Trump and Cramer Back SpaceX as Musk Targets Telecom via Boost Mobile

On Monday, both Donald Trump and Jim Cramer defended SpaceX following reports that Elon Musk's company is in talks to acquire Boost Mobile, a US carrier with roughly 7 million customers.

The support comes with SpaceX shares near $137 on Monday, just above their $135 IPO price. Shareholders now face three key events: a potential Boost deal, Tuesday's midterm elections, and a December share unlock.

What a Boost Mobile Deal Would Give SpaceX

SpaceX is in discussions with EchoStar (ECHO) about buying Boost Mobile or leasing its network. Musk aims to build a full US phone service that combines Starlink satellites with ground towers.

He initially approached AT&T, Verizon, and T-Mobile for network access. All three rejected him, according to reports.

CNBC host Jim Cramer said the Boost acquisition would remove doubts about SpaceX's market 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 phased 180-day lockup that starts to lift in December.

EchoStar shareholders have already responded. The stock rose 6.5% before Monday's open. In September 2025, it jumped about 19% when SpaceX agreed to buy EchoStar's spectrum licenses for $17 billion.

The catch is that Boost leases its network from AT&T and T-Mobile. Those leases may not transfer to a new owner, so the carriers that refused 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. The Hill reported that Rep. Zoe Lofgren, the top Democrat on the House Science Committee, has cited conflicts of interest.

Since July, Musk has spent about $276 million aiding Republicans.

Trump's support has been inconsistent 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% decline, which occurred during a broad tech selloff over AI spending, according to the Associated Press.

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