Telecom and satellite stocks traded sharply in opposite directions on Thursday after SpaceX announced an agreement to buy Grain Management’s nationwide 800 MHz spectrum portfolio, while AST SpaceMobile shares dropped on a newly filed securities class action.
SpaceX said the low-band spectrum licenses will support Starlink Mobile, its planned direct-to-phone cellular service expected to launch in 2027. In after-hours trading, Verizon fell close to 6%, while AT&T and T-Mobile each dropped more than 6%. Tower companies rallied on the news: Crown Castle rose 7%, American Tower climbed 5%, and SBA Communications gained 6%. Analysts at Bernstein estimated a full SpaceX network buildout could cost between $50 billion and $130 billion and require 30,000 to 120,000 tower locations, while U.S. permitting limits allow only 1,200 to 2,000 new towers per year. That could force SpaceX to lease space from existing tower operators.
The spectrum purchase still requires Federal Communications Commission approval before Starlink Mobile can move forward.
Separately, AST SpaceMobile closed down 6% to $56.93 on volume of nearly 17.8 million shares after a lawsuit was filed covering investors who bought ASTS stock between March 2025 and July 2026. The plaintiffs allege the company understated user-adoption risks and the dilutive impact of three $1 billion convertible note offerings. AST SpaceMobile missed Wall Street estimates last quarter, posting a loss of $0.77 per share versus expectations for a $0.32 loss, with revenue of $31.52 million versus $34.53 million expected. Wall Street remains split with an average price target of $84.58 and a consensus Hold rating. The company did score a positive this week with a successful direct-to-smartphone satellite test with TELUS in Canada.
