Elon Musk told investors on November 6, 2026, that SpaceX could buy a legacy telecom carrier and use its airwaves ten times more effectively,
though he named no target and nothing has been filed. The comment, made by video at the annual Baron Investment Conference in New York, sent SpaceX stock up 8.62% to $134.27, even as shares of Verizon and AT&T each slipped 0.89%, and T-Mobile rose 0.88%.
Musk’s Ambition and the Price of Entry
Musk made any purchase conditional on SpaceX using spectrum better than the incumbent does. However, Deutsche Telekom CEO Tim Hoettges put the entry price near $220 billion. Speaking on November 5 during his company’s earnings call, Hoettges estimated that SpaceX would need at least $220 billion to compete with established U.S. carriers. He also noted SpaceX’s spectrum at 76 MHz, compared with roughly 400 MHz for T-Mobile.
Building a nationwide terrestrial network could cost more than $80 billion, according to some estimates. This financial reality has led SpaceX to explore faster, cheaper alternatives, such as acquiring an existing provider like Boost Mobile.
The Boost Mobile Question
SpaceX is reportedly in talks with EchoStar to buy Boost Mobile or gain access to its network, a move that could provide a shortcut to becoming a major mobile carrier … in the United States,
as SpaceX CFO Bret Johnsen described the goal. Boost Mobile, an EchoStar subsidiary, ended Q3 2026 with 7.38 million wireless customers and relies on leased network capacity from AT&T and T-Mobile.
The carriers themselves have closed ranks against SpaceX. AT&T, T-Mobile, and Verizon have all reiterated their opposition to giving SpaceX mobile virtual network operator (MVNO) terms on their latest earnings calls.
Building a Terrestrial Network
Facing carrier resistance, SpaceX is also pursuing a build-out of its own terrestrial infrastructure. Bloomberg reported in October that SpaceX is seeking access to at least 80,000 U.S. cell sites. When asked about potential partnerships, Crown Castle CEO Chris Hillabrant said, you can assume that we're talking to all parties,
indicating talks with major cellular infrastructure companies.
SpaceX has already made significant investments in spectrum. The company bought AWS-4 and H-block licenses from EchoStar on September 8, 2025, for roughly $17 billion—paying $8.5 billion in cash and $8.5 billion in SpaceX stock. It has also agreed to buy nationwide 800 MHz licenses from Grain Management, with the closing expected in the first half of 2027.
Why the Established Carriers Are Defending Their Turf
The established carriers’ strong financial performance demonstrates their resilience, even as investors priced in potential competition from SpaceX. On October 26, Verizon reported EPS of $1.31, beating the analyst consensus of $1.27, with revenue of $34.31 billion falling just short of the forecasted $34.77 billion. CEO Dan Schulman said, everything SpaceX says they will do, they will do,
adding that the Elon Musk-led company will execute flawlessly.
T-Mobile also posted strong results. After increasing 5.28% YOY in Q2, EPS growth accelerated to nearly 34% in Q3. The company added 274,000 postpaid net accounts during the quarter. T-Mobile’s partnership with SpaceX, called T-Satellite, uses Starlink’s low Earth orbit (LEO) satellites to provide direct-to-cell service, but this existing collaboration now stands in contrast to SpaceX’s ambition to become a direct competitor.
For AT&T, wireless made 96.9% of its segment operating income in 2025, making any competitive threat to that business a major concern. The company’s recent performance, including 406,000 postpaid phone net adds in Q3—the best in five years—highlights the value it is fighting to protect.
Earlier coverage: SpaceX Targets 80,000 Cell Sites and Boost Mobile Acquisition
