SpaceX seeks access to 80,000 US cell sites for wireless network

Key facts

• SpaceX is seeking access to at least 80,000 US cell sites.
• The company is in talks with mobile infrastructure provider Crown Castle.
• Shares of AT&T, Verizon and T-Mobile fell between 4.2% and 5% in extended trading.

SpaceX is in talks with cellular infrastructure companies to secure access to at least 80,000 sites across the United States, Bloomberg News reported on Thursday, citing people familiar with the matter. The agreements would potentially solidify the company's path toward building a fourth nationwide wireless carrier. SpaceX is buying nationwide low-band spectrum and is in talks with mobile infrastructure provider Crown Castle. TD Cowen estimated a nationwide terrestrial network would cost more than $80 billion. Crown Castle operates about 40,000 US cell towers, while American Tower has about 42,000 US sites. Shares of wireless carriers AT&T, Verizon and T-Mobile fell between 4.2% and 5% in extended trading.