SpaceX shares fell 1.19% in premarket trading on Thursday to $134.30, dropping below their initial public offering price for the first time, after a 3.81% slide on Wednesday left them at $135.92. Some reports showed the stock as low as $133.22 in extended trading. Investors are weighing the risk of tougher oversight now that Democrats control Congress. Elon Musk’s close ties to the Trump administration, including his role leading the Department of Government Efficiency, have drawn criticism from Democrats. SpaceX’s Starshield military network also faces questions after Ukraine briefly lost access to Starlink and Starshield services in October. Democratic calls for stricter AI rules and environmental concerns over Musk’s data centres add further pressure. The stock is now about 41% below its $226 record high. Tesla shares also fell.

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