Verizon Shares Decline Amid Reports of SpaceX Wireless Expansion

Verizon Communications Inc. shares fell by 3.7% on October 23, 2026, following reports that SpaceX plans to establish at least 80,000 cell sites in the U.S., signaling potential competition for major telecom companies like Verizon and AT&T. Analysts highlighted SpaceX's discussions with tower operator Crown Castle as a contributing factor to the negative market sentiment towards traditional wireless carriers.