SpaceX's $8B Spectrum Buy Sends AT&T, Verizon Futures Down 7%
SPCX sits 59% above its 52-week low of $104.83.
Summary
SpaceX is buying an $8 billion portfolio of low-band 800MHz spectrum from Grain Management, a move that positions Starlink Mobile to become a major U.S. wireless carrier. The deal still requires FCC approval. AT&T and Verizon futures fell over 7% in pre-market trading, and European carriers Telefonica, BT, Orange, and Deutsche Telekom also dropped. This follows the earlier report of the spectrum purchase that sent T-Mobile down 6% after hours. The transaction comes a month after President Trump bought $5 million of SpaceX bonds, raising conflict-of-interest concerns.
At the time of this announcement, SPCX was trading at $166.90 on NASDAQ in the Technology sector, with a market capitalization of approximately $2.2T. The 52-week trading range was $104.83 to $225.64. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: ShareCast.