Landmark transaction reflects Grain’s role as a solutions provider to the communications industry, directing scarce low-band spectrum to its highest and best use in support of federal connectivity goals and advancing the convergence of mobile and space-based connectivity
WASHINGTON, Oct. 8, 2026 /PRNewswire/ — Grain Management, LLC (“Grain”), a leading global investment firm specializing in digital infrastructure, today announced a definitive agreement under which SpaceX will acquire 100% of Grain’s nationwide 800 MHz spectrum portfolio. The transaction is subject to FCC approval and other customary closing conditions.
The agreement utilizes scarce low-band spectrum to support next-generation satellite direct-to-device (“D2D”) services, enabling Starlink Mobile to reach customers from both the ground and space. As Grain approaches its twentieth anniversary, the transaction demonstrates the firm’s ability to bring specialized capabilities, capital, and execution to opportunities that can reshape communications at national scale.
“For nearly twenty years, we have built Grain to see opportunity where others see complexity,” said David Grain, Founder and Chief Executive Officer of Grain Management. “Our spectrum expertise allows us to connect the strategic value of these assets with the technologies and operators that can realize their potential. This agreement with SpaceX brings that capability to bear at extraordinary scale, with the potential to change where and how Americans connect.”
Grain combines deep sector experience, strategic insight, and capital to unlock spectrum value, advance its productive use, and help operators meet evolving connectivity needs. Grain’s acquisition of the nationwide 800 MHz portfolio from T-Mobile in August 2026 extends that approach – the firm acquired the portfolio in exchange for cash and Grain’s 600MHz spectrum, then pursued multiple use cases that would expand connectivity for American consumers and create value for the industry, Grain’s investors, and the people whose futures they support.
“Spectrum is a finite resource with an expanding role in the economy,” Grain added. “As terrestrial and space-based networks converge, we see a new horizon globally for our spectrum strategy, building on our experience to address larger industry challenges and help shape the next generation of connectivity.”
The agreement also advances the objectives of the FCC’s July 2026 order approving Grain’s acquisition from T-Mobile, which established a competitive selection process and a conditional pathway for D2D deployment. This transaction aligns with the Commission’s efforts to expand coverage, encourage satellite and terrestrial network integration, and promote productive spectrum use.
Advisors
BDT & MSD Partners served as financial advisor to Grain. Milbank served as legal counsel, and Latham & Watkins served as regulatory counsel.
About Grain Management
Founded in 2007, Grain Management is a leading global investment firm specializing in digital infrastructure. The firm combines deep sector knowledge, operating experience and disciplined investing across fiber networks, data centers, wireless spectrum, cell towers, and managed and infrastructure services. Grain invests in the connectivity that strengthens communities, powers businesses and enables technological progress. For more information, visit graingp.com.
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SOURCE Grain Management, LLC
