SpaceX Stock Slips 3% as Russia and India Advance Starlink Rivals

On Wednesday, Vladimir Putin called Elon Musk a genius while introducing Rassvet, Russia's alternative to Starlink. Reliance Jio, meanwhile, is working in India on a second rival made up of about 1,600 satellites.

After the news, SpaceX—the company behind Starlink—saw its stock fall 3%. With a market value near $1.96 trillion, the loss equals roughly $63 billion.

Why Should SPCX Shareholders Care About Starlink?

Starlink belongs to SpaceX's Connectivity segment, which generated $5.25 billion in the last quarter. That works out to around 36% of the $14.6 billion in total revenue, as laid out in SpaceX's third-quarter results.

Starlink still cannot sell into India, one large market. It holds a licence but is waiting on security clearance and airwaves. Musk has blamed Mukesh Ambani, who owns Jio, for the delay.

How Big Is the Gap Facing Russia and India?

Putin delivered the remarks at the Russia-Africa summit in Moscow, where Digital Development Minister Maksut Shadayev showcased Rassvet. The network is being built by Russian company Bureau 1440.

Putin, local media reported, credited Musk with more than 5,000 satellites in orbit and called Rassvet a first step. He also said Russia stays in close contact with US partners, including Musk, to avoid interference in orbit.

🇷🇺🇺🇸 Putin lauds Elon at the Russia-Africa Summit:

"Elon Musk is an industrial genius. He has more than 5,000 spacecraft in orbit. We are in close contact with our American partners, including Mr. Musk.

It is important to maintain discipline and order in orbit.

Both we and…"

— Mario Nawfal (@MarioNawfal) October 28, 2026

KeepTrack, a satellite-tracking service, puts the number of Starlink satellites at 11,190. Rassvet has 31, and no third launch has been scheduled to meet its year-end goal of 156.

Jio is further behind but aiming bigger. Its design calls for up to 5 terabits per second over India, about eight times the 600 gigabits approved for Starlink. In July, the project won technical clearance from India's space regulator.

The two competitive threats are not new. Rassvet's first batch went into orbit in March, and Jio's first test flight is set for September 2027.

Wall Street Still Sees Upside for SpaceX Stock

After the third-quarter report, JPMorgan raised its price target to $500, while Bank of America lifted its to $275. Goldman Sachs takes a more conservative stance, holding a $230 SpaceX target.

Across 35 analysts that TipRanks has followed over the past three months, 29 rate the stock a buy, five a hold and one a sell.

The average 12-month price target among them is $250.34, roughly 74% higher than the last price of $143.82. Targets start at $140 on the low side and top out at JPMorgan's $500.

For SPCX holders, the next catalysts are India's security decision on Starlink, a date for Rassvet's third launch, and any terms in the possible Tesla merger.