US telecom stocks slide on reports SpaceX is seeking cell sites for a wireless carrier
AT&T, Verizon and T-Mobile shares fell after Bloomberg reported SpaceX was in talks to access at least 80,000 cell sites in the US.
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what happened
According to Reuters, US telecom stocks declined on Friday after Bloomberg News reported that SpaceX was seeking access to at least 80,000 cell sites to build a wireless carrier from scratch. AT&T dropped 5.6% to its lowest level in more than three months, Verizon lost 1.6% and T-Mobile fell 5%. Germany's Deutsche Telekom, which holds over 50% of T-Mobile, shed 3.2%. Bernstein analysts said the competitive impact may still be years away.
why it matters
Investors are reacting to the prospect of new rivals rather than an immediate threat, and each new spectrum or infrastructure move keeps the pressure on sector sentiment. SpaceX's earlier purchase of low-band spectrum already sent AT&T and Verizon to their worst one-day falls in more than two decades. Tower owners gained: Crown Castle rose 11.6%, American Tower 4.9% and SBA Communications 4.6%. SpaceX shares added 1.7%.
market impact
US telecom sector: fear of new competition weighs on AT&T, Verizon and T-Mobile, while tower owners benefit
tags
instruments
sources
- US telecom operators wobble after report SpaceX in talks for cell sites — Reuters, 23 October 2026 at 16:34 UTC
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