TradingKey – SpaceX (SPCX) is accelerating its expansion from a satellite internet provider into the mobile communications market.

On October 8 local time, the company announced an agreement with investment firm Grain Management to acquire its portfolio of nationwide 800 MHz low-band spectrum licenses for approximately $8 billion in cash.

Following the news, SpaceX shares rose about 2.3% in after-hours trading to $164.30, while AT&T (T), Verizon (VZ), and T-Mobile US (TMUS) all fell by more than 6%.

As SpaceX further integrates satellite resources with terrestrial communications infrastructure, its competition with traditional telecom operators is expanding from satellite fill-in coverage in remote areas to the broader mobile…