Space Exploration Technologies Corp. may consider acquiring T-Mobile US Inc. to expand its wireless business, according to a TD Cowen analyst. Gregory Williams identified T-Mobile as the “clear choice” for SpaceX if it fails to secure a wholesale network deal or prefers to own a wireless business outright. This analysis follows SpaceX’s existing partnership with T-Mobile through its Starlink satellite internet business.

SpaceX estimated the addressable market for Starlink Mobile at $740 billion in its IPO filing. The company plans to expand Starlink Mobile, potentially competing with Verizon Communications Inc. and AT&T Inc. SpaceX President Gwynne Shotwell told investors about plans to launch a Starlink retail product for U.S. consumers and build a terrestrial mobile network.

Williams also suggested that SpaceX could consider acquiring AT&T or a cable TV company. He noted that Comcast Corp. and Charter Communications could be attractive targets because both have wholesale network agreements with Verizon.

Strategic Partnerships and Spectrum

SpaceX is actively securing resources to support its wireless expansion. In November, EchoStar Corp. agreed to sell an additional $2.6 billion worth of U.S. wireless spectrum licenses to SpaceX in exchange for equity. This expands the companies’ previously announced $17 billion deal. The AWS-3 spectrum will support mobile and satellite communications, subject to regulatory approval.

Elon Musk previously hinted at the possibility of a “Starlink phone” on social media, suggesting it would be optimized for AI workloads, though he later clarified that SpaceX is “not developing a phone.”

Potential Acquisition Targets

SpaceX and T-Mobile did not immediately respond to requests for comments regarding the potential acquisition.

Space Exploration Technologies Corp. commenced an offering of senior unsecured notes on June 22, 2026, ultimately issuing $25 billion in aggregate principal amount across five tranches. The company entered into an indenture with The Bank of New York Mellon Trust Company, N.A., as trustee, to facilitate the issuance. The notes were offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, and outside the United States to non-U.S. persons pursuant to Regulation S.

Debt offering details

The offering comprises five series of notes with varying maturity dates and interest rates. The 2031 Notes total $7.0 billion with a 5.350% interest rate, followed by the 2033 Notes totaling $6.0 billion at 5.650%. The 2036 Notes amount to $6.0 billion with a 5.875% rate. The longer-term tranches include $2.5 billion in 2046 Notes at 6.600% and $3.5 billion in 2056 Notes at 6.650%.

Terms and conditions

Interest on the notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning January 15, 2027. The company will pay interest to holders of record at the close of business on January 1 or July 1 immediately preceding each payment date. The notes are unsecured obligations of the company and rank equally in right of payment with all existing and future unsubordinated indebtedness. The indenture contains customary event of default provisions.