SpaceX Stock Rebounds Nearly 4% as Reported $8 Billion Spectrum Deal Rattles Telecom Stocks

Space Exploration Technologies (NASDAQ: SPCX) shares rose nearly 4% to $166.80 in Friday premarket trading after the company agreed to acquire nationwide wireless spectrum licenses from Grain Management in a deal reportedly valued at approximately $8 billion. The advance recovered most of Thursday’s 4.19% decline, which had left the stock at $160.57. The acquisition, announced after the market closed on Thursday, would give SpaceX access to low-band frequencies needed to expand its Starlink Mobile service into a nationwide wireless network capable of competing with established U.S. telecom carriers.

Source: The Crypto Basic