October 24, 2026 | TickerRoast Markets Analysis
Shares of AT&T and T-Mobile fell sharply on October 23 after a report that SpaceX is negotiating access to a large network of U.S. cell sites, a step that could bring it closer to becoming a fourth nationwide wireless carrier. Tower owners, which could gain a new tenant, rose. The move adds to investor concerns about Starlink’s growing ambitions in mobile services.
What Happened
Bloomberg reported, citing people familiar with the matter, that SpaceX is in talks with at least one major cell tower owner for access to a large network of U.S. cell sites, according to 24/7 Wall St., whose headline refers to about 80,000 sites. The talks would move SpaceX closer to operating a fourth nationwide carrier. The report is based on anonymous sources, and no agreement has been announced.
| Company | October 23 close | Daily change |
|---|---|---|
| AT&T (T) | $20.93 | -7.96% |
| T-Mobile US (TMUS) | $146.54 | -7.71% |
| Verizon (VZ) | $44.66 | -1.19% |
| Crown Castle (CCI) | $85.97 | +9.06% |
| American Tower (AMT) | $188.97 | +4.08% |
| SpaceX (SPCX) | $147.49 | +1.89% |
Closing prices in the table are based on Yahoo Finance data. Reuters, as published by The Spokesman-Review, described the report as SpaceX seeking thousands of cell sites for a fourth wireless carrier.
Why It Matters
SpaceX has been building a mobile strategy around Starlink. Earlier in October, it agreed to acquire nationwide 800 MHz spectrum licenses to support its Starlink Mobile service, a deal expected to close in the first half of 2027, according to 24/7 Wall St. On SpaceX’s third-quarter earnings call, President Gwynne Shotwell said the purchase would “pave the way for Starlink Mobile to become a major mobile carrier in the U.S.,” according to Via Satellite, which also reported more than 22 million monthly Starlink Mobile users.
Access to ground-based cell sites matters because satellite connections alone face capacity limits in dense areas. Combining spectrum, satellites and terrestrial sites could, in principle, allow SpaceX to offer a more complete service. In our view, this is why the market reacted more strongly to the tower report than to earlier announcements about satellite-to-phone services.
What the Carriers Say
Incumbent carriers have played down the threat. According to 24/7 Wall St., AT&T CEO John Stankey has downplayed the spectrum issue, Verizon CEO Dan Schulman has argued that satellites face physical limits in dense urban and suburban markets, and T-Mobile CEO Srini Gopalan has described direct-to-cell services as complementary, noting that T-Mobile has worked with Starlink.
Why Tower Owners Rose
Tower companies lease space on their infrastructure to carriers. A new nationwide operator would represent additional demand, which explains why Crown Castle and American Tower gained while carriers fell. 24/7 Wall St. noted that tower owners may benefit regardless of which carrier wins customers.
Technical Picture: AT&T
Based on Yahoo Finance data, AT&T fell about 10.7% over the week and about 18% over one month. It traded well below its 20-day (about $23.50), 50-day (about $24.75) and 200-day (about $25.06) simple moving averages, close to its 52-week low of $19.89. The 14-day RSI was near 31, approaching the 30 level often associated with oversold conditions. Volume was about twice the 20-day average. Technical indicators describe past price behavior and do not predict future moves.
Key Risks and Uncertainties
- Unconfirmed report: the tower talks have not been confirmed by the companies, and the number of sites and the partner have not been disclosed.
- Execution: building a nationwide carrier requires spectrum, sites, devices, customer service and regulatory approvals, which take time.
- Competitive pressure: a new entrant could pressure pricing in a mature market.
- Regulation: spectrum transfers and network buildouts require approvals from U.S. authorities.
- Sentiment: telecom stocks have reacted sharply to each SpaceX announcement this month.
What Investors Will Watch Next
- Any official confirmation of a tower agreement and its scale.
- Progress on the 800 MHz spectrum transaction.
- Comments from carriers on competition in their next earnings reports.
- Starlink Mobile subscriber and service updates.
Conclusion
The report that SpaceX is seeking access to cell sites reinforced investor concerns that Starlink could become a full-fledged competitor in U.S. wireless, sending AT&T and T-Mobile sharply lower and lifting tower owners. The talks remain unconfirmed, and building a fourth carrier would be a multi-year effort with significant execution and regulatory hurdles. How quickly SpaceX moves will determine whether this week’s reaction proves justified.
Sources
- Telecom Stocks Fall as SpaceX Eyes 80,000 Cell Sites: T-Mobile Sinks 5%, AT&T Drops 4%, Verizon Slides 3% — 24/7 Wall St.
- Dow, S&P 500 fall, tech steadies to end rocky week — Reuters, via The Spokesman-Review
- Starlink Growth Slows as AI Takes the Lead at SpaceX in Q3 Results — Via Satellite
Market data: Yahoo Finance, close of 2026-10-23.
Disclaimer: This article is for informational and educational purposes only. It provides general financial and business analysis and does not constitute investment advice, a personal recommendation, a recommendation to buy, sell or hold any security, or an offer to transact in any financial instrument. Information is based on publicly available sources as of October 24, 2026 and market data as of the 2026-10-23 close (Yahoo Finance). Past performance is not a reliable indicator of future results; forecasts are uncertain and actual results may differ materially. Investing in shares involves risk, including the loss of capital. The publisher does not guarantee the accuracy or completeness of the information and accepts no responsibility for investment decisions made on the basis of this article. Readers should consult official company disclosures, conduct their own research and, where appropriate, seek advice from a licensed financial adviser. Any relevant financial interests held by the author or publisher in the securities mentioned are disclosed where applicable. This article was prepared with the assistance of AI tools and is based on the sources listed above.
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- Why Is SpaceX Stock Up in Premarket Today? Financial Results and Technical Analysis
Anonymous reader poll, just for fun. Not investment advice.
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