SpaceX is reportedly negotiating access to at least 80,000 U.S. cell sites, a move that could lay the groundwork for a fourth nationwide wireless carrier and triggered a sharp divergence in telecom-related stocks on Friday.
According to a Bloomberg report, the proposed access covers roughly half of all purpose-built towers in the country. Verizon shares slid 3.3% in pre-market trading to $43.70, erasing Thursday's 3.7% gain, while AT&T and T-Mobile each fell more than 3% despite AT&T beating earnings and raising its full-year outlook. Investors also cited SpaceX’s roughly $8 billion nationwide 800 MHz spectrum purchase as a sign of rising competitive pressure on wireless pricing. Verizon reports earnings Monday, with analysts expecting EPS of about $1.27; last quarter revenue missed estimates at $34.25 billion.
In contrast, tower owners rallied. American Tower opened at $181.62, up 2%, after jumping about 3% pre-open, as analysts noted a tenant of SpaceX's scale could lead to multibillion-dollar leasing deals. Crown Castle rose 0.2%. American Tower reports Q3 results Oct. 27, with consensus EPS of $2.84 and revenue near $2.77 billion. Its average analyst price target is $214.90, with a Moderate Buy consensus. Broader markets were subdued, with the S&P 500 down 0.2% and the Dow off 0.6%.
No specific cryptocurrency tokens are directly implicated in the telecom infrastructure developments.
