Key Notes
- T-Mobile fell more than 13% while AT&T and Verizon lost nearly 10% in Friday’s regular session.
- SpaceX plans a hybrid Starlink mobile network using nationwide low-band spectrum, subject to regulatory approval.
- Carrier pricing and subscriber retention are in focus as investors assess a potential new nationwide competitor.
T-Mobile US Inc. (NASDAQ: TMUS) fell more than 13%, while AT&T Inc. (NYSE: T) and Verizon Communications Inc. (NYSE: VZ) lost nearly 10% in Friday trading as the selloff following SpaceX’s plans for a major U.S. mobile network intensified.
The October 9 declines extended the pressure that began after SpaceX (NASDAQ: SPCX) announced a spectrum acquisition intended to help turn Starlink into a nationwide wireless competitor. The market reaction reflects investors reassessing competition across an industry already dominated by three large carriers.
As we reported, all three stocks fell in Thursday’s extended session. Friday’s regular-session losses represent a new trading snapshot, rather than a closing result or an additional percentage to be added directly to the earlier after-hours moves.
Telecom Stocks Extend Their Losses
CNBC quote pages showed the following prices at approximately 1:13–1:14 p.m. EDT, or 17:13–17:14 UTC, on October 9:
| Company | Share Price | Displayed Daily Change |
|---|---|---|
| AT&T | $22.18 | −9.83% |
| Verizon | $41.29 | −9.55% |
| T-Mobile | $148.84 | −13.12% |
T-Mobile also touched a new 52-week low of $148.42. These are intraday observations, and prices may change before the close.
AT&T and Verizon were both trading ex-dividend on Friday, with distributions of $0.2775 and $0.7075 per share, respectively. The quote pages displayed dividend-adjusted previous closes, so comparisons against Thursday’s unadjusted closing prices produce different percentage declines. The table uses the providers’ displayed changes consistently.
Starlink Targets a Broader Wireless Business
SpaceX outlined a hybrid network combining satellites with terrestrial infrastructure. Its agreement covers up to 14 megahertz of paired spectrum in the 800-megahertz band across the United States.
The company says that low-band spectrum would improve indoor coverage, complementing the capacity of its 2-gigahertz spectrum. It also says most existing mobile devices already support the 800-megahertz band, potentially reducing the need for customers to buy specialized handsets.
That ambition goes beyond using satellites only to fill coverage gaps. SpaceX wants to compete as a major carrier, bringing a combination of space-based and ground-based connectivity to the domestic mobile market. Its announcement did not establish a firm nationwide retail launch date or disclose consumer plan pricing.
Spectrum Ownership and Approvals Matter
Grain Management announced the definitive agreement on October 8, saying SpaceX would acquire its entire nationwide 800-megahertz portfolio. The sale remains subject to Federal Communications Commission approval and customary closing conditions.
Grain acquired that portfolio from T-Mobile in August in exchange for cash and Grain’s 600-megahertz spectrum. The sequence illustrates how spectrum assets can move between carriers and investors before becoming part of a new competitive strategy.
Separately, the FCC’s October 6 order authorized a Starlink direct-to-device constellation of up to 15,000 satellites, subject to conditions. We previously reported on that approval. Satellite authorization and approval of the new spectrum transaction are distinct steps; neither means the proposed nationwide mobile service is already operating at its intended scale.
Incumbent Carriers Have Their Own Plans
AT&T, T-Mobile and Verizon are also developing satellite connectivity. On October 1, AT&T announced a joint venture aimed at improving coverage in underserved areas and integrating satellite capabilities with terrestrial networks.
The venture is intended to develop common technical specifications and improve compatibility and emergency redundancy. Existing carrier-satellite agreements remain in place, and the companies can continue pursuing their own initiatives.
For investors, this creates a more complicated picture than a simple contest between satellites and cell towers. Satellite providers can be partners to established carriers while also pursuing services that could compete for the same customers.
Pricing and Execution Are the Next Tests
The immediate financial concern is the possibility of another nationwide competitor putting pressure on wireless pricing, subscriber retention and acquisition costs. Those are potential consequences of a successful rollout, rather than customer losses established by the announcement itself.
A practical assessment will depend on network capacity, indoor reliability, handset compatibility, distribution and the price of service. Regulators must also consider the spectrum transaction, while SpaceX still has to translate its announced architecture into a commercial offering.
Friday’s trading shows how sharply investors can reprice established telecom businesses before those commercial details are available. The next material developments will be regulatory decisions, a clearer deployment timetable and evidence of how the planned service compares with existing wireless networks.
