SpaceX On Thursday, Tesla's stock price continued its downward trend, with both companies experiencing a decline of about 9%. After the Democratic Party took control of both the Senate and the House this week, these two companies under Elon Musk have suffered significant setbacks. There are concerns in the market that the construction of data centers in the United States will face regulatory obstacles, and at the same time, the vision for a merger between the two companies has also been overshadowed.

The core trigger for concern comes from the Democratic Party's victory in Texas. SpaceX and Tesla's headquarters are both located there. The governorship of the state was won by the Democrats, and James Tarico also secured a federal senatorial seat in the state; before the election, Musk had engaged in a fierce debate with Tarico on social media.

Yorkville Institution wrote on Thursday, "We still believe that there is a possibility of SpaceX merging with Tesla, but now that the overall political landscape in Washington and Texas has shifted towards the Democratic blue camp, completing this transaction in 2027 will be much more difficult due to regulatory hurdles."

Last month, during the SpaceX earnings call, Musk stated that he believed a merger between SpaceX and Tesla would be a good idea, and revealed that the two companies were exploring a potential deal.

Earlier this year, Musk also announced the commencement of construction of a large semiconductor manufacturing base in Texas Terafab, which will in the future supply chips to SpaceX and Tesla.

Market concerns about a slowdown in data center construction have also pressured SpaceX, which is headquartered in Texas. The company is increasingly relying on AI computing power as a source of revenue.

Eves stated that although large technology companies and hyperscalable cloud providers will still easily exceed $1 trillion in capital expenditures in 2027, the growth rate is expected to decline significantly by 2028. Influenced by the current political landscape, particularly the policy environment in Texas, the pace of data center construction is expected to slow down considerably.

Goldman Sachs analysts estimated on Wednesday: 'A victory for Democrats at the state and local levels could lead to a temporary suspension of data center approval policies in many areas, and approximately 45% of the planned data center capacity expansions in the United States could be affected.'