SpaceX shares shed 8.2% on Thursday, caught in the downdraft of a broad selloff across AI and semiconductor names — a sharper reading than the 9.0% decline tallied a day earlier as anxiety over data-center construction and tighter scrutiny of Musk’s companies weighed on the stock.
Behind the tape, two separate storylines are converging on the same question: how much of SpaceX’s expansion depends on decisions made in Washington rather than in orbit.
Goldman and Apollo Shop a GPU-Backed Lease
Bloomberg reports that Goldman Sachs and Apollo Global Management are approaching investors to syndicate portions of a financing package tied to SpaceX, sized at roughly $40 billion and structured across multiple tranches. The proceeds fund AI chips. Word of the investor search first surfaced on Wednesday.
SpaceX has disclosed a binding commitment for a financing lease with an Apollo-managed entity covering graphics processors and related equipment. That agreement remained subject to closing conditions.
The market backdrop has not helped. According to Bloomberg, the post-election repricing across markets has amplified concerns about regulatory risk facing data-center buildouts — putting the permitting environment for additional computing capacity alongside the financing itself in investors’ crosshairs.
The FAA Offers a Counterweight
On the same day, the US Federal Aviation Administration floated proposals to streamline rules for commercial launches and reentries, with a planned overhaul of space-activity licensing regulations targeted for 2027. Media reports suggest SpaceX and Blue Origin stand to benefit.
That gives investors a concrete lever for a more favorable read on the space business — provided the proposals translate into workable approvals. Regulation can cut both ways: it can slow expansion, and it can improve the conditions for it. Viewing SpaceX purely through the lens of political risk misses that offsetting impulse.
The operational reality behind the paperwork was on display on October 23, when SpaceX launched 27 Starlink satellites from California. The Falcon 9 booster flying that mission completed its 36th launch and landing.
Should investors sell immediately? Or is it worth buying SpaceX?
For shareholders, the test is straightforward: relief matters most if it greases the wheels of repeatable missions like that one. The announced rewrite deserves attention while its practical shape is still pending — execution by the agency will be what counts.
Starshield, Starship and the State as Counterparty
The relationship with government cuts the other way, too. A Ukrainian diplomat said Kyiv’s contract with the US government for access to SpaceX’s Starshield expires in mid-2027, and Ukraine wants to open talks on an extension. A renewal would be a positive for that line of business, assuming the parties reach a follow-on arrangement — a more tangible marker than general political mood.
The same diplomat said Ukraine has received no explanation from Washington or SpaceX regarding earlier restrictions on the service, making reliability a key yardstick for the relationship. A durable continuation would speak in SpaceX’s favor if it clarifies expectations around availability alongside access.
Starship adds another moving part. On October 28, SpaceX announced completion of static engine tests on Ship 42 ahead of Starship Flight 15. The flight, slated for November, remained contingent on FAA approval — the tests are a preparatory step, with the launch itself still gated by that sign-off.
Qualcomm Buildout Sets the Bar
Starlink Mobile’s planned US terrestrial network, covered under the previously reported Qualcomm agreement, is due to break ground in 2027. Qualcomm is to supply radio equipment, baseband units and software, and the multi-year deal spans tens of thousands of sites, according to company statements.
The pipeline of concrete projects is lengthening, which argues for the breadth of the expansion — as long as agreements and announced build milestones turn into operating progress. The relevant proof points are specific: enacted licensing reform, continued contract relationships, and the network buildout proceeding on schedule.
A sober standard applies. Political developments deserve weight once they change approvals, contracts or construction in tangible ways. The FAA initiative is a possible positive. Whether it becomes a durable advantage for SpaceX will be settled by the final rules and how they are applied — the next real test, well away from the daily sway of AI sentiment.
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