Updated: SpaceX spectrum trading triggers industry shock, US and European telecom stocks decline

路透社2026/10/09 11:47

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In early trading of the S&P 500 index components, T-Mobile and Verizon led the declines as the European telecom sector fell to its lowest point since January. According to an updated report with stock price data and charts by Rashika Singh from Reuters on October 9, U.S. and European telecom stocks dropped sharply on Friday amid growing concerns about intensified competition in satellite mobile services after SpaceX’s acquisition of low-band spectrum. T-Mobile US, Verizon, and AT&T saw pre-market losses ranging from 5.5% to 7.4%, while the STOXX Europe 600 Telecommunications Index fell over 2% to its lowest level since January 30. Among the largest European telecom operators by market value, Deutsche Telekom dropped 6.5%, Vodafone decreased by 4.1%, Orange fell by 2.3%, and Telefónica dipped 3.9%. The stock declines followed reports (link) that SpaceX agreed to acquire a nationwide 800 MHz spectrum portfolio from private equity firm Grain Management for approximately $8 billion. This move bolsters SpaceX’s ambitions in satellite-to-cellular network connectivity. Analysts at Morgan Stanley commented, “We believe the Grain deal clearly indicates that SpaceX will pursue a more aggressive approach in spectrum acquisitions,” adding that any threat to existing operators would likely emerge gradually, starting with rural markets. Compared to higher-frequency radio waves, low-band spectrum travels longer distances and more effectively penetrates buildings and obstacles, which may facilitate SpaceX in advancing its Starlink Mobile service. Although financial terms were not disclosed by the parties, The Wall Street Journal cited sources valuing the deal at $8 billion. SpaceX shares rose 4% following the announcement, though the transaction is still subject to regulatory approval. [Chart link: https://www.reuters.com/graphics/BRV-BRV/lbvgxnzxepq/chart.png] Communications tower stocks bucked the sector-wide sell-off, as investors bet that SpaceX’s wireless ambitions would ultimately drive demand for more ground infrastructure. American Tower, Crown Castle, and SBA Communications saw gains between 6.7% and 8.3%. Morgan Stanley noted the deal is a “marginal positive” for communications tower operators, pointing out that even satellite-dominated networks may require the deployment of towers, rooftop and small cell sites, and that broader urban competition would necessitate substantial ground-based infrastructure and spectrum resources. (Reuters provides automated translations of its reports in several other languages for the benefit of non-English readers. Automated translations may be inaccurate or lack necessary context, and Reuters does not guarantee the accuracy of translated texts. Automated translations are provided for convenience only, and Reuters is not liable for any damage or loss caused by the use of automated translation services.)

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Interpretation - What is the low-frequency spectrum obtained by SpaceX for Starlink Mobile?

Harshita Mary Varghese, Reuters, October 9 - SpaceX SPCX.O has agreed to acquire a portfolio of low-band spectrum licenses covering the entire United States, in a deal reportedly valued at $8 billion. The company is seeking to expand its business beyond satellite internet and become a major competitor in the U.S. mobile market. SpaceX revealed its plans to enter the mobile service sector during its first earnings call in August. This announcement briefly weighed on the company’s stock price, and shares of the three major U.S. wireless carriers—AT&T, T-Mobile, and Verizon—were also affected as investors assessed the potential competitive threat. What is low-band spectrum? Low-band spectrum refers to radio waves that travel further and penetrate buildings better compared to higher frequencies, making them suitable for wide-area mobile network coverage. In contrast, mid-band and high-band spectrums can transmit more data at faster speeds but have a smaller coverage area. SpaceX has agreed to purchase up to 14 MHz of paired 800 MHz low-band spectrum licenses from Grain Management and plans to develop a hybrid architecture for Starlink Mobile, combining terrestrial infrastructure with satellite connectivity. How is the U.S. spectrum licensing system structured? Commercial spectrum is a scarce resource in the U.S., regulated by the Federal Communications Commission (FCC), which typically allocates licenses for specific frequencies and geographic areas via auctions or other authorization processes. License holders must comply with technical rules and deployment requirements, and transfers of licenses usually require regulatory approval before obligations are fulfilled. The spectrum license deal recently struck by SpaceX is pending FCC approval. Which low-band spectrum do the three major carriers hold? AT&T’s low-band spectrum includes the 700 MHz and 850 MHz bands, as well as 600 MHz spectrum licenses acquired this July through the purchase of EchoStar. Verizon holds spectrum in the 700 MHz and 850 MHz bands, while T-Mobile’s low-band holdings include 600 MHz and 700 MHz spectrum. What are the plans for STARLINK MOBILE? The company plans to integrate these spectrum licenses into its next-generation satellite system, while also deploying terrestrial radio equipment and antennas on communication towers and rooftops. The FCC this week approved Starlink Mobile’s application for its second-generation (Gen2) satellite constellation, authorizing SpaceX to launch 15,000 satellites globally optimized for the 2 GHz spectrum.

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