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Another quick take, quickly, on the only story in town. This is from Sam McHugh at BNP Paribas, on SpaceX’s deal with Qualcomm to provide the bits and pieces of a new US terrestrial 5G network: “As we have written, we do think investors should take SpaceX’s plan to build a network seriously, and at a headline level this is another step towards the company putting the puzzle pieces together, and as such is likely to be taken as a small negative for AT&T, Verizon and T-Mobile, as well as the cable companies. That said, the degree of press headlines similar to this (including SpaceX reportedly using 80,000 towers and potentially buying Boost) is unprecedented. This suggests to us there is a clear strategy to try to ramp pressure on one of the big three to fold on an MVNO agreement – which we think is very unlikely – or at least depress multiples to make a potential acquisition of a carrier more accretive for SpaceX.” There’s good stuff in the analyst round-up from RCR regular Vish Nandlall as well, saying much the same, plus from plenty of other well-placed market watchers.
James Blackman
Executive Editor
RCR Wireless News
RCR Top Stories
Starlink analysis: Qualcomm’s deal to supply radio tech for Starlink strengthens SpaceX’s ambitions to challenge the US incumbents. Analysts see a disruptive, vertically integrated operator taking shape – but warn that it will take years
More about Boost: SpaceX’s pursuit of Boost Mobile faces hurdles over its AT&T and T-Mobile MVNO agreements, which may not survive a change of control. Analysts question the shortcut as Musk pursues a fourth US carrier.
Qualcomm angle: Qualcomm has outlined the revenue timeline for SpaceX, and discussed handset market pressures, and highlighted automotive and IoT growth as the company seeks to diversify its business.
NH economics: Neutral host networks cut the cost and complexity of indoor coverage by replacing duplicated infrastructure. But commercial alignment, investment models, and regulatory differences remain key obstacles.
Inference demand: Digital Realty says AI is broadening data center demand beyond large training deployments, driving record leasing across hyperscale, connectivity, and inference infrastructure.
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Beyond the Headlines
SpaceX x Qualcomm: SpaceX has picked Qualcomm to supply radio and baseband tech for Starlink’s terrestrial 5G network, with deployment due in 2027. Analysts see an open RAN opportunity, but still question coverage and capacity.
Telstra AN case: Ericsson and Telstra are developing intent-based AN operations, using agentic AI and a machine-readable knowledge plane for safer decision-making. They say trust, context, and collaboration remain key challenges.
VMO2 halts fiber: Virgin Media O2 is targeting £800m in annual savings by 2029, including big workforce reductions, as falling revenues, subscriber losses, and tough fiber economics force a strategic reset and retreat from network upgrades.
Upper 6 GHz: The GSMA wants priority for mobile in upper 6 GHz, arguing that Wi-Fi’s capacity bottleneck is device upgrades, not spectrum. But its city-wide data leaves unanswered questions about indoor coverage and multifamily buildings.
AI crash – what if? The AI infra boom could end in a crash like the late-90s fiber bust, writes Vish Nandlall, leaving investors nursing huge losses but potentially handing utilities and infra funds cheap assets to power the next phase of growth.
What We're Reading
$1.24tn from 6G: The GSMA says 6G could add $1.24tn to global GDP by 2040, but spectrum shortages risk wiping out $520bn of the potential gains, prompting calls for governments to accelerate planning ahead of WRC-27.
DT Q3 up 5.5%: Deutsche Telekom lifted its 2026 earnings and cash flow forecasts after Q3 revenue rose 5.5% organically to €31.1bn and adjusted EBITDA increased 8%. It plans a 10% dividend increase, reflecting strength in the US.
Massive MIMO: VodafoneThree is the first to deploy Ericsson’s AIR 3266 massive MIMO commercially, switching on its first London site. The radio promises 30% energy savings and enhanced 5G capacity.
AI-native vRAN: 1Finity has a full-stack AI-native vRAN platform combining Nvidia GPU infrastructure, RAN software and enterprise AI tools, aiming to help mobile operators cut costs and sell AI services to businesses.
CPaaS to double: Global CPaaS revenue will more than double from $21bn in 2026 to over $50bn by 2031, says Juniper Research, driven by conversational AI, RCS and authentication, ranking Infobip, Twilio, and Sinch as leaders.
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Rise of Non-Terrestrial Networks (NTN)
