Aerospace & Defense

Vertical Aerospace's modelled fair value per share has fallen from US$7.88 to US$6.92 as analysts recalibrated their assumptions following recent company updates. Deutsche Bank kept a positive rating but cut its price target to US$5, down from US$8 and previously US$12, while Canaccord maintained a Buy rating with a reduced US$9 target, down from US$10.50, after Q2 results and management updates on progress toward the Valo CDR. Barclays moved the stock to Equal Weight from Underweight but lowered its target to US$1 from US$2, leaving Wall Street targets spread between US$1 and US$9. In the updated model, forecast revenue growth shifted from 275.61% to 247.81%, net profit margin moved from 9.31% to 9.35%, future P/E changed from 252.90x to 288.29x, and the discount rate rose from 8.53% to 8.60%.

SpaceX is closing in on a crucial swath of spectrum needed to turn the rocket, satellite and AI company into a "major mobile carrier," setting the stage for a clash with stalwarts like T-Mobile US Inc., Verizon Communications Inc. and AT&T Inc. Once the company receives approval from the Federal Communications Commission, it will combine its satellite-to-cell services with a terrestrial network that can connect devices everywhere. The development comes as SpaceX investors are finally getting some reprieve after months of being whipsawed by volatility, with the Elon Musk-led company's stock breaking above the level it's been stuck below since July.

SpaceX has agreed to buy nationwide 800 MHz spectrum, a portfolio of up to 14 MHz of paired low-band spectrum that the company says addresses one of the key remaining technical gaps for Starlink Mobile to become a major mobile carrier in the US. Once it receives final FCC approval, SpaceX said Starlink Mobile will combine its satellite-to-mobile constellation with an advanced terrestrial deployment, using its 2 GHz mid-band spectrum for capacity and the 800 MHz band for in-building coverage, and noted that most existing mobile devices already support the underused band. The same week, the FCC approved SpaceX's application to launch 15,000 Gen2 Starlink Mobile satellites, which the company says will deliver more than 100 times the bandwidth of its current generation. TD Cowen analyst Gregory Williams said the spectrum news takes a back seat to the release and that SpaceX could be bluffing, since he still believes the company wants an MVNO first, while JPMorgan analyst Sebastiano Petti called the low-band portfolio a credible coverage layer and Evercore ISI analyst Kutgun Maral, who rates SpaceX Outperform with a $230 price target, called it the clearest signal yet that Starlink Mobile is moving toward a direct-to-consumer US service. Maral cautioned the deal is more of a coverage fix than a capacity solution, noting SpaceX would hold about 79 MHz of US low- and mid-band spectrum versus 280 to 380 MHz each for AT&T, T-Mobile and Verizon, and Evercore said management expects next-generation mobile satellites to begin flying in 2027 with full 5G-quality service in the first half of 2028.

SpaceX has agreed to buy nationwide 800 MHz spectrum, a portfolio of up to 14 MHz of paired low-band spectrum that the company says addresses one of the key remaining technical gaps for Starlink Mobile to become a major US mobile carrier. Once it receives final FCC approval, SpaceX said Starlink Mobile will combine its satellite-to-mobile constellation with an advanced terrestrial deployment, using its 2 GHz mid-band spectrum for capacity and the 800 MHz band for in-building coverage, and noted most existing mobile devices already support the underused band. Evercore ISI analyst Kutgun Maral, who rates SpaceX Outperform with a $230 price target, called the move the clearest signal yet that Starlink Mobile is shifting from a wholesale coverage layer for carrier partners toward a credible direct-to-consumer US service, adding that the carriers' best argument just got weaker. Maral cautioned the deal is more of a coverage fix than a capacity solution, noting that even with EchoStar's 65 MHz, SpaceX would hold about 79 MHz of US low- and mid-band spectrum versus 280 to 380 MHz each for AT&T, T-Mobile and Verizon. Separately, the FCC approved SpaceX's application to launch 15,000 Gen2 Starlink Mobile satellites, which the company says will deliver more than 100 times the bandwidth of its current generation, while TD Cowen analyst Gregory Williams said the spectrum news takes a back seat to that release and that SpaceX could be bluffing about building its own network, which he said would cost upwards of $80B. JPMorgan analyst Sebastiano Petti said the low-band portfolio gives SpaceX a coverage layer with stronger in-building propagation and makes Starlink Mobile's long-term opportunity more credible, though he sees limited near-term risk to US wireless incumbents and now sees upside to his base case of about $40 billion in spectrum-auction spend through 2028, toward an upside case of $53 billion.

Humana shares surged 13% after the Centers for Medicare & Medicaid Services upgraded its primary Medicare Advantage contract, designated H5216, to four stars for 2027, restoring eligibility for quality bonus payments across roughly 2.4 million members. Kopin rose 4% on an $18.6 million sole-source U.S. Army contract for MicroLED microdisplay work, bringing total program funding to $34 million. SpaceX gained 2% after an $8 billion cash deal with Grain Management for up to 14 MHz of nationwide 800 MHz low-band spectrum, a move that sent T-Mobile US, Verizon Communications and AT&T each down more than 6%. On the losing side, Alignment Healthcare tumbled 18% after its primary California contract fell to 3.5 stars, while Delta Air Lines fell 2% on September-quarter adjusted EPS of $1.72 versus the $1.82 consensus and a lowered full-year outlook, with adjusted fuel expense up 62% to $4.14 billion. Apple slipped 2% after Nikkei Asia reported it cut October component orders for the iPhone 18 Pro and iPhone 18 Pro Max by 15% to 20%.

SpaceX said late Thursday that it will acquire a nationwide low-band spectrum portfolio, a move that positions Elon Musk's Starlink satellite business to challenge legacy US wireless giants directly. Shares of AT&T, T-Mobile, and Verizon fell in premarket trading Friday on the news, while SpaceX shares rose 4%. KeyBanc analyst Brandon Nispel said the addition of low-band spectrum makes Starlink a more credible mobile operator because lower-band spectrum can penetrate buildings. Tech analyst Gene Munster wrote in a post on X that he still expects SpaceX eventually to build a phone, arguing a vertically integrated handset on a Starlink mobile network could deliver features carriers cannot match and cheaper service, a bigger problem for Samsung than for Apple. Wall Street had already grown concerned that Starlink could disrupt AT&T, Verizon, and T-Mobile by shifting from a rural broadband service into a direct mobile competitor.

Berenberg downgraded Rheinmetall to Hold from Buy and cut its price target to €1,020 from €1,600, sending the German defense company's shares down more than 1% Friday on uncertainty over medium-term growth. Analysts led by George McWhirter rebuilt their bottom-up model of 417 contracts and order opportunities, driving Berenberg's group revenue forecast to €37.6 billion in 2030 versus consensus of €41 billion, a 28% compound annual growth rate, and lowered its 2030 revenue and EPS estimates by 6% and 8%. Berenberg estimates 181 contract opportunities worth €410 billion and includes €201 billion in its forecasts, a 49% win rate, warning that significant additional contract awards beyond its pipeline are required for sustainable growth beyond 2030 as major European contracts reach a steady state. Near-term visibility is high with a backlog of about €80 billion, including €56 billion of firm orders, but revenue under contract falls to 29% in 2030, with the Weapons & Ammunition division the weakest at only 16% under contract, the lowest of the five divisions. Rheinmetall shares are down more than 50% from their 52-week high of €1,933.50, and the stock trades at 18.1 times 2027 earnings for a 30% EPS CAGR over 2028-30, which Berenberg said offers valuation support but may limit re-rating potential because visibility after 2030 is a core determinant of defense sector multiples.

Space Exploration Technologies said it will buy a nationwide U.S. spectrum portfolio from digital infrastructure investor Grain Management, a push to turn Starlink into a full-fledged mobile carrier. The deal, subject to Federal Communications Commission approval, covers up to 14 megahertz of paired spectrum in the 800 MHz band. European telecom stocks fell on the news, with Deutsche Telekom down 7% by 07:27 GMT, Vodafone off 3.1%, Orange SA down 2.6%, Telefonica down 2.5%, BT Group down 1.4% and Koninklijke down 2.1%, while U.S. carriers AT&T, Verizon and T-Mobile also dropped in extended trading Thursday after The Wall Street Journal first reported the deal. SpaceX said the low-band spectrum addresses a key remaining technical gap and will be paired with an advanced terrestrial deployment covering places satellites cannot reach, including inside buildings; the FCC earlier this week approved SpaceX's bid to launch up to 15,000 satellites dedicated to mobile service. The move sets up direct competition with carriers, after T-Mobile, AT&T and Verizon last week formed a joint venture to expand satellite coverage without Starlink, and follows SpaceX's roughly $17 billion cash-and-stock deal last year for satellite spectrum rights from EchoStar, later adding $2.6 billion of EchoStar's ground-based licenses.

Elon Musk's SpaceX has acquired low-band 800 MHz spectrum from Grain Management to expand its Starlink Mobile service, using Starlink satellites to extend ground-based coverage and pave the way to becoming a major network operator in the United States. Elon Musk said this low-band spectrum is the final key piece of the spectrum puzzle needed for SpaceX to offer phone service across the entire United States. Earlier, Bloomberg reported in August that SpaceX was interested in buying the spectrum, but at the time Elon Musk publicly denied the report, saying it was untrue. The 800 MHz spectrum licenses were opened for further use after Grain completed a spectrum swap transaction with T-Mobile in August, under terms requiring Grain to auction spectrum that was not being fully utilized. The FCC wants that auction completed by November 5, and approval from the FCC for this new set of spectrum is still pending. After the market closed at 11:30 a.m. Thailand time, AT&T shares fell 6.55%, T-Mobile US dropped nearly 6%, and Verizon Communications fell 5.8%, while SpaceX shares jumped more than 3% in after-hours trading in the United States.

SpaceX is set to acquire a nationwide low-band spectrum license portfolio of up to 14 megahertz of paired spectrum in the 800 MHz band, the company said Thursday. The Elon Musk-led space company will pay about $8B in cash for the assets to the seller, private-equity firm Grain Management, the Wall Street Journal reported, citing people familiar with the matter. Telecom shares dipped in after-hours trading, with T-Mobile, Verizon, and AT&T all down roughly 6 percent; the three carriers formed a satellite-focused joint venture in May that some market participants believe is intended to respond to the threat from SpaceX. SpaceX said the prime low-band spectrum addresses one of the key remaining technical gaps that will pave the way for Starlink Mobile to become a major mobile carrier in the US. Once SpaceX receives final FCC approval, Starlink Mobile will deploy a flexible architecture combining its satellite-to-mobile constellation in space with an advanced terrestrial deployment that can seamlessly connect devices everywhere.

SpaceX announced on the 8th that it has agreed to acquire low-band spectrum licenses covering mobile phone areas nationwide in the 800 MHz band, up to 14 megahertz of paired spectrum, from Grain Management, an investment firm specializing in digital infrastructure, in order to strengthen its Starlink business. In a statement, the company said this low-band spectrum is extremely valuable and resolves one of the key remaining technical challenges in paving the way to becoming a major U.S. mobile carrier. It also noted that while its globally harmonized 2 GHz mid-band spectrum provides high-capacity communications services in the United States, the low-band spectrum it has now acquired penetrates obstacles such as walls and secures a coverage layer that delivers service to customers' indoor devices as well. In response, shares of competitors AT&T, Verizon Communications, and T-Mobile US, a subsidiary of Deutsche Telekom, fell by as much as 8% in after-hours trading following the close. According to SpaceX's April-June quarter earnings announced in August, revenue from its connectivity business, including Starlink, rose 66% year-on-year to 4.291 billion dollars, beating market expectations, while operating profit also surged 79% year-on-year to 1.656 billion dollars.

SpaceX announced an agreement to acquire a nationwide low-band spectrum license portfolio of up to 14 megahertz of paired spectrum in the 800 MHz band from Grain Management LLC, an investment firm specializing in digital infrastructure. The transaction's value was not disclosed and remains subject to FCC approval. News of the deal sent mobile carrier shares sharply lower in after-hours trading, with Verizon falling nearly 7%, AT&T dropping nearly 8%, and T-Mobile declining 7%, while SpaceX shares gained 3% in extended trading. SpaceX said that once FCC approval is received it intends to connect its Starlink satellite-to-mobile constellation with an advanced terrestrial network, using the low-band spectrum to reach customers' devices through walls and buildings and to create total coverage even in dead zones. SpaceX CEO Elon Musk called the purchase the last critical piece of the spectrum puzzle needed for complete phone coverage in America, and COO Gwynne Shotwell had said on the company's August earnings call that Starlink planned to build a terrestrial wireless network, target Verizon, AT&T and T-Mobile customers, and launch its second generation of Starlink Mobile satellites in 2027.

The rush to finance artificial intelligence is rattling investors in the more than $10 trillion US corporate market, sparking a repricing of risk around the biggest technology companies that is showing up in spiking credit insurance prices, heightened volatility and weakening performance. Heavyweights including Oracle Corp., Broadcom Inc. and SpaceX are among the borrowers that priced nearly half a trillion dollars of new debt this year to pay for the infrastructure powering artificial intelligence, according to data compiled by Bloomberg, and Broadcom alone may raise about $600 billion to finance computing power in the coming years. News of a wave of potential fresh financings from SpaceX and Broadcom, possibly topping $100 billion, sent credit derivatives linked to hyperscalers and chipmakers climbing to prices that suggest traders see a growing risk of default over the next five years: above 20% for Oracle, about 16% for SpaceX and more than 7% for Nvidia Corp. Broadcom's five-year CDS widened by 3 basis points to a record 136 basis points on Thursday, while the cost of guaranteeing Oracle debt against default rose about 10.5 basis points to a record close of 261 basis points, and a measure of SpaceX's credit risk traded at a record for a second straight day after reports it is in talks with banks and investors to raise $40 billion to buy chips from Nvidia. This year there have been nine US high-grade deals of $25 billion or above, the most ever, most of them in tech, and the US high-yield market is poised for one of its busiest years on record. Investors and portfolio managers at Allspring Global Investments, T. Rowe Price and Wavelength Capital Management warn that the growing concentration of exposure to a small group of companies tied to the same AI investment cycle creates correlated risks that may not be fully reflected in current valuations.

SpaceX announced a definitive agreement to acquire a nationwide 800 MHz spectrum portfolio from Grain Management, sending shares of major U.S. telecom companies sharply lower in after-hours trading Thursday. AT&T fell 6.75%, T-Mobile US dropped 5.4%, and Verizon Communications lost 5% following the news. Under the deal, SpaceX will acquire 100% of Grain Management's 800 MHz holdings, which include up to 14 megahertz of paired low-band frequencies, addressing a critical coverage gap for Starlink Mobile by allowing signals to penetrate obstacles such as building walls. The acquisition coincides with the FCC's formal approval this week of Starlink Mobile's Gen2 constellation application, authorizing the launch of 15,000 advanced satellites optimized for the 2 GHz spectrum globally, which SpaceX says will deliver more than 100 times the bandwidth of the current generation. The sale marks a rapid turnaround for Grain Management, which acquired the 800 MHz portfolio from T-Mobile just two months ago, in August 2026, in an exchange involving cash and Grain's 600 MHz spectrum.