Spacex Reportedly Eyes 80,000 Cell Sites In Push To Become Fourth US Wireless Carrier: T, TMUS, VZ Stocks Slip After-Hours

(MENAFN- AsiaNet News)

• AT & T, Verizon, and T-Mobile shares moved 4-5% lower in extended trading on the competitive implications. 
• Shares of tower operators, including CCI and AMT, gained on the report. 
• The potential agreements would strengthen SpaceX's effort to establish itself as a standalone wireless competitor to the existing dominant providers, the people familiar with the discussions told Bloomberg.

Shares of SpaceX (SPCX) rose 1.4% after hours on Thursday following reports that it is pursuing agreements for a minimum of 80,000 cell sites across the United States as it advances plans to build a fourth nationwide wireless carrier.

The rocket and satellite company is in discussions with at least one major cellular infrastructure company, Bloomberg reported, citing people familiar with the matter. Crown Castle Inc. (CCI), among the largest U.S. owners of cellular towers alongside American Tower (AMT) and Vertical Bridge, was also approached for the purpose, the report said.

AT & T, Verizon, and T-Mobile shares moved 4-5% lower in extended trading on the competitive implications, while CCI stock gained 9% and AMT added 5%.

SpaceX's Efforts At Being A Carrier

The potential agreements would strengthen SpaceX's effort to establish itself as a standalone wireless competitor to the existing dominant providers, the people familiar with the discussions said. The value of deals with SpaceX could reach into the billions, according to Bloomberg.

SpaceX recently acquired low-band spectrum that will help integrate its Starlink satellites into what Musk has described as a“major mobile carrier.” It also received Federal Communications Commission approval to launch 15,000 satellites designed to provide mobile service directly to phones.

“We will be building out our terrestrial networks so there's broad-based connectivity anywhere that SpaceX and Starlink are allowed to operate,” Musk said during the company's earnings call this week. He added that satellite launches combined with the spectrum acquisition“will pave the way for Starlink Mobile to become a major mobile carrier in the US.”

How Did SPCX Retail Traders React?

On Stocktwits, retail sentiment around SPCX stock was 'extremely bullish' at the time of writing, while message volume rose from 'high' to 'extremely high' levels over the past 24 hours.

A Stocktwits user dismissed the selloff in carrier stocks, saying SpaceX will take time to build terrestrial infrastructure and highlighting the Musk-owned company's reliance on the“AI bubble.”

View this Stocktwits post

SPCX stock closed down 10% in the regular session on Thursday at about $145, above its June IPO price of $135, but below its all-time highs near $226. 

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