Elon Musk has raised the possibility that SpaceX could buy an established US telecommunications company, adding a new twist to the growing competition between satellite and mobile network operators.
Speaking at the Baron Investment Conference on November 6, Musk said SpaceX could acquire a traditional US telecom carrier and make far better use of its wireless spectrum. He suggested the company could use those frequencies up to ten times more effectively than current operators.
Musk did not identify a possible acquisition target. He also said SpaceX could continue expanding with the spectrum it already owns, leaving open whether a major purchase is part of its immediate plans.
His comments quickly drew attention across the telecom sector. Shares of T-Mobile gained 0.88%, while Verizon and AT&T each fell 0.89%. SpaceX shares rose 8.62% to $134.27. However, the company’s stock had lost 19.89% over the previous month.
SpaceX has already made major moves into the wireless market. In September 2025, it agreed to buy AWS-4 and H-block spectrum licences from EchoStar in a deal worth about $17 billion. The agreement included $8.5 billion in cash and another $8.5 billion in SpaceX stock.
The company later reached a separate agreement to acquire nationwide 800 MHz spectrum licences. That transaction is expected to close during the first half of 2027.
These purchases could help SpaceX expand its direct-to-mobile services. The company aims to use its satellite network to connect ordinary mobile phones in areas where ground-based networks offer limited coverage.
Reports have also linked SpaceX to possible talks involving Boost Mobile. However, those reports have not been confirmed, and Musk has not named the company as a potential target.
Buying a major carrier would be a much larger challenge than acquiring additional spectrum. A deal involving T-Mobile, Verizon or AT&T would require enormous financial resources and could bring serious regulatory questions.
Deutsche Telekom chief executive Tim Hoettges has argued that SpaceX would need at least €200 billion, or around $220 billion, to compete with major mobile operators. He has also pointed to the difference in spectrum holdings.
SpaceX currently controls about 76 MHz of spectrum, compared with roughly 400 MHz held by T-Mobile. That gap could limit the company’s ability to compete directly with established operators. Leasing access to additional mobile infrastructure could also cost between $20 billion and $30 billion, according to estimates cited in the source material.
The combined market value of T-Mobile, Verizon and AT&T stands at about $507 billion. SpaceX, by comparison, has a reported valuation of roughly $1.77 trillion. Although that valuation gives Musk’s company considerable financial weight, a purchase would still involve complex funding and ownership questions.
A buyer would also inherit large debts and operating costs. Verizon has about $166.2 billion in debt, while AT&T carries around $159.6 billion. Both companies also operate extensive networks, retail stores, landline services and other businesses.
Workers and labour unions would add another layer of difficulty. Any major takeover could affect thousands of employees and require changes to existing contracts and operations.
Regulators would also have a major role. A deal involving a leading US carrier would face antitrust scrutiny and require approval from the Federal Communications Commission. Authorities would need to assess whether such a move could reduce competition or give one company too much control over the wireless market.
T-Mobile has already faced investor concerns about SpaceX becoming a stronger fourth competitor in the US mobile market. Its shares have fallen 18.46% this year, while the company’s third-quarter results showed growing attention to the threat from satellite-based services.
SpaceX is not the only company changing the telecom landscape. Satellite operator Viasat gained 7.7% to $63.95 after releasing its latest results.
However, Viasat continues to face pressure in its fixed broadband business. The company reported about 100,000 US fixed broadband subscribers, with an average monthly payment of $111. Its fixed service revenue fell 23%.
The figures show the challenge traditional satellite providers face as Starlink expands. Viasat had about 603,000 US subscribers in September 2020, shortly before Starlink opened its service to the public. Its subscriber base has since fallen by roughly 83%.
Musk’s comments do not confirm that SpaceX will pursue a telecom takeover. Yet they show that the company is considering ways to expand beyond satellite internet and become a larger force in mobile communications.
Whether SpaceX chooses an acquisition or continues building through spectrum purchases, its next moves could reshape competition across the US wireless market.
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