SpaceX (SPCX) shares extended their post-election slide on November 4, closing down 3.81% at $135.92, even as Cathie Wood’s Ark Invest used the weakness to add about $47.4 million worth of stock across three ETFs. The decline followed a separate premarket drop of more than 6% on November 5, when shares were quoted near $131.55 versus a prior close of $141.31.
Morgan Stanley analyst Adam Jonas kept an Overweight rating and a $300 price target — roughly 121% above the November 4 close — while raising long-term forecasts. The bank now projects SpaceX revenue of $175 billion in 2027 and $289 billion in 2028, with 2028 operating income of $119 billion. Morgan Stanley also moved its expected free-cash-flow break-even date from 2035 to 2031 and reduced projected external borrowing through 2031 by about $280 billion, leaving the estimate near $390 billion.
The selling pressure was concentrated in Elon Musk-related assets after Democrats won both chambers of Congress in the U.S. midterms. Tesla fell 3.3% on November 4, while reports pointed to possible congressional scrutiny of a rumored Tesla-SpaceX merger. The Washington Post also reported that EchoStar had discussed options involving its Boost Mobile business and wireless network with SpaceX’s Starlink Mobile.
Ark Invest’s purchase totaled 348,406 SPCX shares, according to Benzinga. The ARK Innovation ETF bought 224,483 shares, the ARK Autonomous Technology & Robotics ETF added 63,478 shares, and the ARK Next Generation Internet ETF acquired 60,445 shares. Ark had previously bought 3,291,184 shares on SpaceX’s first trading day in June.
Bitcoin moved in the opposite direction, climbing about 6% to near $80,513 on November 4. SpaceX’s SEC filings show it holds 18,712 BTC with a cost basis of $661 million; at $80,500 per coin, the position was worth about $1.51 billion. Neither Tesla nor SpaceX bought or sold Bitcoin in the third quarter.
