By Rashika Singh and Shashwat Chauhan Oct 9 (Reuters) - US and European telecom stocks were among the top decliners on their respective benchmarks on Friday after SpaceX's acquisition of low-band spectrum heightened concerns over growing competition from satellite-based mobile services.

SpaceX's deal for 800 MHz spectrum from Grain Management moves Starlink Mobile closer to rivaling AT&T, Verizon, and T-Mobile nationwide.

Shares of US mobile providers sank in after-hours trading following SpaceX’s announcement. Verizon Communications, which has the most mobile subscribers in the country, dropped 7 per cent. AT&T tumbled 7.5 per cent and T-Mobile US fell 6.7 per cent.

On October 9, 2026, the stocks of the three major U.S. mobile carriers all fell significantly. T-Mobile dropped by 13%, AT&T by nearly 10%, and Verizon by nearly 9%. The trigger was an announcement not from a telecommunications company,

Telecom giants saw shares tumble on news that Elon Musk's company reached a deal that would allow it to expand its reach in the US market.

SpaceX has revealed its plans to become a major mobile carrier.

On October 8, 2026, satellite network operator SpaceX announced a definitive agreement to acquire the nationwide 800 MHz low-band spectrum portfolio held by digital infrastructure investment firm Grain Management.

Key TakeawaysCrown Castle shares jumped 13% today after SpaceX agreed to buy nationwide low-band spectrum from Grain Management for about $8 billion in cash. Bernstein says the deal keeps alive the option of SpaceX building a ground network.