SpaceX Shares Rebound 6% After ARK Invest Buys In as AI Stocks Recover From Post-Midterm Selloff

SpaceX shares rose more than 6% on Monday, November 9, recovering a portion of the roughly 20% they lost over the prior month as investors welcomed fresh buying from Cathie Wood's ARK Invest and renewed bullish calls from Wall Street analysts. ARK purchased approximately 348,400 SpaceX shares on Thursday and an additional 393,774 shares valued at significant sums in the days prior, positioning the firm as a prominent buyer during the dip. One analyst maintained a Buy rating and argued the stock could return as much as 500% from current levels, even as the broader debate over the company's near-term outlook remained unsettled.

The selloff that preceded Monday's bounce was triggered by Democrats sweeping the midterm elections, winning control of both the House and Senate. The political shift raised fears that the pace of AI data center construction in the United States would slow, a development that would directly affect SpaceX and its infrastructure ambitions. At least one prominent AI bull warned that the election results would create major hurdles for the AI build-out over the next two years, and SpaceX shares fell alongside Tesla during the two-day post-election rout that wiped more than $420 billion in combined market value from the two companies.

Monday's rebound extended across the broader AI and tech complex, with shares of Meta Platforms, Alphabet, Palantir, Broadcom, Lam Research, ASML, Coherent, and Cloudflare all trading higher. Bloom Energy surged as well, as did Caterpillar, Taiwan Semiconductor, and GE Vernova. The Trade Desk gained about 9% ahead of its third-quarter earnings due after the close, with investors focused on the revenue outlook and restructuring costs. CoreWeave was a notable exception, sliding after reports that Microsoft is reassessing its relationships with neocloud providers, with the company's own earnings scheduled for Tuesday.