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 · Updated 3:45 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
By about 1:48 PM ET, the AP reported T-Mobile US down 13.2%, AT&T down 10.2% and Verizon down 9.9%, deeper than the morning drops of roughly 5% to 9% reported by Reuters and the AP. CNBC said Verizon was heading for its worst day since 2002. Cell-tower owners rose: the AP reported Crown Castle up 12.5% and American Tower up 7.6%. SpaceX shares were up about half a percent. Figures moved through the day.
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.
This was one of the five items in this morning's Toast & Tickers.