SpaceX Acquires Spectrum to Challenge Wireless Giants
SpaceX has agreed to acquire a nationwide low-band spectrum portfolio from Grain Management to enhance its satellite mobile network. The deal allows signals to penetrate buildings and bypass cell towers, sending shares of major carriers lower.
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SpaceX struck a deal on Thursday to acquire a nationwide low-band spectrum portfolio across the United States, positioning Elon Musk's satellite venture to challenge legacy wireless carriers. The acquisition pairs low-frequency airwaves with high-capacity space assets to bypass traditional cell towers entirely. Shares of T-Mobile US Inc, Verizon Communications Inc, and AT&T Inc fell more than 6.5% in extended trading following the announcement.
