Bernstein: SpaceX Buys Spectrum, Low-Band Cuts Sites by 30%, Benefiting Tower Companies

According to Chaoxiang Research, a Bernstein research report dated October 8, 2026, indicates that SpaceX has reached a final agreement with Grain Management to acquire its 800MHz spectrum portfolio. Low-band spectrum can reduce macro site demand for terrestrial networks by approximately 30%. Greenfield construction costs, including spectrum, range from $50 billion to $130 billion, while excluding spectrum they amount to approximately $15 billion to $80 billion, corresponding to roughly 30,000 to 120,000 macro sites. Bernstein maintains an Outperform rating on American Tower and Crown Castle, a Market Perform rating on SBA Communications, and an Outperform rating on SpaceX, with respective target prices of $214, $96, $219, and $248.