SpaceX Shares Decline Following Democratic Midterm Election Sweep
Space Exploration Technologies Corp. (SPCX) shares fell over 5% on Wednesday, November 4, 2026, following a decisive victory for Democratic candidates in the midterm elections. The political shift comes after Elon Musk invested heavily—reportedly billions of dollars, including $224 million in Texas alone—to support Republican candidates who ultimately lost key Senate and gubernatorial races. Investors are concerned that a Democratic-controlled Congress could increase regulatory scrutiny on SpaceX's AI expansion and complicate potential merger plans between Tesla and SpaceX. However, the stock's decline was partially mitigated by news of a multiyear agreement with Qualcomm (QCOM) to develop ground network infrastructure for Starlink Mobile.
Coverage
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