SpaceX moves toward mobile carrier; telecom stocks fall
SpaceX has taken another step toward becoming a mobile carrier, rattling US telecom stocks. Shares of AT&T, T-Mobile and Verizon fell on the news.
The move signals Elon Musk's satellite company pushing deeper into mainstream mobile services. SpaceX's Starlink network already serves broadband customers worldwide.
A carrier entry would challenge the big three US mobile operators on their home turf. Investors fear price pressure and subscriber losses.
The news came as stock futures pointed higher on Friday. The S&P 500 and Nasdaq looked to lock in weekly gains after Thursday's tech-led selloff.
SpaceX has not detailed its carrier timeline. But each step toward mobile service sharpens the competitive threat to incumbents.
Starlink already beams broadband to remote areas beyond the reach of cell towers. Adding mobile service would let phones connect directly to satellites. Telecom executives have warned regulators about spectrum and competition rules. SpaceX says the technology will extend coverage, not just shift customers.
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