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● LIVE Updated 1d ago · 13 sources tracked

Elon Musk’s growing SpaceX empire sends AT&T, Verizon and T-Mobile shares plunging

SpaceX acquired the 800 MHz spectrum that T-Mobile previously dropped for $2.9 billion, sparking a major market sell-off for major U.S. telecommunications providers. The deal wiped out over $50 billion in market value before lunch as shares of AT&T, T-Mobile, and Verizon plunged. Verizon stock suffered its worst day since 2002. SpaceX announced plans to become a major mobile carrier in the United States by acquiring spectrum and deploying satellites for its Starlink service, creating direct competition for traditional phone networks.

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  • ✓ SpaceX acquired the 800 MHz spectrum that T-Mobile previously dropped for $2.9 billion.
  • ✓ The market sell-off wiped out over $50 billion before lunch, sending shares of AT&T, Verizon, and T-Mobile plunging.
  • ✓ Verizon stock headed for its worst day since 2002.
  • ✓ FCC Chairman Brendan Carr discussed SpaceX's deal to acquire a nationwide spectrum portfolio.
🛡️ Source Corroboration: 13 independent reporting domains (100% confidence) ⏱ Read time: ~2 min

What changed

SpaceX acquired a nationwide spectrum portfolio, including the 800 MHz spectrum dumped by T-Mobile.

Live updates

  1. SpaceX Enters U.S. Wireless Market, Crushing Telecom Stocks

    SpaceX acquired the 800 MHz spectrum that T-Mobile previously dropped for $2.9 billion, sparking a major market sell-off for major U.S. telecommunications providers. The deal wiped out over $50 billion in market value before lunch as shares of AT&T, T-Mobile, and Verizon plunged. Verizon stock suffered its worst day since 2002. SpaceX announced plans to become a major mobile carrier in the United States by acquiring spectrum and deploying satellites for its Starlink service, creating direct competition for traditional phone networks.

    Why it matters

    The expansion of the Starlink satellite network into direct mobile service poses a significant competitive challenge to established carriers. Industry heavyweights like AT&T, Verizon, and T-Mobile now face potential disruption from the aerospace company's mobile ambitions. Meanwhile, T-Mobile leadership has offered skepticism regarding the technical hurdles of these mobile ambitions.

    What is confirmed

    • SpaceX acquired the 800 MHz spectrum that T-Mobile previously dropped for $2.9 billion.
    • The market sell-off wiped out over $50 billion before lunch, sending shares of AT&T, Verizon, and T-Mobile plunging.
    • Verizon stock headed for its worst day since 2002.
    • FCC Chairman Brendan Carr discussed SpaceX's deal to acquire a nationwide spectrum portfolio.

    Still unconfirmed

    • SpaceX's Starlink move could squeeze Apple and Samsung.

    What to watch next

    • Regulatory approval and review processes by the FCC regarding the spectrum acquisition.
    • Further technological deployments and satellite launches by SpaceX for Starlink mobile service.
    • Response strategies and counter-measures from traditional carriers like AT&T, Verizon, and T-Mobile.
    Sources used for this update (18)
    1. Reuters — SpaceX takes aim at US wireless carriers with spectrum acquisition
    2. WSJ — SpaceX Makes Big Play to Become a Wireless Carrier
    3. Yahoo Finance — SpaceX's next Starlink move could squeeze AT&T, Verizon — and even Apple and Samsung
    4. CNBC — Verizon stock heads for worst day since 2002 as SpaceX U.S. network plans whack telcos
    5. Investopedia — Stock Market Today: Indexes Rise, Poised for Weekly Gains; Telecom Stocks Drop as SpaceX Acquires Spectrum
    6. Yahoo Finance — Elon Musk's SpaceX just made a huge play to challenge the phone industry, and AT&T, T-Mobile, and Verizon stocks are getting crushed
    7. NBC News — Elon Musk’s growing SpaceX empire sends AT&T, Verizon and T-Mobile shares plunging
    8. Ars Technica — Starlink spectrum deal boosts Musk plan to beat AT&T, T-Mobile, and Verizon
    9. WSJ — SpaceX’s Wireless Move Trips Up Telecoms
    10. Axios — SpaceX spectrum acquisition ripples through telecom stocks
    11. Yahoo Finance — SpaceX snaps up the 800 MHz spectrum T-Mobile dumped for $2.9 billion — and T-Mobile, Verizon, AT&T stocks are sliding
    12. Yahoo Finance — Why Verizon (VZ) Shares Are Trading Lower Today
    confidence 100%
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