SpaceX has announced the acquisition of wireless spectrum and plans to offer mobile communication services through its Starlink satellite network, according to a ChainCatcher newsflash. The move could position the company as a major mobile carrier.
Following the announcement, shares of Verizon Communications, AT&T and T-Mobile US all posted double-digit percentage declines on Friday. The source did not disclose further terms of the spectrum acquisition or a launch timeline for the service.
The brief update framed the market reaction around the competitive threat posed by satellite-based mobile connectivity, with investors marking down incumbent U.S. telecom names after the SpaceX announcement.
SpaceX has announced the acquisition of wireless spectrum and plans to provide mobile communication services through the Starlink satellite network, according to ChainCatcher. The company could become a major mobile carrier.
After the announcement, shares of Verizon Communications, AT&T and T-Mobile US each recorded double-digit percentage declines on Friday.
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