First known congressional SpaceX stock buys surface after record IPO

Two congressional representatives have recently disclosed purchases of SpaceX stock shortly after the company's groundbreaking IPO. According to financial documents available to the public, Rep. Dan Meuser, R-Pa., and Rep. Gil Cisneros, D-Calif., reported that they or their family members acquired shares of the aerospace company soon after its market debut. On June 15, Meuser's dependent child purchased between $15,001 and $50,000 worth of SpaceX stock. This marks the first stock acquisition by Meuser or his family in several years. Meanwhile, Cisneros reported a purchase made on June 18, with an investment ranging from $1,001 to $15,000. SpaceX, founded by Elon Musk, went public on June 12, boasting a market capitalization exceeding $2 trillion upon its debut. Cisneros clarified in a statement to CNBC that he does not actively manage his portfolio, stating, "My wife and I have always employed outside financial advisors with a fiduciary duty to maintain a diversified portfolio. We do not oversee daily trading activities nor have we ever suggested trades while serving in Congress or the Department of Defense." He emphasized his commitment to adhering to all regulations regarding financial disclosures and stock trading. Under current regulations, members of Congress and their immediate families are permitted to own and trade individual stocks, provided they comply with disclosure requirements and refrain from using confidential information acquired through their official roles. There is no indication that either Meuser or Cisneros engaged in trading based on nonpublic information or violated any laws. The trades are particularly sensitive due to the members' committee assignments. Meuser is a member of the House Financial Services Committee, which oversees securities and exchange matters, while Cisneros serves on the House Armed Services Committee, which has jurisdiction over the Defense Department, a significant customer for SpaceX. Ethics experts believe that these disclosures are just the beginning, anticipating that many other lawmakers will reveal similar transactions involving SpaceX's IPO in the upcoming weeks. The IPO itself raised approximately $75 billion, marking the largest public offering in history. Shares initially opened at $150, quickly elevating the company's market value past $2 trillion, and serving as a litmus test for public interest in Musk's ventures and artificial intelligence. SpaceX shares closed at $162 on Thursday, reflecting an 8% increase from their opening price, although this is about 20% lower than the closing high of $201.80 reached on June 16. As the IPO landscape evolves, it could pave the way for numerous other substantial public listings by private tech companies, including AI leaders like Anthropic and OpenAI, both of which are reportedly preparing for their own IPOs. Furthermore, Rep. Lisa McClain, R-Mich., has been highlighted for her family's investment in xAI, a company that was folded into SpaceX. Statements made by her office confirmed that her investments are publicly recorded and compliant with all applicable laws. Attempts to implement a ban on congressional stock trading have surfaced in discussions over recent years but have failed to gain traction in legislative action, despite efforts from House Republican leaders to introduce a bill aimed at prohibiting such activities while in office.