To The Moon

Elon Musk's $SpaceX(SPCX)$ doesn't just want to beam the internet from space.

It wants to sell American citizens, a phone plan and companies that own the cell towers are cashing in.

On Fri, 23 Oct 2026, it was reported that SPCX is in talks for access to at least 80,000 US cell sites, a step toward building a 4th nationwide carrier. (see below)

Upon news broke:

• $Crown Castle(CCI)$ jumped +9.0% on Friday to its highest close since June 2026.

• $American Tower(AMT)$ & $SBA Communications Corp(SBAC)$ meanwhile rose more than +3.0%.

• With $AT&T Inc(T)$ & $T-Mobile US(TMUS)$ both fell more than -7.0%, and Verizon (VZ) slipped -1.0%. (see below)

Just so we’re clear.

Although CCI, AMT, T, SBAC, VZ, & TMUS operate within the broader telecom and digital infrastructure ecosystem, they belong to 2 distinct stock market sectors and industries :

(1) Infrastructure Providers (AMT, CCI, SBAC):

• Even though these companies own cell towers, fiber networks, and data centers, they do not provide phone service.

• They lease space on their towers to telecom carriers.

• As their business model relies on real estate leases, they are structured as Specialized REITs within the Real Estate sector.

(2) Wireless Carriers (T, VZ, TMUS):

• Above 3 US listed companies are the actual network operators.

• They rent space from the tower REITs to transmit cellular data, provide voice/internet plans directly to consumers, and operate within the Communication Services sector.

Heatmap of telco & digital infra system - US listed stocks

According to Yahoo Finance calculations, the biggest tile on that map is SPCX itself. At about $2 trillion, it's worth roughly 3x all 6 phone and tower companies combined. (see above)

It's the 2nd time in October 2026 the 2 groups have split this hard:

• On 9 Oct 2026, SPCX agreed to pay about $8 billion for a nationwide block of wireless airwaves.

• Tower stocks jumped, and carriers sank by double digits that day.

• Since the 8 Oct 2026 stock market closing, just 1 day before the deal, CCI is up by +24%, and T is down by -15%.

According to the Wireless Infrastructure Association, 80,000 sites is a big ask; that's about half of the 158,500 cell towers in the US.

AMT alone has about 41,000 sites in the US & Canada, and CCI about 40,000.

Landlords' best tenants are getting hurt

AT&T, VZ and T-MUS bring in about 85% of American Tower's US and Canada revenue.

For tower owners, SPCX would be a new tenant. For the national carriers, it would be a new rival and the market is pricing that in.

US carriers shed nearly -$28 billion in market value on Friday, while tower stocks added about +$7 billion. (see below)

During Wed, 21 Oct 2026 Q3 2026 earnings’ call, CCI, CEO Chris Hillabrant didn't name names, but he left the door open, saying that "you can assume that we're talking to all parties”.

Do note that nothing is signed yet.

The talks are still far from a formal lease deal, and some see them as a bargaining chip in SPCX's dealings with the carriers’ companies.

Better satellites could also mean SPCX might need fewer towers than it's asking for.

The next test comes on Tue, 27 Oct 2026, when AMT reports its quarterly earnings. Watch whether management talks up SPCX as a customer, or rally starts to cool.

The Second News.

Interestingly, there is a 2nd seemingly unrelated post about SPCX, T, VZ and TMUS.

It was hardly covered by mainstream media. Instead, it was PCMag that published it.

Here’s the skinny.

T, TMUS and VZ have teamed up to try to stop the Federal Communications Commission (FCC) proposal that could free up more radio spectrum for SPCX’s Starlink Mobile.

*Note - FCC is supposed to be an independent agency of US government to regulate interstate and international communications by radio, television, wire, satellite, cable, and the internet across all 50 states, the District of Columbia, and US territories.

Representatives for 3 national carriers met with FCC officials and urged the agency to amend the proposal.

The FCC plan, due for a vote this week, could open 482 MHz of spectrum for satellite-to-phone services, including Starlink Mobile.

SPCX has already acquired about 80 MHz of spectrum for its carrier ambitions. Analysts say it will need significantly more.

Fact - each of the big 3 carriers holds about 300 MHz.

T, VZ and TMUS want the FCC to drop the 2.5 GHz & 3.45 GHz bands from the proposal :

• For a start, that would remove 290 MHz from the plan.

• The carriers say satellite use of those bands could interfere with their 5G networks.

• TMUS uses the 2.5 GHz band, while AT&T operates in the 3.45 GHz band.

• Both use Time Division Duplexing (TDD), where towers & phones share the same radio bands for sending & receiving data.

CTIA, the wireless trade group representing the 3 carriers, filed a 10-page submission:.

• Warning that opening the bands to “secondary” satellite services “raises fundamental technical and interference challenges” that remain unresolved.

• The group said more than 300 million users rely on those bands for wireless service and should not have their service compromised by technically unworkable changes.

TMUS also filed its own complaint saying its 5G service could degrade if a satellite flew overhead using the same spectrum.

The carriers have asked the FCC to reaffirm the exclusivity & protection of their ground-based cellular licenses and investments.

CTIA CEO and former FCC Chairman Ajit Pai also weighed in:

• He met current FCC chairman Brendan Carr and urged the agency to drop the bands from the satellite proposal.

• Pai said secondary satellite operations should not be introduced into 5G TDD “workhorse” bands because of “well-recognized synchronization and interference risks.”

This is not the first time the big 3 carriers have joined forces against SPCX.

In May 2026, they announced a joint venture to pool spectrum and support competition in satellite connectivity, a move widely seen as a response to SPCX’s cellular ambitions.

The dispute matters because SPCX is trying to turn Starlink Mobile into a 4th major US carrier.

At the same time, the FCC has been creating a regulatory path for SPCX to become a larger mobile player, arguing that more competition could benefit consumers.

In simple terms, the carriers see the FCC proposal as more than a technical rule change.

If SPCX gains more spectrum, it could build a stronger mobile network.

If it also gains access to tens of thousands of towers, it could compete more directly with T, VZ & TMUS. That is why the incumbents are fighting the proposal so hard.

One other “risk / danger” that neither the press nor the 3 major carriers mention is Starlink CEO’s Musk penchant for political interferences. First it was DOGE and now this (see below)

What are associated risks that both US and US citizens will be exposed to should Starlink becomes US’s 4th national carrier ? It is shuddering to consider the possibilities.

My viewpoints : (mine only)

After reading above 2 posts, below is my hypothesis (mine only). See if it makes sense.

From the look of things, SPCX appears to be assembling 2 essential inputs for a nationwide mobile network.

These inputs are (a) spectrum rights and (b) terrestrial radio-access infrastructure.

This activities suggest SPCX may be preparing to become a 4th US nationwide carrier, rather than just expanding satellite-to-phone coverage.

Plausible connection ?

Neither story on its own proves that SPCX is building a carrier.

• FCC’s proceeding could simply be about improving Starlink Mobile’s satellite capacity.

• The 80,000-tower report could be exaggerated, preliminary, or a negotiating tactic.

Together, they form a coherent pattern:

• On 9 Oct 2026, SPCX bought a nationwide block of wireless airwaves for about $8 billion.

• It is now reportedly seeking access to roughly 50% of all US cell towers.

• It is also seeking greater regulatory access to spectrum through the FCC.

• Incumbent carriers T, TMUS & VZ are actively opposing the FCC proposal.

Above events sequence is consistent with a company building a hybrid terrestrial-satellite mobile network where:

• Satellites for broad geographic coverage.

• Spectrum for capacity.

• Towers for dense urban & indoor coverage.

US 3 carriers’ reactions.

The strongest supporting evidence is US 3 carriers’ behavior.

If the FCC proposal were only a technical adjustment for emergency satellite messaging, T, VZ and TMUS would have less reason to fight it. Unfortunately, it is not.

Instead, they are asking the FCC to remove 290 MHz of the proposed 482 MHz, specifically the 2.5 GHz & 3.45 GHz bands, citing interference risks to their 5G networks.

Their opposition suggests they view the proposal as commercially significant, not merely regulatory housekeeping.

What confirms or refutes it ?

My hypothesis would be strengthened IF:

• SPCX signs formal tower-leasing agreements with AMT, CCI or SBAC.

• FCC preserves a large portion of the proposed spectrum for satellite-to-phone use.

• SPCX announces a consumer mobile plan, MVNO partnership, or wholesale network arrangement.

• AMT management discusses SPCX as a potential tenant on Tue, 27 Oct 2026.

It would be weakened IF:

• Tower talks collapse or prove to be only preliminary discussions.

• FCC removes the most valuable spectrum bands from the proposal.

• SPCX frames the towers purely as backup infrastructure for emergency coverage.

• Starlink Mobile remains limited to satellite-only connectivity.

With nascent news development plus my hypothesis, are there investors out there who would take a leap of faith and jump-buy SPCX now ? Share your views in the Comments section.

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• Do you think it is a bold move for SPCX to undertake and attempt to be a 4th carrier ?

• Do you think this strategic move (if proved to be true) add real-value to SPCX ?

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