Elon Musk says SpaceX could buy an older carrier and use its airwaves “ten times more efficiently,” although he hasn’t named any targets and nothing has been filed.
Deutsche Telekom CEO Tim Hoettges says SpaceX would need at least $220 billion to compete with U.S. carriers, with 76 MHz of spectrum compared to 400 for T-Mobile.
Any carrier purchase would saddle SpaceX with Verizon’s $166 billion in debt or AT&T’s $160 billion, plus approvals from antitrust regulators and the FCC.
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Elon Musk told investors on November 6, 2026 that EspaceX (NASDAQ: SPCX) could buy a legacy telecommunications operator and use its airwaves “ten times more efficiently.” He made the comment via video with Ron Baron at the annual Baron Investment conference in New York.
Phonlamai Photo / Getty Images
Musk also said SpaceX could go far with the spectrum it already has, and he didn’t name any targets. He made any purchase conditional on SpaceX using the spectrum better than the incumbent operator.
T-Mobile (NASDAQ:TMUS) rose 0.88%. Verizon (NYSE: VZ) and AT&T (NYSE:T) each slipped 0.89%. SpaceX rose 8.62% to $134.27, but Musk also gave his earnings outlook in the same conversation, and the stock lost 19.89% from the previous month in a post-election rout on the Nasdaq.
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What SpaceX already has on the air
Spectrum refers to authorized radio frequencies. A phone can only connect to a satellite or tower over the airwaves that the carrier has the legal right to use. These licenses therefore determine whether the direct telephone service can operate on a large scale.
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SpaceX purchased the AWS-4 and H-block licenses from EchoStar on September 8, 2025, for approximately $17 billion. He paid $8.5 billion in cash and $8.5 billion in SpaceX stock. It has also agreed to purchase national 800 MHz licenses, with closing expected in the first half of 2027. There are also reports of discussions over Boost Mobile, but nothing has been confirmed.
Why Deutsche Telekom sets the entry price at almost $220 billion
During Deutsche Telekom’s earnings conference call on Nov. 5, CEO Tim Hoettges said SpaceX would need at least 200 billion euros, or about $220 billion, to compete with established U.S. operators. His company controls T-Mobile, so he has a reason to make entry seem expensive.
It set SpaceX’s spectrum at 76 MHz, compared to about 400 MHz for T-Mobile. He said leasing the tower space alone would cost between $20 billion and $30 billion, but he nonetheless said his company had to assume SpaceX would enter the market.
Debt and regulators come with any carrier
At closing, the combined value of the three carriers was approximately $507 billion. SpaceX was worth around $1.77 trillion, so a deal paid partly in stock is possible on paper.
A buyer would also take on debt, including Verizon’s $166.2 billion or AT&T’s $159.6 billion, as well as unions, retail stores and landline networks. Antitrust regulators and the FCC are both expected to approve it.
How every action took notice
T-Mobile is down 18.46% year-to-date, and its third-quarter report notes concerns about SpaceX’s ambitions as a fourth-largest carrier. Verizon closed at $45.71 and AT&T closed at $21.63. No one linked their little movements to Musk.
Viasat (NASDAQ: VSAT) rose 7.7% to $63.95 following its results. Its chief financial officer said Viasat ended the quarter with 100,000 fixed-line broadband subscribers in the United States paying $111 a month on average, and that fixed-line revenue fell 23%.
Investor Sawyer Merritt noted that Viasat had 603,000 subscribers in September 2020, the year Starlink opened to the public. This is an 83% drop, showing that Starlink is already attracting customers from legacy satellite providers.
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What SpaceX investors need to weigh before 800 MHz closes
At $134.27, SpaceX’s price probably already assumes the success of Starlink Mobile. Turning Musk’s comment into a transportation company would bring debt, regulators and a bill that Hoettges estimates to be $220 billion or more.
T-Mobile’s recent results provide a useful point of comparison. It raised its 2026 core adjusted EBITDA forecast from $37.35 billion to $37.45 billion and increased its dividend 15% to $1.17 per share, and its stock price already reflects SpaceX’s fear.
Keep an eye out for the 800 MHz shutdown in the first half of 2027. If no SpaceX filing with the FCC or SEC names a U.S. operator by then, the comment is still only hypothetical and T-Mobile’s discount is likely to narrow.
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