SpaceX shares dropped $12.61, or 9.28%, to $123.31 on Thursday, deepening a selloff that began after Tuesday’s midterm elections. The fall cut SpaceX’s market value to about $1.66 trillion and left the stock roughly 45% below its $226 record high. Investors fear Democratic control of Congress could block a merger with Tesla that would give Elon Musk most of the voting power in a combined company. One Texas senator reportedly said Democrats will go after Musk. SpaceX’s push into AI computing has also left it exposed to the wider data centre selloff, along with its planned Terafab chip plant in Texas and a $40 billion chip financing deal. The decline came despite strong results. Third-quarter revenue jumped 161% to $14.58 billion, and the company earned $4.4 billion after losing $1.1 billion a year earlier. The post-election drop in SpaceX and Tesla has reportedly cut Musk’s wealth by $33 billion.
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