SpaceX Shares Fall to 134 Dollars as Investors Retreat

SpaceX shares continued losing value on November 1, trading at 134 dollars as investors reassessed the company's financial outlook, substantial artificial intelligence spending, and dependence on major customers. The decline followed a broader sell-off that erased more than 500 billion dollars from the company's market capitalization in less than a month.

According to Finbold, SpaceX stock traded approximately 5.13% below its price of 142 dollars two months earlier. An investment of 1,000 dollars made during that period would consequently have declined to approximately 948.73 dollars, leaving an unrealized loss of 51.27 dollars.

Yahoo Finance reported that the shares dropped more than 6% on October 30, extending losses from their October 6 peak. SpaceX's valuation subsequently fell from more than 2.3 trillion dollars to approximately 1.8 trillion dollars.

The decline also reversed the gains recorded after the company's third-quarter financial results exceeded Wall Street expectations. Shares had advanced approximately 8% on October 21 before losing more than 300 billion dollars in market value.

Another factor emerged on October 22, when approximately 1.3 billion shares became eligible for sale following the expiration of the lockup period. Although the stock initially remained above 140 dollars, it subsequently dropped below that threshold and reached its lowest closing level since August 20, according to Yahoo Finance.

Financial performance presents a mixed picture. Finbold reported that SpaceX generated 4.4 billion dollars in net income during the third quarter, compared with a loss of 1.1 billion dollars during the corresponding period a year earlier. Adjusted EBITDA increased 306% to 8.8 billion dollars, while operating income reached 2.8 billion dollars.

The company's Super Intelligence division generated 7.56 billion dollars in revenue, making it the largest contributor. Connectivity, primarily supported by Starlink, generated 5.25 billion dollars, while the traditional Space business contributed approximately 1.77 billion dollars.

However, the quarterly profit figures require consideration alongside longer-term financial results. SpaceX recorded a consolidated net loss of 413 million dollars during the first nine months of 2026. Third-quarter earnings also included investment gains, interest income, and a tax benefit, while capital expenditure reached 48.1 billion dollars during the first nine months.

Finbold reported that free cash flow fell to negative 35 billion dollars. The company also projected fourth-quarter capital expenditure of 35 billion to 40 billion dollars, highlighting the financial demands of its expansion plans.

Customer concentration represents another concern. Anthropic accounted for approximately 34.5% of SpaceX's third-quarter revenue through a computing agreement valued at up to 120.5 billion dollars through 2029.

Nevertheless, both Starlink and artificial intelligence infrastructure remain important growth drivers. Starlink's Connectivity segment recorded approximately 2.4 billion dollars in operating income during the third quarter, representing annual growth of 99%. Meanwhile, Super Intelligence revenue increased approximately 830% year over year, generating 431 million dollars in operating income.

SpaceX also faces pressure from broader weakness across technology stocks and scrutiny in Washington over Starlink service slowdowns in Ukraine. Yahoo Finance reported that competing space companies, including Rocket Lab and AST SpaceMobile, experienced gains of approximately 10% to 17% between October 22 and Thursday, before the broader sector declined on Friday.

Another potential corporate development involves Tesla. According to Finbold, both companies established special committees on October 20 to evaluate a possible transaction. However, no agreement had been reached.

SpaceX's next major operational milestone is Starship Flight 15, expected in December. The company plans to attempt to catch both the rocket booster and spacecraft, an event that could become an important test of its launch program while investors continue monitoring its financial performance.