Crown Castle shares surge on possibility of SpaceX entering mobile communications business
CCI Crown Castle Inc
$78.65 -3.07%
View chart & analysis → - 1SpaceX has acquired a spectrum portfolio from digital infrastructure company Grain Management.
- 2Crown Castle shares rose 14.2% as of 12:05 PM ET.
- 3Analysts noted that SpaceX is likely to use traditional cell tower networks to build a mobile network that competes with AT&T.
So what's the key point?
SpaceX is preparing to enter the mobile communications business by purchasing telecommunications assets. During this process, the stock price of Crown Castle, which operates communication towers, rose by 14.2%.
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