SpaceX opportunity looms large for American Tower
AMT•American Tower’s third-quarter revenue rose 2.5%, beating analysts’ estimate of $2.76 billion, and it raised the midpoint of its 2026 property revenue outlook by $55 million. Analysts see potential upside from a SpaceX terrestrial build, though its timing and growth contribution remain uncertain.
1. SpaceX draws analyst focus
Jefferies said tower fundamentals for 2026 remain soft but called SpaceX “the real story,” noting many vacated tower sites already have infrastructure compatible with the wireless spectrum SpaceX is expected to use. JPMorgan expects American Tower to participate in any significant terrestrial build by SpaceX, but said the timing and growth contribution remain uncertain.
2. Other growth drivers
Scotiabank said carrier densification and new spectrum deployment should support leasing over the medium term, with a SpaceX terrestrial build offering potential incremental upside not embedded in American Tower’s growth outlook. BMO cited 16% data center growth and future expansion potential. The median price target from 25 brokerages was $212.50, with an average rating of “buy.”
