TD Cowen analyst Gregory Williams said in a recent report that T-Mobile would be the clearest acquisition option for SpaceX if the company cannot secure wholesale terrestrial spectrum agreements with major carriers such as AT&T, Verizon, and T-Mobile. The report puts the enterprise value of such a deal at roughly $320 billion. It is not a disclosed transaction plan. It is a strategic scenario built around the fastest way for SpaceX to gain land-based wireless assets.
Why T-Mobile stands out in the report
Williams pointed to four main reasons. First, T-Mobile is centered on wireless operations, unlike AT&T or Verizon, which carry larger fixed-network infrastructure and more complicated integration burdens. Second, SpaceX and T-Mobile already have a working relationship through Starlink direct-to-device, or D2D, service. That offering entered commercial service in July 2025, starting with text messaging before expanding toward data. Third, T-Mobile’s parent, Deutsche Telekom, has operations across markets including Germany and Austria, which could give SpaceX a ready-made entry point into Europe. Fourth, the report argues that T-Mobile’s long-running challenger identity in the US telecom market fits more closely with SpaceX’s operating culture.
SpaceX’s telecom ambitions are being viewed more seriously
The report says SpaceX’s IPO filing already positioned Starlink Mobile as a direct competitor to Verizon, AT&T, and T-Mobile. The strategy described there reaches beyond satellite broadband alone. It points to a hybrid satellite-and-terrestrial connectivity platform spanning broadband, mobile data, and hybrid access products.
Discussion around a possible large-scale acquisition has also been fueled by SpaceX’s recent capital moves. According to the report, the company raised $86 billion in its IPO. On June 24, 2026, it launched its first investment-grade corporate bond sale, drawing $89 billion in orders and ultimately issuing $25 billion. It also completed the $17 billion acquisition of EchoStar, gaining key terrestrial wireless spectrum rights. The report adds that an all-stock acquisition of Cursor is also in progress. Based on those visible sources, the market estimate for SpaceX’s available firepower stands at about $111 billion.
Three major obstacles to a $320 billion takeover
The most obvious hurdle is funding. With T-Mobile valued at about $320 billion including debt, the gap between that price and SpaceX’s visible $111 billion in available resources remains large. More debt or additional stock issuance could narrow the gap, but a transaction of that size would face tougher regulatory review and questions about market appetite.
The second issue is Elon Musk’s own approach. Roger Entner of Recon Analytics said in June 2026 that Musk’s style is to build from scratch rather than buy established operators. The report also notes that Musk said in late 2025 that he would not rule out buying Verizon, while also saying Starlink’s goal is not to put telecom companies out of business. Those comments look closer to competitive signaling than evidence of a live acquisition plan.
The third obstacle is direct industry resistance. On May 14, 2026, AT&T, T-Mobile, and Verizon formed a joint venture for the first time, combining spectrum resources to build a defense against SpaceX’s Starlink D2D service. That move suggests the largest US carriers already see SpaceX as a direct threat in terrestrial connectivity.
A strategic framework, not an announced deal
For now, SpaceX has neither announced nor been reported to be pursuing T-Mobile. Williams’ report is framed as a strategic analysis of the fastest route to terrestrial wireless capacity if wholesale agreements do not materialize. The key indicators remain Starlink D2D adoption, the direction of SpaceX’s talks with carriers, and whether the three-carrier joint venture can slow its expansion.