Verizon posts worst day since 2002 as SpaceX U.S. network plans whack cell provider stocks
SpaceX announced the spectrum deal Thursday, as the company aims to push deeper into the telecom market through its Starlink service.
TL;DR
- SpaceX announced an agreement to purchase nationwide spectrum to expand Starlink internet into mobile service.
- Verizon's stock dropped 8.75%, T-Mobile fell 13.27%, and AT&T decreased by 9.81% following the news.
- The deal involves acquiring spectrum from Grain Management in the 800 MHz band.
- FCC Chair Brendan Carr views the increased competition in the spectrum market as positive for American consumers.
- Analysts believe the acquisition enhances Starlink Mobile's long-term credibility, though near-term risk to existing providers is considered limited.