> ## Content Index > Fetch the complete content index at: https://us.mikirduit.com/llms.txt > Use this file to discover other available public pages before exploring further. # Tower Stocks Wake Up After SpaceX’s $8 Billion Spectrum Deal. Which One Is the Best Pick? - URL: https://us.mikirduit.com/tower-stocks-wake-up-after-spacexs-8-billion-spectrum-deal-which-one-is-the-best-pick/ - Published: 2026-10-13T10:18:50.000Z - Updated: 2026-10-13T10:18:50.000Z - Description: SpaceX’s $8 billion spectrum purchase has revived U.S. cell tower stocks that many investors had written off. We compare American Tower, Crown Castle, and SBA Communications on tower footprint, debt, growth, and valuation to see which looks best. - Author: Surya Rianto - Tags: Stock Insight, Stocks **Mikirduit –** U.S. cell tower stocks, long written off as victims of satellite internet, are suddenly back in play. The spark was SpaceX (NASDAQ: SPCX) agreeing to buy a portfolio of low-band 800 MHz spectrum licenses worth $8 billion. ### Key Takeaways 1. **The rally is real, but it may not last.** AMT, CCI, and SBAC jumped 8% to 17% in three trading days after SpaceX agreed to buy $8 billion in low-band spectrum. The long-term payoff depends on whether Starlink’s mobile plans actually come together. 2. **Crown Castle has the most U.S. exposure, and American Tower has the most balanced risk and reward.** CCI has about 40,000 towers, almost all in the U.S. AMT has the lowest debt (4.9x net debt to EBITDA) and the steadiest 2026 growth outlook. 3. **Valuation and balance sheets set the three apart.** SBAC is the cheapest (about 15.2x price-to-AFFO) but faces a costly refinancing and shrinking cash flow. CCI is the priciest (about 17.7x) but pays the highest dividend (about 5.2%). SpaceX is acquiring the 800 MHz spectrum licenses from Grain Management. Low-band spectrum travels farther and passes through buildings more easily than higher frequencies. That makes it well suited for expanding Starlink’s direct-to-cell service, which connects regular phones to satellites. SpaceX plans to build a hybrid Starlink mobile network that combines ground-based infrastructure with satellite connectivity. But the deal isn’t done. SpaceX still needs approval from the Federal Communications Commission (FCC). If it goes through, Starlink would become a direct competitor to AT&T (NYSE: T), Verizon (NYSE: VZ), and T-Mobile (NASDAQ: TMUS). For years, many investors assumed satellites would make cell towers obsolete. This deal suggests otherwise. A hybrid network still needs ground infrastructure, which could mean new revenue for the companies that own the towers. The three largest U.S. tower companies are American Tower (NYSE: AMT), Crown Castle (NYSE: CCI), and SBA Communications (NYSE: SBAC). Since October 9, 2026, AMT has risen 8.71%, CCI 17.53%, and SBAC 8.29% over three trading days. We think this jump is likely short-lived. The longer-term picture depends on whether Starlink’s mobile plans actually come together. So which of the three looks most attractive? We compared them on four points. [How Mikirduit Invests: Dividend Stocks to the AI BoomHow does a small investing community balance dividend stocks, AI-driven momentum picks, and plenty of cash? Mikirduit shares its five-strategy framework, its staged buying rules, and the real results behind its U.S. stock picks, including a loss it took along the way.![](https://us.mikirduit.com/content/images/icon/Mikirduit-83f930a4-cfc4-4a7d-a6c1-809c63e2947f.jpg)Mikirduit USSurya Rianto![](https://us.mikirduit.com/content/images/thumbnail/mikirduit-strategiest-f73280da-379f-4e1b-a012-e8504e74d751.jpg)](https://us.mikirduit.com/how-mikirduit-invests-from-dividend-stocks-to-the-ai-boom/) ## Tower portfolio and U.S. exposure **American Tower** is the largest by far, with 147,605 towers worldwide. Of those, 130,509 are owned and 17,096 are operated under special agreements. Only 41,538 are in the U.S. The rest are spread across Latin America, Europe, Africa, and Canada. AMT also operates 851 distributed antenna system (DAS) sites, which boost signal strength inside buildings, plus 30 data centers covering 3.8 million square feet. It owns fiber assets too, though its latest financial report doesn’t disclose the network’s length. **Crown Castle** owns about 40,000 towers, almost all in the U.S. It is now essentially a pure tower company, having sold its fiber and small cell businesses on May 1, 2026. **SBA Communications** has about 46,390 towers, but only about 17,362 are in the U.S. The other 29,028 are abroad. *Takeaway:* If you want exposure to Starlink-driven tower demand, AMT and CCI stand out, since each has roughly 40,000 U.S. towers. CCI is the most concentrated in the U.S., so any boost would be felt more strongly. That likely explains why CCI shares rose more than the other two. ## Sign up for Mikirduit US Independent Stock Research, Earnings Analysis, and Valuation for Everyday Investors Subscribe Email sent! Check your inbox to complete your signup. No spam. Unsubscribe anytime. ## Debt levels Leverage matters here because tower companies carry a lot of debt. AMT has the lowest, with net debt of 4.9 times EBITDA. CCI and SBAC are higher, at 6.3 to 6.4 times. For a tower business, those levels aren’t alarming, but lower debt generally means lower interest costs and more room for profit. Each company has its own wrinkle: - **AMT** has the strongest balance sheet, but it plans to spend $1.81 billion to $1.92 billion on capital expenditures in 2026\. If it borrows to pay for that, its leverage could rise. - **CCI** has improved its finances. It used the proceeds from selling its fiber and small cell businesses to pay down debt and buy back shares. - **SBAC** faces a refinancing hurdle. It has $1.16 billion in debt carrying a 1.63% interest rate that comes due in November 2026\. If it refinances at around 5.25%, as expected, that would add about $42.2 million in annual interest expense. ## 2026 company guidance Based on the midpoint of each company’s guidance: **AMT** shows steady growth across the board: - Revenue up 4.5% to $10.77 billion - Adjusted EBITDA up 2% to $7.27 billion - Adjusted funds from operations (AFFO) up 2.7% to $5.17 billion **CCI** shows a mixed picture: - Revenue down 4.8% to $3.85 billion - Adjusted EBITDA down 6% to $2.69 billion - AFFO up 3.7% to $1.97 billion, helped by lower interest expense after the asset sales and debt paydown **SBAC** is growing at the top but not at the bottom: - Revenue up 3.6% to $2.66 billion - Adjusted EBITDA up 0.9% to $1.93 billion - AFFO down 6.3% to $1.29 billion ## Valuation and dividends We used price-to-AFFO, a common valuation measure for tower companies. A lower number means a cheaper stock relative to its cash flow. ## U.S. Telecom Tower REITs: Valuation & Dividend Yield Comparing SBA Communications, American Tower, and Crown Castle. | Company | Price / AFFO | Dividend Yield | | ----------------------- | ------------ | -------------- | | SBAC SBA Communications | 15.2x | 1.7% | | AMT American Tower | 16.8x | 3.9% | | CCI Crown Castle | 17.7x | 5.2% | AFFO = Adjusted Funds From Operations. Green highlights indicate the lowest Price / AFFO multiple and the highest dividend yield within this comparison. A higher yield alone does not establish dividend sustainability. ## The bottom line **American Tower** is the most balanced choice for risk and reward. It has the lowest debt and the steadiest growth forecast, and it trades at a lower valuation than Crown Castle. **Crown Castle** is the pick for investors who want a bigger bet on the SpaceX story. It has the highest valuation, which means more room for volatility, but it also pays the highest dividend, at about 5.2%. **SBA Communications** is the cheapest on valuation, but its AFFO is shrinking and it faces a costly refinancing. We also see less direct exposure to the SpaceX news. The SpaceX deal still needs FCC approval, and the Starlink mobile plan is unproven. Investors should treat the recent rally with caution.