SpaceX Weighs a Fourth US Carrier Against a $40 Billion Silicon Bill
Published on 10/27/2026 at 03:40 | Editorial boerse-global.de
SpaceX is probing a move that would put it in direct competition with America's wireless incumbents. According to a Bloomberg report picked up by Reuters on Friday, the company is seeking access to at least 80,000 mobile sites as part of an effort to stand up what would become the fourth US mobile network operator.
The disclosure rattled telecom carriers, Reuters reported — a sign that even the prospect of an extra entrant is enough to unsettle would-be rivals. Yet the distinction between talks and execution matters for investors: the reported plans stop well short of confirming that such a network will actually be built.
No access rights have been secured, and no market entry has been decided. What gives the discussions weight is the sheer scale of the site base SpaceX is reportedly targeting. The real test will be whether those conversations harden into binding agreements; the reaction from carriers highlights the competitive threat but says nothing yet about commercial success.
A Separate Bet on Silicon
Running alongside the wireless exploration is a far more concrete commitment. SpaceX disclosed a binding commitment for a master financing lease with an entity managed by Apollo Global Management, covering graphics processors and related equipment. Expected repayment obligations total roughly $40 billion.
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Elon Musk said on Sunday that the $40 billion in debt financing for GPUs had been secured. SpaceX expects to close the lease before the end of 2026, with equipment deliveries and lease drawdowns slated to begin in the first half of 2027. The commitment is binding, but closing remains subject to conditions — it does not amount to a fully executed financing.
The two initiatives should be assessed separately: one concerns GPU capacity, the other the reported access to mobile sites. Together, though, they sketch a company whose ambitions stretch from orbital connectivity through terrestrial networks to large-scale computing for artificial intelligence — a scope that blurs the lines between telecom, cloud computing and space.
Earnings Back the Expansion
The operating numbers published on October 20 show the scale behind those ambitions. Third-quarter 2026 revenue reached $14.58 billion, up 161% year on year. Net income came in at $4.4 billion, a sharp reversal from a net loss of $1.1 billion a year earlier.
Adjusted operating earnings (EBITDA) multiplied 306% to $8.8 billion. What was once a cash-hungry research and build-out phase is turning into an earnings engine capable of absorbing hefty upfront investment.
That shift is forcing skeptics to rethink. PhillipCapital upgraded the stock from Sell to Buy on Friday, lifting its price target to $250 from $75.
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Merger Soundings Add Another Variable
A potential tectonic shift in the corporate structure is also in play. Musk said a few days ago that the boards of SpaceX and Tesla have each formed special committees to discuss a possible combination. No contractual terms have been agreed, and the company made clear that any such transaction would require formal approval from the special committee, the board and the majority shareholder. The committee has not yet reached a determination.
In today's trading the stock sits at €132.60, a market capitalization of €1,971.01 billion — about 32% below its 52-week high of €194.46. The shares capture the ambivalence that tends to accompany platform transformations of this kind: respect for the sheer scale of the financing on one side, recognition that an entirely new category of infrastructure is taking shape on the other. The contest over the digital foundation of the coming decade is no longer fought on the ground alone.
For now, the site search remains a strategic option rather than a completed build-out. Its relevance to investors hinges on whether SpaceX converts the explored entry into binding steps — and on whether the GPU lease, the wireless plan and any merger talks each stand up to scrutiny on their own terms.
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