SpaceX shares fall as much as 11% after Democratic wins: from June IPO to the "AI selloff"

SpaceX shares fell as much as 11 percent on November 5, after Democrats won both chambers of Congress and Gina Hinojosa the Texas governorship, TipRanks reports. Investors fear closer scrutiny of Elon Musk's government contracts and limits on AI data centers.

SpaceX listed on Nasdaq on June 12 under the ticker SPCX at $135 a share, valuing the company at about $1.75 trillion. The stock closed its first day at $161 and peaked at $211 a week later. By mid-July it had fallen below the offer price; on October 30 it closed at $134.72.

From rockets to AI

According to figures cited by TipRanks, third-quarter revenue was $14.6 billion, of which $7.56 billion came from the AI division. Starlink most recently passed 12 million customers in more than 160 countries.