US Telecom Stocks Fall Following New SpaceX Deal

Shares of US telecommunications companies declined after SpaceX announced the acquisition of an 800 MHz spectrum portfolio from Grain Management—a move that boosts the capabilities of its Starlink Mobile service and intensifies competition with traditional telecom carriers.

AT&T shares fell by 6.75%, T-Mobile by 5.4%, and Verizon by 5%.

The deal is expected to improve mobile coverage inside buildings and in remote areas by integrating satellite communications with terrestrial networks.

Additionally, the US Federal Communications Commission (FCC) has approved the launch of 15,000 second-generation Starlink satellites, supporting the company's plans to expand direct-to-mobile connectivity services.