Telecom stocks drop after SpaceX agrees to buy spectrum
Wireless carriers fell and tower owners rose after SpaceX announced a nationwide spectrum purchase.
Stocks · Friday, October 9, 2026 · 12:30 PM ET
Shares of the big US wireless carriers fell on Friday after SpaceX said it agreed to buy a nationwide portfolio of 800 MHz spectrum from Grain Management. The deal is subject to FCC approval, according to Grain, MarketWatch and Reuters.
What moved
In morning trading, T-Mobile US was down roughly 9% to 10%, AT&T roughly 7% and Verizon roughly 5% to 6%, according to the AP and Reuters, which gave slightly different figures at different times. Cell-tower owners rose: the AP reported Crown Castle up about 10% and American Tower up about 7%. SpaceX shares rose in the low single digits.
Why
The AP said the spectrum would let SpaceX's Starlink Mobile business offer a signal that can penetrate walls, which makes it a bigger potential rival to the carriers. Reuters called it a direct challenge to the US wireless giants. Whether the deal wins approval is not settled.
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