SpaceX to Acquire 800 MHz Spectrum From Grain Management, Pressuring T-Mobile, Verizon, AT&T

SpaceX struck a deal on Thursday to acquire a nationwide low-band spectrum portfolio from private-equity firm Grain Management, advancing Elon Musk's satellite venture toward a direct orbital challenge to U.S. wireless carriers. Financial terms were not disclosed. The transaction covers 100% of Grain's nationwide 800 MHz spectrum and requires Federal Communications Commission approval. Grain acquired the airwaves from T-Mobile earlier this year. The 800 MHz band is supported by most existing handsets, removing the need for proprietary satellite phones. Shares of T-Mobile US, Verizon and AT&T fell around 6% in extended trading. The three carriers formed a satellite-focused joint venture in May that some analysts believe responds to SpaceX's threat. The FCC this week also approved Starlink Mobile's Gen2 constellation application, authorizing 15,000 satellites optimized for 2 GHz spectrum in very low Earth orbit. Verizon spokesman Rich Young said hurdles remain, noting spectrum is useless without network infrastructure to use it.