Updated: SpaceX spectrum trading triggers industry shock, US and European telecom stocks decline
路透社2026/10/09 11:47In early trading of the S&P 500 index components, T-Mobile and Verizon led the declines as the European telecom sector fell to its lowest point since January. According to an updated report with stock price data and charts by Rashika Singh from Reuters on October 9, U.S. and European telecom stocks dropped sharply on Friday amid growing concerns about intensified competition in satellite mobile services after SpaceX’s acquisition of low-band spectrum. T-Mobile US, Verizon, and AT&T saw pre-market losses ranging from 5.5% to 7.4%, while the STOXX Europe 600 Telecommunications Index fell over 2% to its lowest level since January 30. Among the largest European telecom operators by market value, Deutsche Telekom dropped 6.5%, Vodafone decreased by 4.1%, Orange fell by 2.3%, and Telefónica dipped 3.9%. The stock declines followed reports (link) that SpaceX agreed to acquire a nationwide 800 MHz spectrum portfolio from private equity firm Grain Management for approximately $8 billion. This move bolsters SpaceX’s ambitions in satellite-to-cellular network connectivity. Analysts at Morgan Stanley commented, “We believe the Grain deal clearly indicates that SpaceX will pursue a more aggressive approach in spectrum acquisitions,” adding that any threat to existing operators would likely emerge gradually, starting with rural markets. Compared to higher-frequency radio waves, low-band spectrum travels longer distances and more effectively penetrates buildings and obstacles, which may facilitate SpaceX in advancing its Starlink Mobile service. Although financial terms were not disclosed by the parties, The Wall Street Journal cited sources valuing the deal at $8 billion. SpaceX shares rose 4% following the announcement, though the transaction is still subject to regulatory approval. [Chart link: https://www.reuters.com/graphics/BRV-BRV/lbvgxnzxepq/chart.png] Communications tower stocks bucked the sector-wide sell-off, as investors bet that SpaceX’s wireless ambitions would ultimately drive demand for more ground infrastructure. American Tower, Crown Castle, and SBA Communications saw gains between 6.7% and 8.3%. Morgan Stanley noted the deal is a “marginal positive” for communications tower operators, pointing out that even satellite-dominated networks may require the deployment of towers, rooftop and small cell sites, and that broader urban competition would necessitate substantial ground-based infrastructure and spectrum resources. (Reuters provides automated translations of its reports in several other languages for the benefit of non-English readers. Automated translations may be inaccurate or lack necessary context, and Reuters does not guarantee the accuracy of translated texts. Automated translations are provided for convenience only, and Reuters is not liable for any damage or loss caused by the use of automated translation services.)
Full text updated with stock price data and added charts
Rashika Singh
Reuters, October 9 - On Friday, as SpaceX acquired low-band spectrum, concerns over intensifying competition in satellite mobile services grew, leading to a significant sell-off in US and European telecom stocks.
T-Mobile US TMUS.O, Verizon VZ.N, and AT&T T.N saw declines between 5.5% and 7.4% in pre-market trading, while the STOXX Europe 600 Telecom Index .SXKP dropped over 2%, reaching its lowest since January 30.
Europe’s largest telecom operator by market value, Deutsche Telekom (DTEGn.DE), fell 6.5%, Vodafone (VOD.L) in the UK declined 4.1%, Orange (ORAN.PA) in France dropped 2.3%, and Telefónica (TEF.MC) in Spain slipped 3.9%.
The share price declines stem from (link) reporting that SpaceX has agreed to acquire a nationwide 800 MHz spectrum portfolio held by private equity firm Grain Management for about $8 billion, boosting the company’s ambitions in satellite-to-cellular network connectivity.
Morgan Stanley analysts said in a report: “We believe the Grain deal clearly demonstrates that SpaceX will take a more aggressive stance in spectrum acquisition.” They added that any threat to current operators is likely to unfold gradually, starting in rural markets.
Compared to high-frequency radio waves, low-band spectrum travels longer distances and can penetrate buildings and other obstacles more effectively—enabling SpaceX to advance its Starlink Mobile service.
Although neither party disclosed financial terms, The Wall Street Journal cited sources valuing the deal at $8 billion.
Following the acquisition announcement, SpaceX shares rose 4%. The deal still requires regulatory approval.
https://www.reuters.com/graphics/BRV-BRV/lbvgxnzxepq/chart.png
Cell tower stocks buck the trend
Telecom tower operators moved against the broader industry selloff, as investors bet on SpaceX’s wireless ambitions ultimately increasing demand for more ground infrastructure.
American Tower (AMT.N), Crown Castle (CCI.N), and SBA Communications (SBAC.O) all saw gains of between 6.7% and 8.3%.
Morgan Stanley said the deal is “incrementally positive” for cell tower operators, noting that even satellite-focused networks could require deployments of towers, rooftop base stations, and small cells. Broader urban competition would need substantial terrestrial infrastructure and spectrum resources.
(For the convenience of non-native English speakers, Reuters automatically translates its reports into several other languages. Because automated translations may contain errors or lack the necessary context, Reuters does not guarantee the accuracy of automated translated texts and provides them only for readers’ convenience. Reuters accepts no liability for any damages or losses arising from the use of automated translation services.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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