US cell tower operators surge on SpaceX spectrum acquisition
CCI•US cell tower shares rose after SpaceX acquired nationwide low-band spectrum, with Crown Castle up 11.2%, American Tower up 7% and SBA Communications up 6.2%.
1. Tower shares jump
Crown Castle shares rose 11.2% to $76.61, their steepest gain since March 2020. American Tower climbed 7% to $178.34, its biggest advance in two years, while SBA Communications gained 6.2% to $180.58.
2. Infrastructure demand outlook
Investors bet SpaceX's wireless ambitions could drive demand for more terrestrial infrastructure, while shares of AT&T, Verizon and T-Mobile fell. Morgan Stanley called the deal “incrementally constructive” for tower operators, saying deployments could require towers, rooftops and small cells.
