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SpaceX's $8bn spectrum deal wipes $60bn off US telco giants as Musk eyes mobile takeover

From the Newshound archive · first published 9 October 2026 · last updated 10 October 2026.

SpaceX's $8bn spectrum deal wipes $60bn off US telco giants as Musk eyes mobile takeover

Elon Musk's SpaceX struck an $8 billion deal this week to buy cellular spectrum licences, laying the groundwork for a terrestrial mobile network that would combine satellite Starlink coverage with ground-based cell towers. Shares in AT&T, T-Mobile and Verizon all fell sharply on Friday as investors dumped traditional telecoms stocks, wiping $60 billion off their combined value. FCC chairman Brendan Carr backed the move enthusiastically, citing Trump's 'Golden Age of connectivity', though approval for SpaceX to use the spectrum still formally requires FCC sign-off.

SpaceX shares rose 1.6% on the news, reaching their highest level since July, trading at around $163.

MoreFinancial TimesUS telcos shed $60bn in value after SpaceX announces spectrum purchaseLBCStocks rebound but SpaceX fears spark telecommunications fallsNY PostSpaceX takes major step toward offering cell service, putting big telecom on edgeAxiosSpaceX spectrum acquisition ripples through telecom stocks - Axios
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