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

On November 11, SpaceX shares (SPCX) fell 2.33% to $139.75, slipping amid anticipation of the company's upcoming Starship test flight on Friday, November 13. The company's shares, which closed at $139.75, were down from premarket highs, which were driven by the Federal Communications Commission's acceptance of SpaceX's nationwide spectrum application on November 10.

This key milestone clears the first regulatory hurdle for SpaceX to transition from a satellite partner to a standalone, nationwide wireless carrier. However, the early gains were short-lived as investors turned their attention to the high-stakes Starship flight. The massive, reusable Starship rocket is essential for deploying next-generation Starlink satellites and eventually launching orbital data centers to support the AI boom.

This upcoming launch introduces near-term execution and technical risks that weighed on SpaceX's stock. Another factor affecting the stock is the impending insider lockup period, which expires on December 8. After this date, additional shares could flood the market, potentially impacting the stock price. Despite a spectacular third-quarter earnings report in October, where SpaceX reported a 161% year-over-year revenue growth to $14.6 billion, with $7.6 billion coming from its AI business, the stock has fallen 13% since its IPO in 2026.

The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) both saw slight gains on the same day, with the S&P 500 closing at 7,619, up 1.31%, and the Nasdaq Composite at 25,466, up 1.60%. Among SpaceX's peers, Rocket Lab (RKLB) saw a 5.49% increase, closing at $66.15, while Viasat (VSAT) rose by 0.34%, closing at $75.12.