Economy / Markets
SpaceX's spectrum play wipes out telecom stocks as Verizon has its worst day since 2002
US wireless carriers sold off hard on Friday after SpaceX agreed to buy a nationwide portfolio of 800 MHz low-band licences from Grain Management to extend Starlink into mobile service. Verizon closed down 8.75 per cent, its worst day since July 2002, while T-Mobile fell 13.27 per cent and AT&T dropped 9.81 per cent, their worst sessions since 2013 and 2000. The licence block covers up to 14 MHz of paired spectrum and reportedly carries a price near $8bn. Analysts said the deal gives Starlink the outline of a real network, though they see little near-term threat to incumbent carriers.