T-Mobile Rules Out SpaceX Wireless Deal as Shares Slide

SPCX closed at $134.70 on October 30, 2026, down 6.39% from the prior close of $143.89, after trading between $134.50 and $140.20 on volume of 108,694,134 shares.

Executive Summary

SPCX fell sharply on Friday, opening at $137.85, pushing as high as $140.20, and then selling off to close at $134.70, within 20 cents of the session low of $134.50. The close sits just below the $135.00 IPO offer price and about 16.3% below the first-day close of $160.95. Volume of 108.7 million shares was about 1.01 times the average to date and well above the prior session's 68.4 million.

The headlines that day centered on SpaceX's telecom ambitions and on Elon Musk's politics. Benzinga reported that T-Mobile's CEO ruled out an MVNO deal with SpaceX as Musk explores building a fourth U.S. wireless carrier. It also reported that SpaceX urged the FCC to reject spectrum limits sought by T-Mobile and AFTRCC. A separate Benzinga item said SPCX was down nearly 3% premarket amid a broader tech sell-off. The provided headlines do not tie the full-session decline to any single cause.

News

1. Elon Musk Sees Midterm Elections as A 'Crusade,' Is All In on Republicans, Biographer Says

Musk has poured over $445 million into GOP groups as Walter Isaacson says he views the midterms as a crusade. (Benzinga, Oct 30, 3:00 PM ET)

2. T-Mobile Says No to Elon Musk's Disruption Bid on Verizon, AT&T

T-Mobile CEO Srini Gopalan ruled out an MVNO deal with SpaceX as Elon Musk explores building a fourth U.S. wireless carrier. (Benzinga, Oct 30, 10:26 AM ET)

3. SpaceX's $28 Billion Spectrum Deals May Not Be Enough: Expert Sees Another $130 Billion to Rival T-Mobile

SpaceX may need another $130 billion to rival T-Mobile, telecom expert William Webb says, despite nearly $28 billion in spectrum deals. (Benzinga, Oct 30, 9:48 AM ET)

4. Andy Jassy Says West Is 'Very Hungry' For More Western Open Source AI Models as Amazon Adds China's Kimi and GLM to Bedrock

Amazon's Andy Jassy says Western demand for open AI models is surging as Bedrock expands and targets EC2-scale ambitions. (Benzinga, Oct 30, 8:22 AM ET)

5. Binance Founder CZ Tells Elon Musk ‘Bad Time to Troll’ as Hack Draws FTX Comparison

CZ tells Elon Musk to stop trolling as Binance vows to cover hack losses amid FTX comparisons and contagion fears. (Benzinga, Oct 30, 7:54 AM ET)

6. SpaceX Hits Back at T-Mobile’s ‘Misplaced Desire’ to Harm Starlink by Opposing ‘Modernized’ Spectrum Rules

SpaceX urged the FCC to reject T-Mobile and AFTRCC spectrum limits, arguing they protect legacy telecom firms, hinder direct-to-cell service. (Benzinga, Oct 30, 7:52 AM ET)

7. The Anthropic IPO Will Be an Epic Failure, Based on What History Tells Us

Anthropic's anticipated $1.5-2 trillion IPO is projected to disappoint retail investors based on historical patterns. The article argues that hyped tech IPOs typically stumble after debut, with an average 55% drawdown in the first year. Anthropic's valuation metrics (P/S ratio of 76-102) far exceed historical bubble thresholds (>30), similar to pre-dot-com crash levels. The author contends that AI, like previous transformative technologies, will face a bubble-bursting event as companies overestimate adoption timelines. (The Motley Fool, Oct 30, 7:06 AM ET)

8. SpaceX's Cursor Neutralizes Malicious Extension After Security Incident

SpaceX-owned coding platform Cursor addressed a security incident involving a modified Claude Code VS Code extension that affected approximately 5,000 users. (Fiscal.ai, Oct 30, 6:31 AM ET)

Price Action

Metric	Value
Open	$137.85
High	$140.20
Low	$134.50
Close	$134.70
Change vs prior close	-6.39% (prior close $143.89)
Volume	108,694,134
Intraday range	$5.70
Close vs IPO	$134.70 vs. $135.00 offer price (-0.22%); $160.95 first-day close (-16.31%)

The stock opened $5.95 below the prior close of $143.89, a gap down. It tried to recover early and reached $140.20, but sellers capped the move. It then faded for the rest of the session and finished near the low. The $9.19 drop from the prior close is the largest one-day decline in the recent run of closes in the data, and it comes on the heaviest volume of the last two sessions.

The close of $134.70 is the lowest since August 24, when the stock closed at $135.00, and it breaks the $134.00 to $135.00 area that held in late August. The IPO offer price of $135.00 is now just above the close.

Takeaway: SPCX gapped down, failed to hold a bounce, and closed at the lows just under the $135.00 IPO offer price.

Technicals

SPCX has only about four and a half months of trading history. The 200-day moving average is not available, and the 50-day average rests on a limited sample, so the longer-term indicators below should be read with caution. The analysis here leans on price structure, candle shape, volume, and real price levels.

Trend

The short-term trend is down. The close of $134.70 sits below the 5-day average of $143.86, the 10-day average of $146.66, the 20-day average of $153.36, and the 50-day average of $149.56. The stock closed at $171.92 on October 6 and has since stepped down to $134.70. The 14-day RSI reads 37.14, which is weak but not oversold. The longer-term picture is a range: the stock traded mostly between about $135 and $155 from mid-August through September, spiked above $170 in early October, and has now returned to the bottom of that range.

Candle read

The candle is bearish. The body is -3.15, from an open of $137.85 to a close of $134.70. The upper wick is 2.35 and the lower wick is just 0.20, against a total range of 5.70. The close location value is 0.04, meaning the close landed in the bottom 4% of the day's range. A long upper wick shows that rallies were sold, and a tiny lower wick shows buyers did not step in near the lows. Volume was about 1.01 times the average to date, so the move came with normal-to-elevated participation rather than a thin drift.

Support levels

• $134.50: Friday's intraday low, and the first level to hold on any follow-through.
• $134.00: the August 20 close and a late-summer floor.
• $133.11 to $133.29: the August 7 and August 11 closes, a cluster from the August rebound.
• $125.33: the August 4 close, the next reference point in the data below that cluster.

Resistance levels

• $135.00: the IPO offer price, now just overhead, and also the August 24 close.
• $137.85: Friday's open, the level where sellers took control.
• $140.20: Friday's intraday high.
• $143.89: the prior close, left behind by the gap down.

Momentum interpretation

Bull case: SPCX reclaims $135.00 and holds it, then pushes back through Friday's open of $137.85 and the $140.20 high. Recovering the prior close of $143.89 would close the gap and bring the 5-day average of $143.86 back into play.

Bear case: SPCX fails at $135.00 and takes out the $134.50 low. A sustained break would put the $134.00 and $133.11 to $133.29 area in focus, and below that the $125.33 level.

Neutral case: the stock holds between $134.50 and $140.20 as it digests the drop, with the IPO offer price of $135.00 acting as a pivot while volume settles.

Trading Takeaway

Friday's session was a clear breakdown on heavy volume: a gap down, a failed bounce, and a close at the low. The trend indicators are all pointing lower, and the RSI of 37.14 leaves room for further weakness before it reaches oversold territory. The $135.00 IPO offer price is the level that matters most, because the stock closed just below it.

For the next session, the key levels are $134.50 and $134.00 on the downside, and $135.00, $137.85, and $140.20 on the upside. The price action around these levels will show whether Friday's selling was a one-day flush or the start of a lower range.

Sources

1. Benzinga: T-Mobile Says No to Elon Musk's Disruption Bid on Verizon, AT&T
2. Benzinga: SpaceX Hits Back at T-Mobile's 'Misplaced Desire' to Harm Starlink by Opposing 'Modernized' Spectrum Rules
3. Benzinga: SpaceX's $28 Billion Spectrum Deals May Not Be Enough: Expert Sees Another $130 Billion to Rival T-Mobile
4. Benzinga: Elon Musk's SpaceX Could Be the Biggest Bargain on Earth, Investor Says
5. The Motley Fool: SpaceX's Stock Sits Below Its June IPO Open. Is That a Warning Sign for Anthropic?
6. Benzinga: Elon Musk Sees Midterm Elections as A 'Crusade,' Is All In on Republicans, Biographer Says
7. Alpaca Markets (SIP) — market data

Disclaimer

This report is for informational purposes only and is not investment advice. It does not recommend buying or selling any security. Data may contain errors or delays, so verify all prices and figures independently with your broker or another primary source before making any decision.