SpaceX shares fall 9% as TradingKey flags risk toward $100

Sharp one-day drop

TradingKey reports that SpaceX (SPCX) shares fell 9.05% on November 5, 2026, Eastern Time, ending at $120.39 after touching an intraday low at that level. The outlet says the decline pushed the stock close to its August 2026 low and took the monthly decline to more than 20%. It also says trading volume rose to 167 million shares during the session.

Factors behind the decline

According to TradingKey, the slide reflects several developments rather than one single event. The report says the stock has weakened since early October after falling from a high of $175. It attributes the move to political changes after the U.S. midterm elections, financing pressure tied to a large capital spending plan, and selling by early shareholders before lockup expirations.

AI financing and market concerns

TradingKey says SpaceX disclosed in mid-October that it entered an AI GPU lease financing agreement worth up to $40 billion with private equity firms to support Starlink’s computing connectivity. The article says this raised concern on Wall Street about weaker free cash flow and possible share dilution, and it says capital flowed out of high price-to-sales technology stocks as a result.

Political scrutiny and lockup-related selling

The report says the November 3 midterm results gave Democrats control of the House of Representatives and the Senate. TradingKey says markets fear the new Congress could increase budget and ethics scrutiny of SpaceX’s federal business, including U.S. Department of Defense national security launch contracts, NASA’s Artemis funding, and the FCC’s review of Starlink rural broadband subsidies. It says this has reduced what it calls the stock’s prior policy premium. The article also says the approaching lockup expiration window for early venture capital funds, executives, and cornerstone investors led to anticipatory hedging sales and then further selling after the stock fell below $135.

Technical levels TradingKey is watching

TradingKey says SpaceX is now in a bearish technical setup after moving below its $135 IPO subscription price. The report says the stock is testing support around $120 and the 0.786 Fibonacci retracement level, and it says a strong buying response there could help stop the decline. If risk-off sentiment continues, the article says the stock could break below $120 and move toward the $100 round-number level and historical lows.

Open question

TradingKey says the next move depends on whether buyers step in near $120 or whether political and market pressure keep pushing the stock lower.