SpaceX shares SPCX recovered in premarket and Tuesday trading after The Washington Post reported that Elon Musk's company is exploring a deal with EchoStar to acquire Boost Mobile or secure access to its wireless network.
The stock had dropped $9.17, or 6.37%, from its previous close of $143.89 on October 29, finishing Friday at $134.72. Premarket on November 2, SPCX climbed 1.66% to $136.95, and by Tuesday it rose roughly 3% to around $141 after closing Monday at $136.37.
EchoStar shares gained about 3.4% premarket following the report, while T-Mobile fell 2%, and AT&T and Verizon declined. The talks have been ongoing for several months; Elon Musk reportedly met EchoStar Chairman Charlie Ergen in October. Earlier efforts to secure network access from Verizon, AT&T, and T-Mobile were rejected, and T-Mobile CEO Srini Gopalan has publicly ruled out granting SpaceX mobile virtual network operator status.
A deal with Boost Mobile could accelerate Starlink Mobile, SpaceX's planned US cellphone service that combines satellite connections and ground networks. EchoStar reported 7.38 million wireless subscribers at the end of the second quarter, but lost about 118,000 retail wireless subscribers in Q2, compared with an addition of 212,000 in the same period in 2025. Boost relies on network capacity leased from AT&T and T-Mobile, so transferring agreements may require carrier approval.
SpaceX also agreed on October 8 to acquire Grain Management's nationwide 800 MHz spectrum portfolio for about $8 billion, covering up to 14 megahertz of paired spectrum. The company expects that spectrum purchase to close in the first half of 2027, pending FCC approval.
Analysts remain broadly bullish. TipRanks shows an average price target of approximately $250.34 from 35 analysts. Needham's Ryan Koontz reiterated a Buy rating with a $250 target, while Morgan Stanley's Adam Jonas maintained an Overweight rating and a $300 target. Broader enthusiasm around artificial intelligence and next-generation infrastructure also supported technology stocks, with the Nasdaq Composite advancing 1%.
