EL7.AI
StocksMediumUpdated×2•Originally published 30 June 2026•Updated 30 June 2026•
1 min read

SpaceX's Potential Phone Sector Entry Worries Wall Street, Weighs on Telecom Stocks

Elon Musk portrait with a SpaceX rocket plugged into a smartphone above a declining bar chart on an orange background.

Key Facts

1SpaceX's $85.7 billion IPO more than doubled the previous record.
2The company sold only about 4% of its equity to public investors.

After SpaceX (SPCX) achieved the largest IPO in history at $85.7 billion, news emerged that the company may enter the mobile phone sector, alarming Wall Street. A Barron's report noted analysts fear the move could disrupt the $1.6 trillion telecom market, putting pressure on incumbent carriers. Shares of Verizon, AT&T, and T-Mobile fell as investors remain concerned about Elon Musk and SpaceX encroaching into the sector.

This comes as traders focus on SpaceX's post-IPO performance. According to a Motley Fool report, the company sold only about 4% of its equity to public investors, implying a tight free float that could drive early volatility. The stock is currently trading at $164.19 (close June 29, 2026), having touched a high of $166.17 and a low of $151.74 in recent days, per market data.

Investors are watching current support and resistance levels: the $151.74 low serves as a downside pivot, while $166.17 is a resistance level that needs to be broken to confirm momentum. Any official announcement about SpaceX entering the phone sector could be a major catalyst, along with upcoming quarterly results and government contracts.