SpaceX Slides as Democratic Sweep Threatens Texas Data Center Buildout; Qualcomm Lands Starlink Mobile Supply Deal
SPCX sits 30% above its 52-week low of $104.83.
Summary
SpaceX shares are down 1.85% at $138.69 Wednesday, caught in the selloff hitting AI infrastructure names after Democrats swept the midterms. The direct hit is Texas: Democrat Gina Hinojosa unseated Gov. Greg Abbott after promising an immediate statewide halt to data center projects, and SpaceX is headquartered there while building part of its multi-gigawatt data center capacity. Musk spent at least $474 million on the cycle, including $224 million in Texas races that Abbott and Senate hopeful Ken Paxton both lost. Separately, Qualcomm will supply the cellular equipment for Starlink Mobile's ground-based cell sites — its Dragonwing QRU100 and QDU100 platforms, with 64-path Massive MIMO radio units — under a multiyear agreement, with U.S. deployment starting in 2027 and sites numbering in the tens of thousands. The Qualcomm deal is a concrete buildout milestone for Starlink Mobile, but the state-level moratorium risk on data centers is the bigger near-term swing factor for a company spending heavily on AI infrastructure.
At the time of this announcement, SPCX was trading at $136.58 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.9T. The 52-week trading range was $104.83 to $225.64. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Benzinga.