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Communications Services Down on Reports of SpaceX Cell Tower Talks - Communications Services Roundup

Provided by Dow Jones Oct 23, 2026, 9:42:00 PM

Communications-services companies fell amid fears that Elon Musk's entry into the telecom industry would hurt incumbents.

Shares of AT&T, Verizon, and T-Mobile US slid after reports that SpaceX was in talks to secure 80,000 cell towers, the latest sign the space-travel and artificial-intelligence firm is mounting a serious bid to compete with the wireless carriers. SpaceX has already secured wireless spectrum.

Cell-tower owners Crown Castle and American Tower rose sharply as traders speculated on SpaceX's likely partners. Canadian carrier Rogers Communications reported a decline in third-quarter profit due to a large prior-year accounting gain.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

October 23, 2026 17:42 ET (21:42 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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