Wall Street speculation has emerged that SpaceX could pursue an acquisition of T-Mobile to support its satellite-broadband subsidiary Starlink. The speculation follows major U.S. mobile network operators rejecting partnerships with mobile virtual network operators for Starlink, according to a TD Cowen analyst cited in reports accessed by TheFly. SpaceX's initial public offering on June 15 saw shares surge from $135 to a peak of $225 before experiencing volatility, with SPCX stock falling 2.2% at the time of writing and dropping in five out of eight sessions since listing.
TD Cowen Analyst Identifies T-Mobile as Clear Acquisition Choice
A TD Cowen analyst stated that T-Mobile "seems to us the clear choice" for a potential SpaceX acquisition, according to reports accessed by TheFly. The analyst cited T-Mobile's momentum, maverick culture, position as a pure-play wireless provider, and existing Starlink partnership as key factors. The analyst also mentioned AT&T as "another thought" for acquisition consideration, according to TheFly.
The analyst noted that major U.S. wireless carriers have collectively refused to lease network capacity to SpaceX via mobile virtual network operator agreements. SpaceX's market debut initially elevated CEO Elon Musk's net worth past the $1 trillion threshold before stock prices fell. The company has since completed a $60 billion acquisition of AI coding firm Cursor.
T-Mobile Posts 10.6% Revenue Growth in First Quarter of 2026
T-Mobile posted year-over-year revenue growth of 10.6% to reach $23.11 billion in the first quarter of 2026, according to financial data compiled by MarketBeat. The carrier added more than 500,000 new broadband customers during the quarter, leading the entire internet service provider market in subscriber acquisition.
T-Mobile outpaced Verizon and AT&T in top-line expansion during the quarter. The company absorbed temporary earnings-per-share headwinds related to its ongoing $4.4 billion acquisition of UScellular, according to MarketBeat data.
Retail Sentiment Turns Bearish on SPCX and T-Mobile
Retail sentiment on Stocktwits was bearish for both SPCX and T-Mobile, with high message volumes. A Stocktwits user commented that "SpaceX is clearly signaling it wants deeper vertical control over telecom infrastructure instead of just being a satellite layer on top of existing carriers."
SPCX stock has dropped below the closing price on the day it listed on June 15. TMUS has lost about 10% year-to-date.
FAQ
What did major U.S. wireless carriers do regarding SpaceX's Starlink?
Major U.S. mobile network operators rejected partnerships with mobile virtual network operators for Starlink, according to a TD Cowen analyst cited in reports accessed by TheFly.
Why did a TD Cowen analyst identify T-Mobile as a potential acquisition target for SpaceX?
The analyst stated T-Mobile "seems to us the clear choice" due to the company's momentum, maverick culture, position as a pure-play wireless provider, and existing Starlink partnership, according to TheFly.
How did T-Mobile perform financially in the first quarter of 2026?
T-Mobile posted year-over-year revenue growth of 10.6% to reach $23.11 billion and added more than 500,000 new broadband customers, according to financial data compiled by MarketBeat.
