Shares of Wireless Carriers Fall After Bloomberg Reports SpaceX Is in Talks to Access Cell Sites for New Network
By Connor Hart
Shares of AT&T, Verizon and T-Mobile fell, after Bloomberg News reported that SpaceX is in talks with Crown Castle to secure access to at least 80,000 cell sites across the U.S.
Shares of AT&T fell 4.3% to $21.76, in premarket trading Friday. Verizon's stock declined 4.3% to $43.25, while T-Mobile's stock sank 5% to $150.82.
Meanwhile, shares of Crown Castle - one of the largest owners of cellular towers - jumped 12% to $88.56.
An agreement would solidify SpaceX's path toward building a fourth nationwide wireless carrier, according to the Bloomberg report, which cited people familiar with the matter who asked not to be identified because the discussions are private.
Elon Musk, SpaceX's chief executive, has been vocal about his desire to create a standalone wireless carrier from scratch, threatening the existing dominant providers with increased competition from a well-funded and politically potent new rival, the report said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
October 23, 2026 09:08 ET (13:08 GMT)
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