Less than a week after the Space Exploration Technologies Corp. (NASDAQ: SPCX) initial public offering (IPO), Representative William Timmons, a Republican from South Carolina, purchased SpaceX stock.
Timmons invested between $50,001 and $100,000 in SpaceX on June 15 and disclosed the transaction on June 17, according to a Periodic Transaction Report he signed on July 19. As such, Timmons is the fifth member of Congress to buy SpaceX stock, according to an analysis from Nancy Pelosi stock tracker on July 20.
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Notably, Timmons’ SpaceX stock purchase was his first stock disclosure in six years, thus making it his high-conviction trade. Furthermore, he sits on two key committees, including the House Committee on Financial Services, with subcommittees on Digital Assets, Financial Technology and AI, Housing and Insurance, and Financial Institutions.
Timmons is also a member of the House Committee on Oversight and Government Reform, where he chairs the Subcommittee on Military and Foreign Affairs and serves on the Delivering on Government Efficiency (DOGE) Subcommittee.
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This committee leadership gives him unique visibility into SpaceX’s expanding role as a critical U.S. military contractor, delivering essential launch services, Starshield satellite capabilities, and resilient communications systems that bolster national defense priorities.
SpaceX stock falls despite Congress supports
Despite the notable support for SPCX stock by several members of Congress, the shares recently dropped below the IPO price. At press time, SpaceX shares traded at about $124.56, down approximately 7.7% from its IPO level, with a market capitalization of nearly $1.6 trillion.
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In the near term, SPCX stock could drop further before following Wall Street analysts’ bullish forecast, as Finbold reported. Furthermore, the conviction from several Congress members, which comes with informed decision-making, could bolster investors’ confidence in SpaceX stock in the long term.
