Verizon Stock Sinks After Hours as SpaceX Eyes 80,000 US Cell Sites for Fourth Wireless Carrier Push
Key takeaways
- Verizon shares slipped after news that SpaceX is eyeing 80,000 U.S. cell sites, raising concerns about future competition and adding uncertainty ahead of the company’s Q3 earnings.
- Verizon shares fell 3.74% to $43.51 after hours
- T‑Mobile fell 4.28%
- AT&T dropped 3.30%
What happened
Verizon Communications shares fell 3.74% to $43.51 in after‑hours trading, while the stock had closed up 3.74% at $45.20 during the regular session. The decline mirrored moves in T‑Mobile and AT&T, which dropped 4.28% and 3.30% respectively after a Bloomberg report that SpaceX is negotiating access to at least 80,000 U.S. cell sites to support its Starlink wireless network. The move comes ahead of Verizon’s Q3 earnings release scheduled for Monday.
Why it matters
The SpaceX cell‑site deal signals a potential shift in the competitive landscape for U.S. wireless carriers, as a major technology firm seeks to build its own network infrastructure. Verizon’s stock reaction reflects investor concern that the deal could erode its market share and revenue growth. The timing also…
Short-term and longer-term
Short-term. In the next few days, watch for any updates from Verizon on how the SpaceX partnership might affect its network strategy.
Longer-term. Over the coming months, the SpaceX deal could reshape the U.S.