SpaceX Tesla Stock Drop After Midterm Elections

SpaceX and Tesla shares

SpaceX and Tesla shares extended losses on Thursday as midterm election results clouded the outlook for data center buildouts and a potential merger between the two companies. SpaceX shares fell 9.28% to $123.31, extending a post-election slide that began after Democrats won control of Congress. Tesla also declined, though the exact percentage was not specified in the source material. The losses hit Elon Musk’s personal fortune, with one report citing a $33 billion cut in wealth tied to the drop in SpaceX and Tesla stock.

SpaceX’s third-quarter revenue rose

Investors worried that Democratic control of Congress could complicate regulatory hurdles for data center projects and Musk’s aspirations to merge the two companies. SpaceX’s third-quarter revenue rose 161% year-over-year to $14.575 billion, with $4.4 billion in net income compared to a $1.1 billion loss a year earlier. Earlier this year, Musk announced a Terafab, a massive semiconductor manufacturing complex in Texas intended to supply both SpaceX and Tesla. Reports also indicated SpaceX’s $40 billion chip financing had hit the market.

A multiyear deal with Qualcomm to build the ground network for Starlink Mobile helped buffer some of the stock’s fall on Wednesday. The stock has been volatile since SpaceX’s debut on Nasdaq on June 12, 2026, with shares falling about 50% from their peak by late July. The stock’s 52-week range runs from $104.83 to $225.64.