Elon Musk wants SpaceX (SPCX) to take on America's largest cell service providers, but matching the telecom giants' vast wireless networks could take years and billions of dollars, executives and analysts warned this week.
SpaceX, which already operates the world's largest commercial satellite network with Starlink, is in talks with major telecommunications infrastructure companies to secure access to at least 80,000 cell sites across the United States, Bloomberg reported. The move would advance Musk's ambitions to establish a fourth nationwide wireless carrier alongside the three traditional telecom and mobile service incumbents: Verizon (VZ), AT&T (T), and T-Mobile (TMUS).
The announcement sent stock in AT&T and T-Mobile falling by as much as 6% on Friday, while Verizon declined by a thinner 1.5%.
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