article says the decline accelerated after the midterm results, when Democrats won both chambers of Congress and the Texas governor’s office. On November 5, the stock fell further as those results clouded the outlook for SpaceX’s data center business and a possible merger.

Jobs data and rotation back into growth

According to 24/7 Wall St., the rebound was helped by the October jobs report released on November 6. The U.S. added 165,000 jobs, which the article says was above expectations, and the unemployment rate slipped to 4.1%.

The report also says money is moving out of defensive and value stocks and back into technology names. It points to the Invesco QQQ Trust, up 1%, while the SPDR Dow Jones Industrial Average ETF was down 0.9%.

Political and regulatory questions remain

24/7 Wall St. says SpaceX could face more oversight if Democrats keep control of Congress and the Texas governor’s office, since the company operates Starbase in Texas. The FAA has also announced an environmental impact review of Starship launch and landing operations at Starbase, which could slow approval timelines.

At the same time, the article says SpaceX still has demand from NASA, the Defense Department and commercial customers regardless of which party controls Congress. It says Starlink ended the third quarter of 2026 with 13.6 million consumer subscribers, and that the company’s Super Intelligence segment has 1.7 gigawatts of nameplate compute capacity.

Tesla merger talk and other stock moves

The report says Tesla CEO Elon Musk said on SpaceX’s October 20 earnings call that any merger would require approval from 50% of all Tesla shares. Musk also said, “I think it would be a good idea,” while adding that the decision would be up to the special committees of both companies. 24/7 Wall St. says Barclays estimates Musk could have 56% of the voting power in a combined SpaceX-Tesla. Tesla stock was at $348.79, up 1%.

The article says other space names moved unevenly. AST SpaceMobile fell 8% to $27.76 and was down 56% over the past month. Rocket Lab rose 2% to $46.71, though it was still down 38% over the past month.

How SpaceX differs from peers and what may come next

24/7 Wall St. describes SpaceX as operating three businesses: launch services through Falcon and Starship, satellite broadband through Starlink, and an artificial intelligence arm built around Grok, Cursor and its COLOSSUS compute. The article says that mix ties the stock more closely to the AI trade than its peers.

It says AST SpaceMobile is still pre-commercial and is building a network to connect ordinary smartphones through mobile carrier partnerships. Rocket Lab sits between the two, with launch services, spacecraft manufacturing and a pending deal to add a satellite communications operator. The company’s next major step, the article says, depends on putting its Neutron reusable rocket into service.

The report says the rebound may or may not continue as the post-election selloff fades. It notes that merger terms had not been agreed when Musk spoke on October 20, and that there is no guarantee they will be. The article also says the cost to insure SpaceX debt against default reached a record high during the selloff, while heavy capital spending and closer scrutiny from Washington remain unresolved issues.