Russia and India Reveal Starlink Alternatives. How Will SpaceX Stock React?

At the Russia-Africa summit in Moscow on Wednesday, Russian President Vladimir Putin showcased Rassvet, a satellite network built by Bureau 1440 as Russia’s Starlink counterpart, and praised Elon Musk as a genius, while Reliance Jio is developing an Indian rival with about 1,600 satellites. After the news, SpaceX stock fell 3%, roughly $63 billion at its near-$1.96 trillion market value. Starlink sits in SpaceX’s Connectivity segment, which earned $5.25 billion last quarter, about 36% of SpaceX’s $14.6 billion total revenue. India is a large market where Starlink holds a licence but awaits security clearance and airwaves; Musk has blamed Jio owner Mukesh Ambani for the delay.