Members of Congress trading stocks is always a hot topic among retail investors. But when a lawmaker buys shares of a company that does billions of dollars in business with the federal government — and he sits on the committee that oversees those contracts — eyebrows tend to rise.

That's exactly what happened with Congressman Gil Cisneros (D-Calif.), who recently disclosed buying shares of SpaceX (SpaceX (SPCX)). The trade, reported by MarketDash's Government Trades page, could spark conflict-of-interest complaints.

Cisneros is no casual investor. Over the past two years, he's made thousands of trades. His latest disclosure, covering June activity, includes hundreds of transactions — mostly purchases, but some sales — ranging from $1,000 to $50,000.

The standout trade: a $1,000–$15,000 purchase of SpaceX stock on June 18. At the time, shares were trading between $172.11 and $190. Since then, the stock has slipped to around $160.42, meaning the congressman is currently underwater on the trade.

Here's where it gets tricky. Cisneros serves on the House Armed Services Committee. That committee oversees the Department of Defense, NASA, and the Space Force — all of which are major SpaceX clients. As a committee member, Cisneros may have advance knowledge of government contracts or vote on matters that directly affect SpaceX's bottom line.

This isn't the first time Cisneros's trading has raised questions. He's made over 2,500 stock transactions, according to data from Quiver Quantitative. Past holdings in defense contractors like Palantir and Lockheed Martin also drew scrutiny given his committee assignment.

In 2025, Cisneros made $22.26 million in trades. So far in 2026, his trading volume stands at $11.38 million. The congressman is clearly an active participant in the market — but when your day job involves deciding which companies get government contracts, every trade invites a closer look.