AT&T and T-Mobile Slide About 8% on Report of SpaceX Tower-Lease Talks

Telecom stocks fell sharply on Friday after a report that SpaceX is in talks over tower leases. AT&T dropped 7.96% and T-Mobile fell 7.71%, while tower operator Crown Castle jumped 9.06% on the news.

The move put the sector in focus ahead of Verizon's third-quarter results, due before the open on Monday. Investors will be watching for any commentary on competition from satellite connectivity and on tower costs.

AT&T had recently raised its 2026 earnings outlook, so the selloff reflects concern about the longer-term competitive picture rather than a change in near-term results.