Shares of major U.S. wireless carriers declined in premarket trading on Friday, October 9, 2026, following news that Space Exploration Technologies Corp. (SpaceX) has acquired a nationwide 800 MHz spectrum portfolio from Grain Management. The acquisition, which SpaceX described as an "earthquake" by CEO Elon Musk, positions the company to target existing wireless carrier customers, raising concerns about increased competition in the sector.
The move comes shortly after the Federal Communications Commission (FCC) approved SpaceX’s direct-to-device satellite constellation and the satellite joint venture announced by Verizon, AT&T, and T-Mobile on October 2. The three carriers had previously announced a shared venture to combine spectrum assets, aiming to eliminate cellular dead zones and extend satellite-based service to underserved areas nationwide. Ad Paul Roth, a telecommunications executive with senior roles at AT&T and Cingular Wireless, was appointed interim CEO of this venture.
In premarket trading, the stocks of the affected carriers were moving lower. T-Mobile US (NASDAQ: TMUS) shares were down 7.59% at $158.30, AT&T (NYSE: T) shares were down 6.31% at $23.04, and Verizon Communications (NYSE: VZ) shares were down 5.53% at $43.12. The declines were also attributed to rising Treasury yields, which added pressure on dividend-paying stocks.
