Shares of AT&T Inc. (NYSE: T) declined on October 9, 2026, following news that SpaceX has purchased 800 MHz spectrum from Grain Management. The acquisition is expected to allow SpaceX to expand its Starlink mobile services and compete directly with legacy terrestrial carriers.
According to the report, the announcement caused shares of major U.S. wireless carriers to drop approximately 7% in premarket trading. The stock closed at $22.87 on the NYSE, with a market capitalization of $156.71 billion.
AT&T is the third-largest wireless carrier in the United States, connecting 74 million postpaid and 17 million prepaid phone customers. The company’s wireless business contributes nearly 70% of its total revenue. Fixed-line enterprise services account for about 14% of revenue, while residential services, primarily in-home broadband, make up the remaining 11%.
The filing notes that SpaceX founder Elon Musk publicly cheered the deal, signaling a significant expansion of the company's wireless ambitions.
