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Stock Market Today, Nov. 11: SpaceX Shares Slip Amid Upcoming Starship Test Flight Jitters

Source The Motley Fool

Space Exploration Technologies (NASDAQ:SPCX), an orbital launch and satellite broadband services provider better known as SpaceX, closed at $139.75, down 2.33%. Reports that the FCC accepted SpaceX's nationwide spectrum application and a separate Singulus equipment order supported premarket trading, while investors are watching Friday's Starship Flight 15.

Trading volume reached 111.2 million shares, coming in nearly 15% above its three-month average of 96.9 million shares. SpaceX IPO'd in 2026 and has fallen 13% since going public.

How the markets moved today

The S&P 500 (SNPINDEX:^GSPC) closed at 7,619, up 1.31%, and the Nasdaq Composite (NASDAQINDEX:^IXIC) closed at 25,466, up 1.60%. Among aerospace and defense, space launch, satellites, and satellite communications peers, Rocket Lab (NASDAQ:RKLB) closed at $66.15, up 5.49%, while Viasat (NASDAQ:VSAT) closed at $75.12, up 0.34%, reflecting steadier enthusiasm for satellite names than for SpaceX's session.

What this means for investors

On Wednesday, Nov. 11, SpaceX shares ended below premarket highs that were driven by the U.S. Federal Communications Commission formally accepting the company's application to acquire 800 MHz spectrum licenses from Grain Management on Nov. 10. This is a key milestone since it clears the first regulatory hurdle for the company to transition from a satellite partner to telecom conglomerates into a stand-alone, nationwide wireless carrier.

However, these early gains faded as investors shifted focus on SpaceX's upcoming Starship test flight scheduled for Friday, Nov. 13. The massive, reusable Starship rocket is critical for deploying next-gen Starlink satellites, and eventually, launching orbital data centers to power the artificial intelligence boom. Consequently, the high-stakes launch introduces near-term execution and technical risk that pushed SpaceX shares down.

Another factor weighing on the stock is the impending insider lockup period set to expire on Dec. 8. After this date, the market could be flooded with additional tradable shares.

SpaceX delivered spectacular performance in its third-quarter earnings report, announced Oct. 20. The company achieved 161% year-over-year revenue growth to $14.6 billion, with $7.6 billion of that generated by its AI business.

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Robert Izquierdo has positions in Rocket Lab and Space Exploration Technologies. The Motley Fool has positions in and recommends Rocket Lab and Space Exploration Technologies. The Motley Fool has a disclosure policy.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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