SpaceX Update: Alphabet's $8.7B Hit, Putin on Starlink, EasyJet

Alphabet blamed an $8.7 billion equity investment loss on its SpaceX stake, a reminder that the June IPO has not gone smoothly for holders. Separately, Putin talked up Russia’s Starlink rival, and EasyJet said it will fit Starlink across its fleet.

Key points

• Alphabet reported an $8.7 billion loss on equity investments in Q3, which it attributed to its SpaceX stake. AFP via ENCA says SpaceX shares have struggled since going public in June.
• Putin called Elon Musk a “real genius” at the Russia-Africa Summit and said the two are in “close” contact about satellite technology, per Armenian Public Radio citing the BBC.
• Russia’s Rassvet satellite internet network is targeting a 2027 launch, according to Outlook India.
• EasyJet announced it will install Starlink internet across its fleet, per the Irish Times.
• A citizens group is suing Grimes County over Terafab records and opposing a SpaceX bid to keep some private, per KBTX.

What does Alphabet’s loss say about SpaceX shares?

Alphabet’s third-quarter report, covered by AFP, showed net profit down 25 percent to $26.2 billion, or $2.12 per share, below analyst expectations. Within that, the company booked an $8.7 billion loss on equity investments and linked it to its SpaceX holding. The report does not give the share price levels behind the markdown, so the size of the decline in SpaceX stock cannot be derived from these sources.

The point for SPCX investors is mostly informational. Large early backers mark their stakes to market, and a falling price shows up in their earnings. Alphabet’s shares fell more than 10 percent in after-hours trading, but the article ties that move to the profit miss, slower ad growth and heavy AI spending, not to SpaceX alone. Alphabet’s $51.4 billion quarterly capex and the funding raised through bonds and share issuance were the bigger themes of the report.

Why is Putin talking about Starlink?

Putin made his comments at the Russia-Africa Summit in Moscow while discussing Rassvet, Russia’s own satellite internet project. Armenian Public Radio, relaying the BBC, reports he said he is in close contact with Musk about satellite technology. Outlook India says Rassvet is aiming for a 2027 launch. NewsBytes describes it as a planned Russian version of Starlink.

The Mirror headline frames the remarks against a claim that Musk “ordered a Starshield blackout” and notes that Ukraine’s Starlink access was reduced overnight two weeks ago. The summary we have does not substantiate that claim, and we have no confirmation from SpaceX or Putin on what the contact involves. Treat the “close contact” statement as Putin’s own characterization. Rassvet is a 2027 target, not an operating competitor.

Where is Starlink adding customers?

EasyJet’s decision, reported by the Irish Times, adds a European short-haul carrier to the aviation customer list. The available summary does not give a rollout timeline, aircraft count or contract value, so revenue impact cannot be estimated.

Separately, GuruFocus reports that speculation intensified on October 28 that SpaceX could become a serious contender in the U.S. wireless market through a hybrid satellite-mobile model. That is speculation, and the source summary offers no confirmed plan or product details.

What else is on the radar?

In Texas, a citizens group is suing Grimes County over records related to Terafab and is contesting a SpaceX effort to keep some of them private, according to KBTX. The group says the county is withholding documents. Details of the case are limited in the available summary.

The Motley Fool argues SpaceX’s biggest risk is neither its valuation nor impending stock lock-ups. The summary available does not say what the author names instead, so we do not characterize the argument further.

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