Trump and Jim Cramer Defend SpaceX as Musk Wants to Enter the Telecom Market

Donald Trump and Jim Cramer both defended SpaceX on Monday, after reports that Elon Musk’s company is in talks to buy Boost Mobile, a US phone carrier with about 7 million customers.

The support lands with SpaceX stock near $137 on Monday, barely above its $135 initial public offering (IPO) price. A Boost deal, Tuesday’s midterm elections, and a December share unlock will shape what shareholders face next.

What a Boost Mobile Deal Would Give SpaceX

SpaceX is talking to EchoStar (ECHO) about buying Boost Mobile, or renting its network. Musk wants a full US phone service that pairs Starlink satellites with ground towers.

He first asked AT&T, Verizon, and T-Mobile for network access. Reports indicate that all three refused.

Cramer, the CNBC host, said Boost would settle doubts about SpaceX’s reach.

“SpaceX may have a ton of stock coming to market but this Boost Mobile possibility (Echostar owned) would end any question that it doesn’t have the reach to compete,” he said.

Under the IPO terms, many early investors agreed to a staggered 180-day lockup, a ban on selling, which starts to lift in December.

EchoStar holders are already reacting. The stock rose 6.5% before Monday’s open. In September 2025, it jumped about 19% when SpaceX agreed to buy EchoStar’s airwaves for $17 billion.

The catch is that Boost rents its network from AT&T and T-Mobile. Those leases may not pass to a new owner, so the carriers that rejected Musk could still block access. No deal has been reached.

Trump Steps In For SpaceX

Trump said Musk must be protected if Democrats put SpaceX at risk. He told Fox Business on October 24 that “Elon has done nothing wrong.”

TRUMP: HAVE TO PROTECT MUSK IF SPACEX AT RISK FROM DEMOCRATS

— *Walter Bloomberg (@DeItaone) November 2, 2026

Democrats have discussed probing Musk’s federal contracts if they win Congress on Tuesday. Rep. Zoe Lofgren, the top Democrat on the House Science Committee, has pointed to conflicts of interest, The Hill reported.

Musk has spent about $276 million helping Republicans since July.

However, Trump’s support has flipped before. In June 2025, he threatened to end Musk’s government contracts, and Tesla shares fell about 16% that day.

Neither defense addressed Friday’s 6.4% drop, which came during a broad tech selloff over AI spending, according to the Associated Press.

The swing also reaches crypto platforms that offer tokenized SpaceX shares. Election results, carrier approval, and December’s unlocks now set the next test for SpaceX stock.