SpaceX stock ended the week with a bang, rising after a new rating and a new wireless spectrum purchase.

Shares of Elon Musk's rocket and AI company rose 4% in premarket trading to $166.98, while S&P 500 and Dow Jones Industrial Average futures were up 0.4% and 0.1%, respectively.

The move followed Barclays analyst Anthony Valentini initiating coverage of SpaceX stock with a Buy rating and a $254 price target, according to ratings aggregators. Barclays didn't immediately respond to a request for the full report.

Valentini is positive on SpaceX, calling the company the dominant launch services provider. He is also bullish on aerospace and defense, calling shares of Boeing, Rocket Lab, RTX, Kratos Defense & Security Solutions, and Palantir Technologies buys as well.

Now, 76% of analysts covering SpaceX rate shares Buy, according to FactSet. The average Buy-rating ratio for S&P 500 stocks typically ranges from 55% to 60%. The average analyst price target for SpaceX stock is about $227.

The new Buy rating is nice, but it isn't the primary reason for Friday's early gain. Wireless spectrum is.

On Thursday evening, SpaceX announced it is purchasing low-band spectrum, which offers broad coverage and indoor penetration. It's part of SpaceX's plan to offer wireless mobile service, in addition to space-based broadband.

The move sent AT&T, Verizon Communications, and T-Mobile US shares down between 6% and 7% in premarket trading. Shares of wireless tower infrastructure companies American Tower and Crown Castle were up about 6% and 7%, respectively. SpaceX's plans for wireless service include terrestrial infrastructure.

SpaceX's Starlink broadband product ended the third quarter with about 12 million subscribers.

The early move left SpaceX stock up about 5% for the week. Shares are going for their second consecutive weekly gain. SpaceX stock has risen in five of the past six weeks.