Verizon Shares Plunge 10.14% After SpaceX Spectrum Deal

Verizon Communications shares dropped 10.14% to $41.65 on Friday, October 9, 2026, after Space Exploration Technologies Corporation, known as SpaceX, announced a nationwide low-band spectrum deal with Grain Management. The agreement raised concerns about long-term competition in the US wireless market and prompted Scotiabank to lower its price target for Verizon.

Trading volume reached 88.6 million shares, approximately 286% above Verizon's three-month average of 22.9 million shares, according to the source report. The decline appeared to be the company's steepest single-day drop since 2002.

The sell-off extended across major wireless carriers. AT&T fell 10.86% to $22.17, while T-Mobile US dropped 13.27% to $148.58. The S&P 500 gained 0.59% to close at 7,811, and the Nasdaq Composite advanced 0.64% to 27,366.

SpaceX's agreement with Grain Management is central to investor concerns because it could support the company's plans to provide direct-to-device mobile coverage across the United States. SpaceX CEO Elon Musk characterized the move as a major step toward expanding satellite-based phone connectivity nationwide.

The development has prompted investors to reassess the longer-term competitive outlook for established wireless providers, including Verizon, AT&T, and T-Mobile US. However, the immediate financial impact on Verizon's revenue and subscriber outlook remains uncertain, and the source report said the agreement was unlikely to affect those near-term expectations.

Scotiabank lowered its price target for Verizon to $50 from $51.50 while maintaining a sector outperform rating. The adjustment added pressure to the stock as investors evaluated the potential implications of SpaceX's expansion into mobile connectivity.

Verizon's next major scheduled update is its October 26 earnings call. Investors will be watching management's guidance, capital expenditure plans, and subscriber trends for indications of how the company intends to respond to changing competitive conditions.

The company's earlier financial outlook also remains relevant to investor assessments. Verizon raised its guidance in April and increased its profit forecast in July, according to the source report, providing the latest context for evaluating its operating performance ahead of the upcoming earnings announcement.