SpaceX Buys Wireless Spectrum For Starlink; Verizon, AT&T, T-Mobile Tumble -- IBD

By Ed Carson Space Exploration Technologies, or SpaceX, plans to buy significant wireless spectrum, bolstering its Starlink service. The news slammed shares of wireless giants Verizon Communications, AT&T and T-Mobile US in overnight action, while also hitting AST SpaceMobile. SpaceX CEO Elon Musk called the move a "very big deal." SPACEX BUYS WIRELESS SPECTRUM SpaceX will buy up to 14 megahertz of spectrum in the 800MHz band from Grain Management, subject to regulatory approval. That will help SpaceX's Starlink into greater competition vs. Verizon Communications, AT&T and T-Mobile US. "This prime low-band spectrum addresses one of the key remaining technical gaps that will pave the way for Starlink Mobile to become a major mobile carrier in the U.S.," SpaceX said. The Federal Communications Commission recently granted SpaceX approval to launch an additional 15,000 next-generation Starlink satellites as part of its Starlink Mobile service. SpaceX stock, which also got a Barclays overweight rating, rose 3% shortly after the open after falling 4.2% on Thursday. Verizon stock.