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SpaceX (SPCX) rose about 1.5% after a 9% slide as Bloomberg reported a hunt for 80,000 US cell sites and Phillip Securities double-upgraded the stock to Buy.
- SpaceX shares rose about 1.5% on Friday, recovering a small part of Thursday's 9% decline.
- Bloomberg reported SpaceX is seeking at least 80,000 US cell sites for a wireless network.
- Phillip Securities upgraded SpaceX two notches to Buy from Sell and set a $250 target, up from $75.
Lead
SpaceX (Nasdaq: SPCX) shares gained roughly 1.5% on Friday, October 23, 2026. The move followed a 9% drop in the previous session. Two catalysts framed the trading: a Bloomberg report on the company's plans for terrestrial wireless infrastructure, and a rare two-notch upgrade from Phillip Securities. The rebound was modest next to Thursday's decline, so the stock remains well below its pre-drop level.What Is SpaceX Seeking in US Cell Sites?
SpaceX is seeking access to at least 80,000 cell sites across the United States. Bloomberg reported that the company is in private talks with tower and cellular infrastructure owners about leasing locations. The plan would pair Starlink direct-to-device satellite service with ground-based sites, creating what would amount to a fourth nationwide wireless network alongside the three incumbent US carriers.
Tower leasing would give SpaceX terrestrial coverage that satellites alone cannot deliver reliably indoors and in dense urban areas. The report weighed on telecom shares in the US and Europe, as investors weighed the prospect of a well-funded new entrant in mobile connectivity. Tower owners stand to gain lease revenue from a new anchor tenant, while existing carriers face possible competition for subscribers.
Why Did Phillip Securities Double-Upgrade SpaceX?
Phillip Securities moved SpaceX to Buy from Sell, a two-notch change, and lifted its price target 233% to $250 from $75. The firm pointed to strength in the company's AI-focused "Super Intelligence" segment, where compute capacity demand is running ahead of supply and contracts are renewing at higher prices per watt.
The upgrade came with sharply higher revenue estimates. Phillip raised its fiscal 2026 revenue forecast by 56% to $45.1 billion and its fiscal 2027 forecast by 201% to $132 billion. Third-quarter revenue rose 161% from a year earlier to $14.6 billion, which provided the baseline for the revisions.
Why Did SpaceX Stock Fall 9% Before Rebounding?
Thursday's 9% decline reflected a sharp reversal in sentiment for a stock that trades at a premium valuation tied to growth expectations across launch, satellite broadband and AI infrastructure. Large single-day swings have been a feature of SPCX since it began trading, and a 1.5% bounce leaves most of the loss intact. Friday's gain suggests buyers responded to the upgrade and to the strategic scale implied by the tower plan, though the move was small relative to the prior drop.
How to Buy SpaceX Stock
Strategic Context
The two developments point to different growth paths. The cell-site plan extends Starlink beyond satellite dishes toward mobile service, a market with far larger recurring revenue than rural broadband. The AI compute business, meanwhile, ties SpaceX to the same infrastructure demand lifting chipmakers and data-center operators. Both require heavy capital spending, and neither has yet produced a confirmed lease agreement or regulatory approval for the wireless network.
Outlook
SpaceX enters the next session with a partial recovery, a new bullish rating and a telecom ambition that remains at the negotiation stage. Key items to watch are whether tower owners confirm lease agreements, how US carriers respond, and whether the AI compute contracts continue to renew at higher prices. Volatility is likely to persist until those points are settled.
Mentioned tickers: SPCX
