StocksMediumUpdated•Originally published 9 October 2026•Updated 9 October 2026•
1 min read
US Telecom Stocks Drop as SpaceX Signals Wireless Market Entry
Key Facts
1Major telecom stocks fell after SpaceX announced an agreement to purchase a nationwide spectrum portfolio.
2Verizon stock is heading for its worst daily performance since 2002 following the news.
Major US telecom stocks, including T-Mobile, declined following an announcement by SpaceX regarding an agreement to acquire a nationwide low-band spectrum license. Reuters reported that Verizon stock headed toward its worst daily performance since 2002 as the move enables the expansion of Elon Musk's mobile carrier services.
VZ closed at $46.35 and T closed at $24.87 on October 8, 2026, while TMUS shares fell as SpaceX emerged as a direct competitor in low-band services. The acquisition of this specific spectrum portfolio signals a significant competitive threat to established carriers, potentially disrupting long-standing market shares in the US wireless industry.