TD Cowen analyst Gregory Williams pointed out in a latest report on June 25 that if SpaceX cannot reach a terrestrial spectrum wholesale agreement with major telecom operators such as AT&T, Verizon, and T-Mobile, T-Mobile (TMUS) will be the "most clear acquisition option," with a valuation including debt of approximately $320 billion.
TD Cowen Report: T-Mobile Has Four Unique Advantages
The specific analysis of Williams' report is as follows:
· Unlike AT&T or Verizon, T-Mobile does not carry a massive fixed-line infrastructure, making integration less complex;
· T-Mobile has already commercially launched SpaceX's Starlink D2D service in July 2025 (initially supporting text messages, later expanded to data transmission), with both sides having established collaborative synergy;
· Parent company Deutsche Telekom has a broad presence in European markets such as Germany and Austria, providing a springboard into Europe upon acquisition;
· T-Mobile has long been a "disruptor" in the U.S. telecom market, highly aligned with SpaceX's corporate DNA.
SpaceX's IPO prospectus has positioned Starlink Mobile as a direct competitor to Verizon, AT&T, and T-Mobile, with the strategic direction expanding from pure satellite broadband to a "satellite + terrestrial hybrid connectivity platform."
SpaceX Has Completed IPO Fundraising of $86 Billion and $25 Billion Investment-Grade Corporate Bond Issuance
SpaceX's recent financial moves have strengthened the market's acquisition speculation:
· IPO fundraising of $86 billion;
· On June 24, 2026, issued its first investment-grade corporate bonds, with market orders reaching $89 billion (nearly 4 times oversubscribed), and actual issuance of $25 billion;
· Acquired EchoStar for $17 billion, securing key terrestrial wireless spectrum licenses;
· Another all-stock acquisition of AI code tool Cursor is underway.
In total, market estimates place SpaceX's theoretical available funds at approximately $111 billion.
Three Major Telecom Operators Have Formed a Joint Venture
Williams' report faces three practical obstacles: first, a funding gap of nearly 3 times ($111 billion vs $320 billion); second, telecom analyst Roger Entner (Recon Analytics) stated clearly in June 2026 that Musk's style is to "build from scratch" rather than acquire existing players; third, AT&T, T-Mobile, and Verizon formed a joint venture for the first time in history on May 14, 2026, integrating their respective spectrum resources to counter Starlink D2D.
It must be emphasized: SpaceX has neither announced nor been reported to be pursuing an acquisition of T-Mobile. Williams' report is a strategic analysis exploring the optimal path for SpaceX to quickly acquire terrestrial spectrum, not a known business plan.
FAQ
Why does Williams consider T-Mobile more valuable for acquisition than AT&T and Verizon?
Williams' report lists four reasons: T-Mobile does not carry fixed-line infrastructure (low integration complexity); it already collaborates with SpaceX's Starlink D2D, which went commercial in July 2025; parent company Deutsche Telekom has extensive European presence; and corporate culture highly aligns with SpaceX. AT&T and Verizon cannot simultaneously offer these four advantages.
Is SpaceX's current financial strength sufficient to support a $320 billion acquisition?
Market estimates place SpaceX's theoretical available funds at around $111 billion, nearly 3 times less than T-Mobile's valuation including debt of $320 billion. AT&T, T-Mobile, and Verizon formed a joint venture on May 14, 2026, to counter Starlink D2D, further complicating the market environment for an acquisition.
Has SpaceX announced plans to acquire T-Mobile?
No. SpaceX has neither announced nor been reported to be pursuing an acquisition of T-Mobile. Williams' report is a strategic analysis exploring the optimal path for SpaceX to quickly acquire terrestrial spectrum, not a known business plan.
