Vladimir Putin called Elon Musk a genius on Wednesday while showing off Rassvet, Russia's answer to Starlink. In India, Reliance Jio is building a second rival with about 1,600 satellites.
SpaceX stock, which owns Starlink, fell 3% after the news. At a market value near $1.96 trillion, that equals roughly $63 billion.
SpaceX Stock (SPCX) Performance. Source: Yahoo Finance Why Does Starlink Matter For SPCX Shareholders?
Starlink sits inside SpaceX's Connectivity segment, which earned $5.25 billion last quarter. That is about 36% of total revenue of $14.6 billion, according to SpaceX's third-quarter results.
India is one large market Starlink still cannot sell in. It holds a licence but awaits security clearance and airwaves. Musk has blamed Jio owner Mukesh Ambani for the delay.
How Far Behind Are Russia and India?
Putin spoke at the Russia-Africa summit in Moscow, where Digital Development Minister Maksut Shadayev presented Rassvet. Russian company Bureau 1440 builds the network.
Putin said Musk has more than 5,000 satellites in orbit and called Rassvet a first step. He added that Russia keeps close contact with US partners, including Musk, to avoid interference in orbit, local media reported.
🇷🇺🇺🇸 Putin lauds Elon at the Russia-Africa Summit:
— Mario Nawfal (@MarioNawfal) October 28, 2026
"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…
Tracking site KeepTrack counts 11,190 Starlink satellites. Rassvet has 31, and its year-end goal of 156 has no third launch scheduled.
Jio is further back but aims bigger. Its design targets up to 5 terabits per second over India, about eight times Starlink's approved 600 gigabits. India's space regulator cleared it on technical grounds in July.
Neither threat is new. Rassvet's first batch flew in March, and Jio's first test flight is set for September 2027.
Wall Street Remains Positive on SpaceX Stock
After third-quarter results, JPMorgan raised its price target to $500 and Bank of America to $275. Goldman Sachs sits lower, with a $230 SpaceX target.
Meanwhile, of 35 analysts tracked by TipRanks over the past three months, 29 rate the SpaceX stock a buy, five a hold, and one a sell.
Their average 12-month price target is $250.34, about 74% above the last price of $143.82. Forecasts range from $140 at the low end to JPMorgan’s $500 at the top.
SpaceX (SPCX) Stock Forecast & Price Target. Source: TipRanks For SPCX holders, the next markers are India's security decision on Starlink, a date for Rassvet's third launch, and any terms in the possible Tesla merger.
Read the Original story Russia and India Reveal Starlink Alternatives. How Will SpaceX Stock React? by Lockridge Okoth at beincrypto.com