Elon Musk told investors on November 6, 2026, that SpaceX could acquire a legacy telecommunications carrier and use its assigned radio frequencies ten times more effectively than current operators do.
SpaceX has spent roughly two years acquiring airwaves and infrastructure across the United States. The company purchased AWS-4 and H-block spectrum licenses from EchoStar for approximately $17 billion in a deal announced in September 2025. Deutsche Telekom CEO Tim Höttges estimated on a November 5 earnings call that SpaceX holds roughly 79 megahertz of low- and mid-band airwaves.
Beyond airwaves, SpaceX has held discussions regarding access to about 80,000 cell sites nationwide. That footprint would roughly match the scale of established national networks, though tower leasing carries recurring costs regardless of how efficiently a company uses its spectrum.
The company also reached an agreement on October 8, 2026, with Grain Management to acquire a nationwide 800 MHz spectrum portfolio. SpaceX previously held talks with EchoStar regarding a potential deal to acquire Boost Mobile or gain access to its wireless network arrangements.
Telecommunications expert William Webb told Benzinga in an interview that SpaceX could require an additional $120-130 bn to build a mobile network capable of competing directly with T-Mobile, AT&T, and Verizon. That total includes roughly $90 billion in further spectrum acquisitions alongside $30 billion to $40 billion for physical infrastructure.
BNP Paribas presented a separate estimate projecting that capital expenditures and operating costs could reach at least $100 billion before generating revenue, excluding spectrum and financing expenses. Meanwhile, established carriers have pushed back against potential wholesale network access. Verizon CEO Dan Schulman stated during an earnings call that everything SpaceX says they will do, they will do,
adding that Elon Musk’s company will execute flawlessly.
Analysts noted that customers and network access are separate purchases, writing that SpaceX cannot simply acquire Boost Mobile and inherit its network arrangements.
Executives at South Korean carriers SK Telecom and LG Uplus addressed the competitive outlook during earnings briefings.
Market reactions varied following Musk’s remarks at the Baron Investment Conference. T-Mobile shares rose 0.88%, while Verizon and AT&T each slipped approximately 0.89%. SpaceX shares climbed 8.62% to $134.27 on November 6 following the video appearance.
Earlier coverage: SpaceX shares plunge as tech and AI stocks fall amid market sell-off
