T-Mobile Falls 8% to 52-Week Low as SpaceX Targets 80,000 Cell Sites for Rival Carrier

T-Mobile US shares tumbled 8% on Friday and hit a 52-week intraday low of $147.89, leading a broad selloff across the telecom sector after Bloomberg reported that SpaceX is in talks to secure access to at least 80,000 U.S. cell sites, a move that would establish Elon Musk's company as a fourth nationwide wireless carrier competing directly with T-Mobile, AT&T, and Verizon. SpaceX is reportedly negotiating with at least one major infrastructure owner, including Crown Castle, for the sites, which would represent roughly half of all purpose-built cell towers in the country.

AT&T dropped approximately 6% and Verizon slid about 4% alongside T-Mobile's losses. The news follows a punishing stretch for all three carriers: on October 9, SpaceX agreed to acquire a nationwide low-band wireless spectrum portfolio, sending T-Mobile to its worst single-day drop since 2013 and AT&T to its worst since 2000. T-Mobile is now down more than 25% for the year to date. With T-Mobile's earnings due on October 28, the timing adds further pressure on the stock, which faces a significant positive gamma wall at $150 that market participants noted could act as a short-term price magnet.

Tower operators moved sharply in the opposite direction as the prospect of a major new tenant energized the sector. Crown Castle gained roughly 9-10% and American Tower rose approximately 6-7% on the session. Some analysts, including those at Barron's, argued that the selloff left T-Mobile, AT&T, and Verizon shares at attractive valuations relative to the actual timeline and difficulty of SpaceX building a full terrestrial network, though the competitive threat from a well-capitalized entrant with an existing spectrum position is being taken seriously by investors.