SpaceX stock falls toward $140 as Musk touts Louisiana launch plans

Stock moves back toward a key level

Yahoo Finance reports that SpaceX shares were trading at about $142 in early trading on Thursday, October 29, after losing more than 10% over the previous week. The stock had fallen from $159.31 to around current levels, bringing it close again to what the report describes as a $140 floor. The piece says the stock is well below its June record close near $212.

Louisiana launch plans and Musk’s comments

According to the Louisiana Economic Development Department, SpaceX plans to invest $100 billion to build its largest launch facility in Vermillion Parish near Pecan Island. The department says the site is expected to include five launch complexes at full expansion, with two launch pads and a propellant farm at each complex. Yahoo Finance reports that Elon Musk, SpaceX’s CEO, wrote on X that Starbase Louisiana alone could support 10,000 Starship launches a year from that site.

Timeline and market reaction

The report says construction at the Louisiana site is expected to begin in 2027, with the first launch targeted as soon as 2029. Yahoo Finance says those plans are far in the future and will not affect revenue for years. The article argues that investors are instead focused on near-term trading pressure, especially the latest share unlock, which opened up as many as 1.3 billion shares for trading. It says the unlock gave early holders, including insiders and pre-IPO investors, the ability to sell shares, and that SpaceX fell about 9% on October 22 as that supply entered the market.

Latest financial results

Yahoo Finance says SpaceX’s third-quarter report, released October 20, showed record revenue of $14.6 billion, above the Wall Street consensus of $13.02 billion by about 12%. The company also reported a swing in GAAP net income to a $4.4 billion gain from a $1.1 billion loss a year earlier. The report says Starlink consumer subscribers reached 13.6 billion, and Starship flight 14 became the first orbital Starship flight, delivering 26 Starlink V3 satellites.

Other space stocks and chart levels

The report says smaller space companies outperformed SpaceX from the October 22 close through October 27. During that stretch, Rocket Lab rose 13.8%, Firefly Aerospace gained 13.6%, Intuitive Machines climbed 10.6%, and AST SpaceMobile added 8.2%. Yahoo Finance says those companies are being valued on nearer-term business targets, while SpaceX’s Louisiana plan is a longer-term story.

The article says the chart now matters most. Jared Blikre of Yahoo Finance notes that $140 has acted as support since the summer and was held twice in October. If that level fails, he sees room for a larger decline toward the August low near $108 per share. On the upside, he says bulls would first need to reclaim the 50-day moving average near $150, then make another attempt at the $172 level that capped gains in June and October.