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Summary
SpaceX (SPCX) fell 3.81% to $135.92 on November 4, 2026, while the Nasdaq Composite rose 1.44%.
Financial media tied the drop to the Democrats' midterm sweep, a contest Elon Musk had spent heavily to influence.
Teslarati and The Motley Fool flagged possible scrutiny of SpaceX's government contracts and a Tesla merger, while The Motley Fool said a Qualcomm deal for Starlink Mobile partly offset the decline.
Gotrade News - In the latest SpaceX stock news, SpaceX (SPCX) fell 3.81% to close at $135.92 on Wednesday, November 4, 2026, even as the broader US market rose. Financial media tied the drop in SpaceX stock to the Democrats' sweep of the midterm elections, a contest Elon Musk had spent heavily to influence.
SPCX Trading Data
Data
Value
Closing price
$135.92
Change
-$5.39 (-3.81%)
Previous close
$141.31
Open
$133.24
Day range
$133.14 to $140.50
Volume
135.4 million shares
30-day average volume
95.8 million shares
52-week range
$104.83 to $225.64
Regular-session close on Wednesday, November 4, 2026, 4:00 p.m. New York time. Stock prices: Yahoo Finance, cross-checked against the closing price on Nasdaq.com. Volume and 30-day average volume: Nasdaq.com. 52-week range: Yahoo Finance daily highs and lows since November 5, 2025. Indices and the 10-year Treasury yield: Yahoo Finance daily closes for the same date.
SpaceX opened well below the previous close at $133.24 and climbed as high as $140.50 before giving back much of that recovery, finishing $2.78 above the day's low. Volume ran 41.44% above the stock's average.
The decline came on a strong day for the wider market. The Nasdaq Composite rose 1.44% to 25,736.51, the S&P 500 gained 1.58% to 7,688.62 and the Dow Jones Industrial Average added 3.03% to 53,356.12, while the US 10-year Treasury yield fell 5.8 basis points to 4.89%. That left SpaceX trailing the Nasdaq by 5.25 percentage points.
Other Musk-linked and space names also lost ground. Tesla (TSLA) fell 3.34% to $385.19, and AST SpaceMobile (ASTS) dropped 4.12% to $35.62. At the close, SpaceX stood 39.76% below its 52-week high of $225.64 and 29.66% above its 52-week low of $104.83.
According to The Motley Fool, SpaceX fell after Democrats won the midterm elections, which Musk had spent heavily to influence, including $224 million in Texas, home to both SpaceX and Tesla. As reported by Teslarati, Democrats swept both chambers of Congress, and Musk's spending this cycle is estimated at $450 million to $474 million. In Texas, Democrat Gina Hinojosa unseated Governor Greg Abbott and Democrat James Talarico defeated Ken Paxton in the Senate race.
The selling reflected concern about what a Democratic Congress could do. Per Teslarati, control of congressional committees opens the door to more scrutiny of SpaceX's NASA and Department of Defense contracts, which make up a meaningful share of revenue, along with reviews of Starlink's national-security uses. The Motley Fool added that a Democratic Congress could make a possible merger between Tesla and SpaceX harder.
Company news softened the blow. The Motley Fool reported that SpaceX announced a multiyear deal with Qualcomm to build the ground network for Starlink Mobile, its planned wireless carrier, and said the news partly offset the decline.
SPCX Stock Analysis: Supporting Factors and Risks
Supporting Factors
Per TIKR, Qualcomm will supply base stations for the Starlink Mobile 5G network in the US starting in 2027, and Qualcomm said the deal covers tens of thousands of sites.
Ookla lead industry analyst Mike Dano said the deal "reinforces the likelihood that Starlink Mobile could become a credible fourth nationwide mobile network provider in the U.S.," as quoted by TIKR.
Teslarati noted that Starlink growth and launch cadence remain the primary drivers of SpaceX's business.
Risks
Teslarati flagged possible delays to contract awards, higher compliance costs and tighter limits on AI and satellite infrastructure expansion, particularly in Texas, where a data-center moratorium has been discussed.
The Motley Fool said SpaceX's AI efforts, central to its recent growth, could face moratoriums on data center construction and tougher oversight of frontier AI labs.
SpaceX's Starbase launch site and headquarters now sit under a new Democratic governor, according to Teslarati, which added that a merger with Tesla may face slower regulatory review.
This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.
Gotrade is the trading name of Gotrade Securities Inc., which is registered with and supervised by the Labuan Financial Services Authority (LFSA). This content is for educational purposes only and does not constitute financial advice. Always do your own research (DYOR) before investing.
M. Alfathan Rahman is a content writer with over 3 years of experience developing digital content strategies across various industries, including fintech. He has experience producing content for tax-related websites and financial education platforms. His focus areas include data research, and crafting financial articles that are informative, accurate, and accessible to investors of all experience levels.
Hendrie Saputra holds a Master of Business Administration (MBA) with a concentration in Business Risk & Finance, along with professional experience in finance, marketing, and project management. He is experienced in analyzing market data and developing research-driven business strategies.
