SpaceX reportedly eyes Crown Castle sites. The carriers it could rival pay 93% of the rent
SpaceX is in talks for access to at least 80,000 US cell sites for a fourth carrier, Bloomberg reported. Crown Castle was named in the talks; its filings show who pays its rent and what it said about satellites.
KeyVex News··5 min readFact-checked against 7 public recordsKeyVex News··5 min readFact-checked against 7 public records
CCI$78.83▲ 0.2%Close, Oct. 22. Prices from Tiingo.Follow-upThis story follows our Oct. 11 report, Tower stocks rose. Dish fights their $7.5 billion in claims. Adds Bloomberg's report of SpaceX's cell-site talks, Crown Castle's third-quarter tenant figures and the three tower owners' annual-report warnings about satellites.
The short versionTap to readTap to close
- Tower companies earn their money renting tower space to wireless carriers. In February, Crown Castle, American Tower and SBA each named satellites as something that could, in time, replace part of that need.
- Now SpaceX, which flies more than 11,100 Starlink satellites, is in talks for cell sites to build a fourth carrier, Bloomberg reported.
- A fourth carrier would be a new tenant. It would also be a rival to T-Mobile, AT&T and Verizon, the three carriers paying nearly all of Crown's rent.
- No deal has been announced. American Tower reports its third quarter on Oct. 27.
The news: SpaceX is in talks for access to at least 80,000 US cell sites, Bloomberg reported after the close on Oct. 22, citing people familiar with the matter, Reuters and Stocktwits said.ReutersStocktwits That is about half of the 158,500 purpose-built US cell towers operating in 2025, Reuters reported, citing the Wireless Infrastructure Association. Bloomberg said the deals would advance a fourth nationwide carrier and named Crown Castle as one company in the talks, Reuters reported.Reuters
The landlord: Crown Castle reported its third quarter the day before, after the close. In the third quarter, T-Mobile alone paid 42% of its rent, its tenant table shows. AT&T paid 28% and Verizon 23%, so the three paid 93%.Q3 supplement Asked on Oct. 21 about possible leases with SpaceX and Amazon, chief executive Christian Hillabrant said Crown was talking to "all parties," Reuters reported. He declined to discuss specific customers.Reuters
Why it matters: A fourth carrier would be a tenant on the towers and a rival to the three carriers that pay nearly all of Crown's rent.Q3 supplement In February, Crown, American Tower and SBA Communications each told investors that satellites could someday stand in for some of what towers do.Crown 10-KAMT 10-KSBA 10-K SpaceX flies more than 11,100 of them in low Earth orbit, its quarterly report says.SpaceX 10-Q
The stocks: After the report, AT&T, Verizon and T-Mobile fell 4.2% to 5% in extended trading, Reuters reported.Reuters Crown rose 9% and American Tower 5% after the report, Stocktwits reported.Stocktwits
Crown Castle's stock and the story's key datesDaily close, Jan. 2 to Oct. 22, 2026 ▼ 11.1%Show chartHide chart
- 1Jan. 12, 2026 Crown Castle ends its Dish leases. Crown sent Dish a notice of default and termination under their master lease, its annual report says.
- 2Feb. 23, 2026 Crown Castle files its annual report. It names low-earth-orbit satellites as a possible substitute for leasing on towers.
- 3Oct. 9, 2026 Crown Castle closes up 15.6%. Its biggest one-day gain since November 2008.
- 4Oct. 21, 2026 Crown Castle reports its third quarter. After the close. T-Mobile, AT&T and Verizon pay 93% of its tower rent.
- 5Oct. 22, 2026 Bloomberg reports SpaceX's cell-site talks. After the close. Crown is named as one of the companies in the talks.
View the data (203 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-10-22 | $78.83 | +0.2% |
| 2026-10-21 | $78.65 | −3.1% |
| 2026-10-20 | $81.14 | +0.1% |
| 2026-10-19 | $81.06 | −1.5% |
| 2026-10-16 | $82.26 | +2.8% |
| 2026-10-15 | $80.00 | +0.8% |
| 2026-10-14 | $79.38 | −0.2% |
| 2026-10-13 | $79.56 | −1.8% |
| 2026-10-12 | $81.01 | +1.7% |
| 2026-10-09 | $79.64 | +15.6% |
| 2026-10-08 | $68.89 | −0.2% |
| 2026-10-07 | $69.01 | +1.1% |
| 2026-10-06 | $68.28 | +1.0% |
| 2026-10-05 | $67.58 | +1.7% |
| 2026-10-02 | $66.44 | +0.5% |
| 2026-10-01 | $66.12 | −0.8% |
| 2026-09-30 | $66.65 | −0.6% |
| 2026-09-29 | $67.07 | 0.0% |
| 2026-09-28 | $67.10 | −1.1% |
| 2026-09-25 | $67.84 | +0.3% |
| 2026-09-24 | $67.63 | −3.7% |
| 2026-09-23 | $70.23 | −3.0% |
| 2026-09-22 | $72.37 | −1.2% |
| 2026-09-21 | $73.22 | +0.2% |
| 2026-09-18 | $73.06 | −0.9% |
| 2026-09-17 | $73.74 | +0.7% |
| 2026-09-16 | $73.22 | 0.0% |
| 2026-09-15 | $73.25 | −1.2% |
| 2026-09-14 | $74.17 | −1.9% |
| 2026-09-11 | $75.62 | +2.4% |
| 2026-09-10 | $73.87 | −1.7% |
| 2026-09-09 | $75.18 | −1.0% |
| 2026-09-08 | $75.97 | +0.2% |
| 2026-09-04 | $75.83 | −1.9% |
| 2026-09-03 | $77.26 | +2.5% |
| 2026-09-02 | $75.38 | −0.6% |
| 2026-09-01 | $75.84 | −0.4% |
| 2026-08-31 | $76.14 | 0.0% |
| 2026-08-28 | $76.14 | +1.5% |
| 2026-08-27 | $75.03 | −0.7% |
| 2026-08-26 | $75.54 | −1.0% |
| 2026-08-25 | $76.29 | −0.1% |
| 2026-08-24 | $76.40 | +1.2% |
| 2026-08-21 | $75.51 | +0.2% |
| 2026-08-20 | $75.39 | +1.0% |
| 2026-08-19 | $74.65 | +0.8% |
| 2026-08-18 | $74.03 | −0.6% |
| 2026-08-17 | $74.44 | −2.0% |
| 2026-08-14 | $75.98 | +0.3% |
| 2026-08-13 | $75.73 | +2.4% |
| 2026-08-12 | $73.97 | +0.4% |
| 2026-08-11 | $73.64 | 0.0% |
| 2026-08-10 | $73.61 | −2.6% |
| 2026-08-07 | $75.59 | +0.9% |
| 2026-08-06 | $74.92 | +1.5% |
| 2026-08-05 | $73.84 | −4.9% |
| 2026-08-04 | $77.66 | +1.2% |
| 2026-08-03 | $76.74 | +0.6% |
| 2026-07-31 | $76.30 | −0.3% |
| 2026-07-30 | $76.51 | −3.3% |
| 2026-07-29 | $79.09 | +4.4% |
| 2026-07-28 | $75.75 | +2.2% |
| 2026-07-27 | $74.13 | −1.0% |
| 2026-07-24 | $74.90 | +0.4% |
| 2026-07-23 | $74.57 | −3.8% |
| 2026-07-22 | $77.50 | +1.7% |
| 2026-07-21 | $76.20 | −2.5% |
| 2026-07-20 | $78.18 | −1.3% |
| 2026-07-17 | $79.17 | +0.6% |
| 2026-07-16 | $78.73 | −0.9% |
| 2026-07-15 | $79.47 | +0.5% |
| 2026-07-14 | $79.05 | −1.0% |
| 2026-07-13 | $79.84 | +0.2% |
| 2026-07-10 | $79.66 | +3.9% |
| 2026-07-09 | $76.68 | −0.3% |
| 2026-07-08 | $76.90 | −0.4% |
| 2026-07-07 | $77.22 | +3.1% |
| 2026-07-06 | $74.92 | −2.2% |
| 2026-07-02 | $76.60 | +0.1% |
| 2026-07-01 | $76.53 | +1.1% |
| 2026-06-30 | $75.73 | −3.7% |
| 2026-06-29 | $78.63 | −4.8% |
| 2026-06-26 | $82.62 | +3.9% |
| 2026-06-25 | $79.53 | −3.2% |
| 2026-06-24 | $82.14 | −2.6% |
| 2026-06-23 | $84.33 | +1.5% |
| 2026-06-22 | $83.12 | +1.3% |
| 2026-06-18 | $82.05 | −4.3% |
| 2026-06-17 | $85.77 | −2.7% |
| 2026-06-16 | $88.13 | −0.7% |
| 2026-06-15 | $88.74 | −3.7% |
| 2026-06-12 | $92.16 | +0.1% |
| 2026-06-11 | $92.04 | −1.4% |
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| 2026-06-08 | $91.79 | −2.9% |
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| 2026-06-04 | $93.79 | +5.8% |
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| 2026-06-02 | $89.92 | −1.2% |
| 2026-06-01 | $91.03 | −0.5% |
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| 2026-05-28 | $91.09 | +0.2% |
| 2026-05-27 | $90.87 | +0.3% |
| 2026-05-26 | $90.64 | −0.9% |
| 2026-05-22 | $91.46 | −0.6% |
| 2026-05-21 | $92.04 | −0.6% |
| 2026-05-20 | $92.64 | +0.3% |
| 2026-05-19 | $92.34 | +2.7% |
| 2026-05-18 | $89.92 | +3.8% |
| 2026-05-15 | $86.66 | −0.7% |
| 2026-05-14 | $87.31 | −2.6% |
| 2026-05-13 | $89.62 | −2.1% |
| 2026-05-12 | $91.50 | +0.9% |
| 2026-05-11 | $90.67 | +0.1% |
| 2026-05-08 | $90.57 | −0.5% |
| 2026-05-07 | $91.07 | +0.9% |
| 2026-05-06 | $90.24 | +1.3% |
| 2026-05-05 | $89.10 | −1.2% |
| 2026-05-04 | $90.18 | +1.0% |
| 2026-05-01 | $89.26 | +0.5% |
| 2026-04-30 | $88.78 | +3.4% |
| 2026-04-29 | $85.87 | −0.3% |
| 2026-04-28 | $86.17 | +3.3% |
| 2026-04-27 | $83.44 | −3.4% |
| 2026-04-24 | $86.34 | −1.3% |
| 2026-04-23 | $87.52 | +1.8% |
| 2026-04-22 | $86.01 | +1.3% |
| 2026-04-21 | $84.92 | −3.0% |
| 2026-04-20 | $87.56 | −1.3% |
| 2026-04-17 | $88.71 | +2.1% |
| 2026-04-16 | $86.87 | +1.4% |
| 2026-04-15 | $85.63 | −0.7% |
| 2026-04-14 | $86.27 | −0.9% |
| 2026-04-13 | $87.08 | +0.9% |
| 2026-04-10 | $86.29 | −0.3% |
| 2026-04-09 | $86.57 | +1.2% |
| 2026-04-08 | $85.52 | +0.7% |
| 2026-04-07 | $84.91 | −1.9% |
| 2026-04-06 | $86.57 | +2.1% |
| 2026-04-02 | $84.78 | +4.9% |
| 2026-04-01 | $80.83 | −0.6% |
| 2026-03-31 | $81.31 | +2.0% |
| 2026-03-30 | $79.68 | +1.4% |
| 2026-03-27 | $78.59 | +0.8% |
| 2026-03-26 | $77.97 | +1.3% |
| 2026-03-25 | $76.96 | −2.1% |
| 2026-03-24 | $78.59 | −3.4% |
| 2026-03-23 | $81.33 | −1.3% |
| 2026-03-20 | $82.36 | −3.2% |
| 2026-03-19 | $85.07 | +0.2% |
| 2026-03-18 | $84.91 | −3.4% |
| 2026-03-17 | $87.93 | +0.5% |
| 2026-03-16 | $87.52 | +0.1% |
| 2026-03-13 | $87.47 | +1.6% |
| 2026-03-12 | $86.11 | −1.7% |
| 2026-03-11 | $87.56 | −1.1% |
| 2026-03-10 | $88.52 | −1.3% |
| 2026-03-09 | $89.73 | −0.8% |
| 2026-03-06 | $90.43 | +0.4% |
| 2026-03-05 | $90.11 | −1.1% |
| 2026-03-04 | $91.15 | +1.0% |
| 2026-03-03 | $90.26 | +0.8% |
| 2026-03-02 | $89.53 | 0.0% |
| 2026-02-27 | $89.54 | +3.6% |
| 2026-02-26 | $86.40 | +0.4% |
| 2026-02-25 | $86.04 | −2.9% |
| 2026-02-24 | $88.64 | +1.1% |
| 2026-02-23 | $87.70 | −0.4% |
| 2026-02-20 | $88.01 | +1.8% |
| 2026-02-19 | $86.47 | −1.1% |
| 2026-02-18 | $87.43 | −4.8% |
| 2026-02-17 | $91.86 | +1.6% |
| 2026-02-13 | $90.38 | +2.9% |
| 2026-02-12 | $87.81 | +2.0% |
| 2026-02-11 | $86.07 | +1.8% |
| 2026-02-10 | $84.54 | +1.8% |
| 2026-02-09 | $83.08 | +2.7% |
| 2026-02-06 | $80.88 | +3.2% |
| 2026-02-05 | $78.37 | −9.0% |
| 2026-02-04 | $86.11 | +2.0% |
| 2026-02-03 | $84.41 | −0.6% |
| 2026-02-02 | $84.96 | −2.1% |
| 2026-01-30 | $86.81 | −0.1% |
| 2026-01-29 | $86.92 | +2.4% |
| 2026-01-28 | $84.89 | −2.1% |
| 2026-01-27 | $86.75 | −0.6% |
| 2026-01-26 | $87.25 | +0.8% |
| 2026-01-23 | $86.60 | +0.5% |
| 2026-01-22 | $86.19 | −1.1% |
| 2026-01-21 | $87.17 | +0.4% |
| 2026-01-20 | $86.81 | −4.5% |
| 2026-01-16 | $90.87 | +0.5% |
| 2026-01-15 | $90.41 | +2.0% |
| 2026-01-14 | $88.67 | +2.1% |
| 2026-01-13 | $86.81 | +2.1% |
| 2026-01-12 | $84.99 | +1.6% |
| 2026-01-09 | $83.67 | −1.0% |
| 2026-01-08 | $84.52 | −0.7% |
| 2026-01-07 | $85.09 | −2.3% |
| 2026-01-06 | $87.13 | −1.5% |
| 2026-01-05 | $88.42 | −0.3% |
| 2026-01-02 | $88.70 |
Crown Castle closed at $78.83 on Oct. 22, before the report, and $88.87 at the end of 2025. Source: Tiingo end-of-day closes, as traded, via KeyVex.
Who pays the towers' rent
The same three carriers lead both Crown's and American Tower's rent rolls. For 2025, they paid about 90% of Crown's site rental revenue and 85% of American Tower's US and Canada property revenue.Crown 10-KAMT 10-K At Crown, their share was 93% by the third quarter of 2026.Q3 supplement
View the data
| Tenant | Share of rent | Note |
|---|---|---|
| T-Mobile (Third-quarter rate) | 42% | 42% of Crown Castle's site rental revenue, annualized from the third quarter |
| AT&T (Third-quarter rate) | 28% | 28% |
| Verizon (Third-quarter rate) | 23% | 23% |
| Everyone else (All other tenants combined) | 7% | 7% |
Source: Crown Castle third-quarter 2026 supplement, Tenant Overview. The three carriers' shares add to 93%.
What the tower owners told investors about satellites
Each annual report lists risks to the business. Crown's says new technology could cut demand for space on its towers, and names satellites among the possible stand-ins.Crown 10-K
In addition, other technologies, such as WiFi, satellite (such as low earth orbiting) and mesh transmission systems may serve as substitutes for, or alternatives to, leasing on communications infrastructure that might otherwise be anticipated or expected had such technologies not existed.
American Tower wrote that "satellite services could shift a portion of our customers' network investments away from traditional tower-based networks."AMT 10-K SBA listed satellites, "such as low earth orbit," among technologies that may one day serve as substitutes for the traditional tower site.SBA 10-K
What happened with Dish
Crown had counted on Dish for "a meaningful portion of our revenues and previously anticipated future growth," its annual report says.Crown 10-K On Jan. 12, Crown sent Dish a notice of default and termination of their master lease and related agreements, saying Dish had failed to make required payments.Crown 10-K
Dish and some affiliates filed for Chapter 11 bankruptcy on June 30, and Crown is pursuing what it says it is owed there and from an FCC-ordered trust, its second-quarter report says. KeyVex reported on Oct. 11 on the tower owners' claims in that case.Crown Q2 10-Q
In the third quarter, Crown's site rental revenue fell $46 million, or 4.5%, from a year earlier. Its release says the Dish terminations cut its site rental billings, a related measure, by $61 million.Q3 release Crown expects about $3.88 billion of site rental revenue for 2026 at the midpoint, 4% below 2025.Q3 release
What SpaceX has filed
SpaceX's quarterly report, filed Oct. 22 and covering the three months through Sept. 30, does not discuss cell-site leases.SpaceX 10-Q
It does describe the airwaves SpaceX is buying from EchoStar, for about $19.6 billion in stock and debt payoff. The FCC approved the purchase on May 12, and the licenses sit in a trust until the deal closes.SpaceX 10-Q
On SpaceX's Oct. 20 earnings call, Elon Musk said, "We will be building out our terrestrial networks so there's broad-based connectivity anywhere that SpaceX and Starlink are allowed to operate," Stocktwits reported.StocktwitsSpaceX 10-Q
The other side
The reports describe talks, not signed leases. Bernstein analyst Laurent Yoon said it is uncertain whether SpaceX will lease anything close to 80,000 sites, Yahoo Finance reported. He added that the competitive impact may be years away, according to Yahoo Finance.Yahoo Finance
Committing to 80K macro sites could be a point of no return.
TD Cowen estimated a nationwide ground network would cost more than $80 billion, Reuters reported. The reports describe talks; no agreement has been announced.Reuters
What to watch
American Tower reports its third quarter at 7 a.m. ET, with a call at 8:30 a.m.
SBA Communications reports its third quarter after the close.
The paper trail
The filings cited here, Feb. 23 through Oct. 22, 2026, with the time EDGAR accepted each one.
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| Feb. 23, 4:14 p.m. | 10-K | Crown Castle | Names satellites among possible substitutes for leasing on towers; three carriers about 90% of 2025 rent. |
| Feb. 24, 4:08 p.m. | 10-K | American Tower | 42,224 US and Canada sites; three carriers 85% of that region's property revenue. |
| Feb. 27, 12:59 p.m. | 10-K | SBA Communications | 17,394 US sites; names satellites among possible future substitutes. |
| Aug. 5, 4:18 p.m. | 10-Q | Crown Castle | Dish filed for Chapter 11 on June 30; Crown is pursuing what it is owed. |
| Oct. 21, 4:17 p.m. | 8-K | Crown Castle | Third-quarter results and supplement: 93% of rent from three carriers; $61 million Dish hit to billings. |
| Oct. 22, 4:03 p.m. | 10-Q | SpaceX | Third-quarter report: EchoStar airwaves in trust; no discussion of cell-site leases. |
Related coverage
Sources
14 sources, 7 of them public records
Public records
- Crown Castle Inc., Q3 2026 supplemental information package (8-K Exhibit 99.2)SEC EDGAR · Oct. 21, 2026
- Crown Castle Inc., Q3 2026 earnings release (8-K Exhibit 99.1)SEC EDGAR · Oct. 21, 2026
- Crown Castle Inc., Form 10-Q for the quarter ended June 30, 2026SEC EDGAR · Aug. 5, 2026
- Crown Castle Inc., Form 10-K for 2025SEC EDGAR · Feb. 23, 2026
- American Tower Corp., Form 10-K for 2025SEC EDGAR · Feb. 24, 2026
- SBA Communications Corp., Form 10-K for 2025SEC EDGAR · Feb. 27, 2026
- Space Exploration Technologies Corp., Form 10-Q for the quarter ended Sept. 30, 2026SEC EDGAR · Oct. 22, 2026
Reporting
- "SpaceX seeks access to 80,000 US cell sites for wireless network, Bloomberg News reports"Reuters (via Investing.com) · Oct. 22, 2026
- "SpaceX Reportedly Eyes 80,000 Cell Sites In Push To Become Fourth US Wireless Carrier" (Anan Ashraf)Stocktwits (via Yahoo Finance) · Oct. 22, 2026
- "SpaceX could be on the cusp of buying 80,000 cell towers in a bid to really challenge Verizon, AT&T and T-Mobile" (Brian Sozzi)Yahoo Finance · Oct. 23, 2026
- "American Tower Plans Third Quarter 2026 Earnings Release and Conference Call" (company release)Business Wire (via Finviz) · Sept. 29, 2026
- "SBA Communications Corporation Sets Date for Third Quarter 2026 Earnings Release" (company release)Finviz · Oct. 14, 2026
Data
- End-of-day prices for CCI, T, VZ and TMUS, and for SPY and QQQ on the chart (Tiingo)KeyVex · through Oct. 22, 2026
- The chart's Filings layer: KeyVex's Congress trade, insider trade, Form 144, 8-K and lobbying records for CCIKeyVex · through Oct. 22, 2026
How we got these numbers
- Prices are end-of-day closes as traded, not adjusted for dividends. Daily moves are close to close. After-hours moves are as reported by Reuters and Stocktwits; KeyVex's data has no after-hours prices. The S&P 500 and Nasdaq 100 lines follow SPY and QQQ, also as traded, rebased to Crown Castle's close at the start of the range shown. The Filings switch shows the filing markers from KeyVex's Crown Castle stock page, a selection of congressional trades, insider sales, Form 144 notices, 8-Ks and lobbying filings: not every filing, and not only those tied to this story.
- Rent in this story means site rental revenue, as the companies report it. The 93% is KeyVex's sum of the three carriers' shares in Crown Castle's tenant table (42%, 28% and 23%), which Crown states as a percentage of third-quarter 2026 site rental revenue annualized ("LQA"). The 2025 shares, about 90% at Crown (40%, 27%, 22%) and 85% of American Tower's US and Canada property segment revenue, are from the companies' 10-Ks. The site counts are as each company states them: Crown's about 40,000 towers, American Tower's 42,224 communications sites in the US and Canada, SBA's 17,394 sites in the US and its territories.
- Bloomberg's report was not opened by KeyVex (its site refused automated reads); its contents are given as Reuters and Stocktwits relayed them. Reuters and Stocktwits name only Crown Castle as a company in the talks. A Yahoo Finance column says Bloomberg also named American Tower; the story does not state that. Crown's 2026 site rental revenue outlook midpoint is $3,875 million against $4,049 million for 2025. SpaceX's EchoStar purchase: about $11.1 billion in SpaceX stock and up to $8.5 billion of EchoStar debt payoff. KeyVex searched SpaceX's 10-Q in full for "tower", "cell site" and "Grain" and found none.
- The header image was generated for KeyVex by an image model. It is an illustration, not a photograph of a real tower, satellite or place.
