SpaceX has agreed to buy a nationwide portfolio of 800 MHz spectrum licences from Grain Management. The company says the deal will let Starlink Mobile operate as a full US mobile carrier.

The deal, announced on October 8, covers up to 14 MHz of paired low-band spectrum. It needs approval from the Federal Communications Commission. Neither side disclosed a price. The portfolio was valued at about $6 billion when SpaceX and AST SpaceMobile competed for it in August.

Low-band spectrum travels farther and passes through walls. SpaceX says it fills the last major gap for indoor coverage. Combined with its 2 GHz mid-band capacity, Starlink Mobile would run both satellite and ground networks.

Telecom stocks fell on the news. AT&T and Verizon each dropped nearly 10 percent, while T-Mobile fell 13 percent. The FCC also approved 15,000 Gen2 Starlink Mobile satellites, which SpaceX says will deliver 100 times current bandwidth.