Noting that the three biggest operators, AT&T, Verizon Communications and T-Mobile US, generate hundreds of billions of revenue per year, SpaceX President and COO Gwynne Shotwell, while presenting the earnings data, said, “I anticipate us being able to acquire quite a few of their customers, because I think our service will be better. I’m quite excited about Starlink Mobile going forward.”

After Shotwell’s comments, shares of AT&T, Verizon and T-Mobile each fell more than 4% in post-market trading.

SpaceX’s satellite internet business already beams data directly to mobile phones, shoring up service in so-called “dead zones” for existing ground-based networks. While adding land-based components, such as cell towers, would better position Starlink to compete with the big names of the American telecom sector, doing so will be costly. As per the analysts, constructing and operating nationwide networks will require billions of dollars in physical infrastructure, along with scarce government-regulated airwaves.

“We definitely intend to build out the terrestrial component. So you will have not only the capacity from the satellites themselves, but you will have a build-out of the hardware and systems necessary to make a true mobile service,” Shotwell remarked, while making the SpaceX’s telecom roadmap public.

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SpaceX’s plans to lure customers away from longstanding operators will require a network of upgraded Starlink satellites. Along with this, it needs to acquire rights to more spectrum, the radio waves needed to beam coverage, and last but not the least; securing access to thousands of cell towers and small cell nodes. All of these could take years.

SpaceX most likely won’t have access to network rental partnerships, an indutsry practice under which companies including Charter Communications and Comcast Corp have become what’s known as mobile virtual network operators. The mobile carriers have already declared that they won’t give SpaceX access to their networks in an MVNO (Mobile Virtual Network Operator) capacity.

“Unless Starlink can secure an MVNO agreement from one of the carriers, which would provide a baseline of coverage, it’s extraordinarily challenging to imagine a direct-to-consumer service from Starlink that could be competitive with carrier services in the next five years,” said Craig Moffett of MoffettNathanson, while interacting with the Reuters.

An MVNO provides wireless service without owning a nationwide cellular network. Instead, it leases network capacity from an existing carrier and sells service under own brand.

The companies, as part of the defensive move against the Musk-led venture, have already announced a rare three-way joint venture that aims to make satellite capabilities more readily available to mobile phone customers.

To deal with this, SpaceX has adopted a creative path. As per the reports, in July, it held talks with Charter about running some of its phone traffic through the largest home-internet provider’s ground-based infrastructure.

Also not to forget SpaceX’s strategic acquisition of 65 megahertz of wireless spectrum licenses from EchoStar for a total of USD 19.6 billion through two deals announced in 2025, that gave Starlink airwaves to expand into mobile services.

ALSO READ | Starlink: The Pacific Islands’ digital lifeline

“The spectrum that we purchased from EchoStar does have terrestrial components, so we definitely intend to build out terrestrial,” Shotwell said.

Shotwell said the company will build the infrastructure needed to make Starlink “a true mobile service” and expects to ⁠win “quite a few” customers from the “Big Three” wireless carriers.

SpaceX, as per the reports, intends to disrupt the American telecom industry by pairing its satellite network with ground-based infrastructure to offer a broader wireless service, moving beyond the current direct-to-device service for areas without cellular coverage.

Starlink and SpaceX’s broader connectivity operations remain the company’s primary financial engine, underpinning Musk’s expensive push into AI, data centers and next-generation rockets.

“It makes no sense for SpaceX to try to replicate what terrestrial players have built ⁠over 30 years with 1000 MHz between them, with 65 MHz,” said David Barden from New Street Research.

A section of the investors still sees market underestimating the potential disruption.

ALSO READ | Verizon to sell 274 retail locations, reduce 500 jobs in fresh cost-cutting push

“I definitely think what Elon said on the call about investors undervaluing that side of the business is ⁠absolutely correct in my mind,” said David Wagner, portfolio manager at Aptus Capital Advisors.

For Wagner, SpaceX’s willingness to innovate, along with Musk’s high-risk appetite, may end up disrupting the market beyond the imagination of the so-called “Big Three.”

Under its partnership with T-Mobile, SpaceX uses Starlink satellites to provide direct-to-cell connectivity for compatible smartphones outside traditional cellular coverage, complementing rather than competing with the carrier’s network.

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The closing of AT&T’s roughly USD 23 billion purchase of wireless spectrum licences from EchoStar ends a 15-year attempt to build a fourth national mobile network in the United States, hands the American regulator a powerful new precedent, and resets the competitive arithmetic in the world’s most profitable wireless market.

What actually changed hands
AT&T has acquired around 30 MHz of nationwide 3.45 GHz mid-band spectrum and around 20 MHz of nationwide 600 MHz low-band spectrum. Together the licences cover close to 99% of the American population. The deal was announced in August 2025, cleared by the Federal Communications Commission in May 2026 and completed last week.

Mid-band is the part that matters commercially. It carries far more traffic than low-band while still travelling reasonably well through walls, which is why engineers call it the sweet spot for 5G.

AT&T had been deploying the 3.45 GHz airwaves under a leasing arrangement since late 2025 and already has them live on roughly 23,000 cell sites, where download speeds have risen by as much as 80%.

The 600 MHz holdings are a slower story. Network and device work means customers are unlikely to feel much benefit for more than a year, and the FCC has told AT&T to move faster on that build than it had originally planned.

The end of the fourth carrier
The bigger story is what EchoStar has given up. Charlie Ergen spent well over a decade assembling spectrum with the stated aim of turning Dish into a facilities-based rival to AT&T, Verizon and T-Mobile.

Project Genesis, the USD 30 a month unlimited offer built on Dish’s own 5G core, was the visible end of that ambition. It stops serving customers on August 31. Dish filed for Chapter 11 protection on June 30, its finances squeezed in part by the delay in closing this very transaction.

What survives is Boost Mobile, which now runs as a hybrid mobile virtual network operator on AT&T’s physical network under a long-term wholesale deal that the FCC made a condition of approval. Boost keeps its cloud-native core and its brand, and AT&T charges it favourable rates.

But a reseller with a good wholesale contract is not a fourth network. The United States is back to three infrastructure competitors, and analysts have been open about what that means.

T-Mobile’s shares climbed sharply after the Dish bankruptcy filing, on the straightforward logic that nobody is left to undercut the big three on price.

For anyone covering telecoms outside America, this is the point worth dwelling on. Regulators in Europe and Asia have spent years arguing about whether four networks are necessary for healthy competition.

The American experiment in manufacturing a fourth player through merger conditions and spectrum set-asides has now formally failed. That will be quoted in consolidation arguments from Brussels to Delhi for years.

A regulator that got exactly what it wanted
EchoStar did not sell willingly. The chain of events began when FCC chairman Brendan Carr opened an investigation into whether the company was meeting its 5G build-out obligations.

EchoStar has argued since that the inquiry created a force majeure event, which it used to justify halting payments to tower companies and contractors. American Tower, Crown Castle and SBA Communications all ended up in litigation.

The regulator’s approval in May came with an unusual string attached. EchoStar was required to establish a USD 2.4 billion escrow account to cover claims from the vendors and infrastructure partners left unpaid when the Dish build was abandoned. EchoStar publicly called the condition unprecedented and involuntary while accepting the approvals themselves.

Strip away the detail and a use-it-or-sell-it doctrine has been enforced successfully against a major licence holder for the first time at this scale.

Carr’s team has framed it as part of a plan to move roughly 300 MHz of low and mid-band spectrum into active use by the end of 2027. Every regulator sitting on a hoarder’s portfolio has now seen a working template.

The competitive reset
AT&T needed this spectrum for a specific reason. Its fixed wireless business was capacity constrained in a way its rivals’ were not, because mobile and home broadband customers share the same mid-band capacity.

AT&T entered 2026 with about 1.2 million fixed wireless subscribers against roughly eight million at T-Mobile and 5.4 million at Verizon.

It has since said AT&T Internet Air has passed two million, doubling its base in about half the time it took to reach the first million. The EchoStar spectrum is what allows that growth to continue without degrading the mobile network.

The timing is pointed. Ookla and Opensignal both recently confirmed T-Mobile as the American speed leader.

AT&T has bought itself a serious shot at closing that gap, and the alternative route was waiting for the upper C-band auction due by July 2027, an event with price estimates running anywhere from USD 30 billion to USD 75 billion and no certainty about when cleared spectrum would actually be usable.

The balance sheet question
AT&T reiterated the financial outlook and capital allocation plan it gave with its second-quarter results, which is the sentence institutional investors were reading for.

Net leverage stood at 2.68 times adjusted earnings at the end of the second quarter and is expected to rise to around 3.2 times following the close, before returning to the roughly 2.5 times target within three years.

That is a substantial temporary stretch for a company that spent years rebuilding credibility on debt reduction, and management is signalling it does not consider the dividend or the fibre build at risk.

What to watch next
Three threads remain live. EchoStar is still evaluating its response to the escrow condition. Its Hughes Network Systems unit was reported to be preparing a Chapter 11 filing ahead of a USD 1.5 billion maturity due on August 1, and receipt of the AT&T cash may or may not change that calculation.

And SpaceX, which is paying about USD 17 billion for 65 MHz of EchoStar’s satellite-adjacent spectrum, now holds exclusive nationwide airwaves for direct-to-device Starlink service, with FCC waivers allowing terrestrial, space-based or hybrid use.

That last point deserves its own article. A satellite operator outbidding terrestrial carriers for licensed spectrum, and winning permission to use it either way, is a genuinely new fact about how this industry will be structured.

The post Why AT&T’s USD 23 billion EchoStar deal matters far beyond Dallas appeared first on International Finance.

“Verizon has agreed to pay BT an equalisation payment of usd 625 million, and both companies will hold equal voting rights in the new venture, which will serve more than 3,000 customers in over ⁠180 countries,” the companies said in a joint statement.

“This is a very fragmented market, and this could be the start of further consolidation. We could possibly look to bring in third parties at some point in the future,” BT Chief Executive Allison Kirkby told Reuters.

The deal also marks a milestone for Kirkby, who has been steadily refocusing the 180-year-old British telecoms group on its home market while shedding international assets. Kirkby, who had been a BT board member, took the helm of the struggling venture in February 2024. Since then, she has overseen a multibillion-pound cost-cutting program across BT’s business.

Under her watch, while BT is looking to raise its savings target from 3 billion pounds by 2029 to 3.7 billion by 2030, its combined headcount, by the decade’s end, will likely remain at between 75,000 and 80,000, towards the lower end of an estimated range of 75,000 to 90,000 decided in 2023.

In 2025, Kirkby’s pay and bonus package more than doubled to 5.6 million pounds, a compensation that became the biggest pay award to a telecom boss in more than a decade. Shares in BT, on the other hand, have risen by more than 70% since she started in her leadership role.

Verizon CEO Dan Schulman, who has been aggressively pushing his own turnaround strategy at the American wireless carrier, termed the venture “the clear answer” for international customers seeking secure and ‌flexible ⁠connectivity that will be effective across borders and cloud environments.

Verizon, which announced its cost-cutting in November 2025, will scrap about 13,000 jobs across the organization in the coming days, a move that Schulman has justified as “intended to simplify our operations to address the complexity and friction that slow us down and frustrate our customers.”

Martijn Blanken, a former executive at Australia’s Telstra and Netherlands-based KPN, has been named as the CEO-designate of the new company. He will join BT Group in September 2026 and work with both parent companies to launch the combined entity’s operations.

“We see ⁠this as a unique opportunity to create a scaled player to serve our multinational customers much better,” Kirkby said, adding that the two companies’ customer footprints were complementary, with only the odd overlap.

The Verizon deal will serve as a timely boost for BT, which, as per the reports, has been encountering weakness in its international business, which, in turn, has been ⁠a drag on the company’s earnings. BT is also reviving talks with firms such as AT&T and Orange to turn things around in the overseas market through partnership vehicles.

“The USD 625 million ⁠payment to BT will be used to fund the venture, and any remaining amount will be used to pay down debt,” Kirkby said.

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Verizon is aggressively competing with AT&T and ‌T-Mobile in the saturated US telecoms market. The industry players have extended device subsidies, added plan discounts, and increased network infrastructure spending.

As per Verizon, its new program will offer customers 3% back on bills from July 2026 that can be used toward new phones or at consumer brands like Sephora, Hilton, Marriott, and Starbucks.

The USD 40 activation fee, which Verizon raised from USD 35 recently, and the USD 40 upgrade fee, which comes during switching to a new device, have been eliminated.

However, customers will need to sign up for Verizon’s new free loyalty program to benefit from the fee removal. The program draws obvious comparisons to T-Mobile Tuesdays, which has been in operation for a decade.

All the postpaid Verizon customers on all phone and connected device plans will be able to opt in to the company’s loyalty program, apart from avoiding activation and upgrade fees. the company is also offering perks like free Starbucks ‌coffee, ⁠a Dunkin’ Donuts treat or FIFA World Cup 2026 merchandise.

Under new its CEO Dan Schulman, Verizon in April raised its annual profit forecast. The program would not change its 2026 financial guidance, the venture stated further.

“We’re fundamentally reshaping Verizon inside and out to put the customer at the center of everything we do. We’re listening, designing for them, and moving faster than we ever have before,” Schulman said.

Verizon Simplicity, priced at USD 45 per line with a promotional rate of USD 30 for switchers, will enable its customers to receive full access to the telecom giant’s 5G network with no upcharge, along with 10 GB of mobile hotspot, roaming in Canada and Mexico, and satellite texting.

Customers will be able to add optional bundles and two upgrade tiers, “Simplicity Plus” at USD 35 extra per month and “Simplicity Pro” at USD 50. However, the plan excludes multiple-line discounts, and customers with remaining device trade-in credits will have to forfeit them by switching.

Verizon also launched “Verizon One,” a combined home and mobile plan priced at USD 70 a month with taxes and fees included. The package, catered to new customers only, pairs either a 500 Mb/s Fios fiber connection or 5G Home fixed wireless service with an unlimited 5G wireless plan, though hotspot use is not included.

Verizon’s latest package will pit it against AT&T in terms of offering discounted bundles combining high-speed broadband and wireless plans, a strategy aimed at boosting customer retention.

T-Mobile had already tested successes with its loyalty programs, offering perks and ⁠aggressive marketing along with its plans that bundle Netflix, Apple TV, and Hulu with five-year price guarantees.

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In 2025, after T-Mobile acquired most of US Cellular’s wireless operations and 30% of its wireless spectrum in a USD 4.4 billion deal, the remainder of the company changed its name to Array ⁠Digital Infrastructure. Post-FCC approval, the acquired spectrum assets from US Cellular will enhance Verizon Wireless’ network coverage, capacity and performance, resulting in a stronger ability to meet increasing customer demand and provide a better customer experience.

Kathy Grillo, Verizon’s public policy and government affairs senior vice president, while welcoming the FCC’s approval, said, “The additional spectrum will allow us to better serve our customers as we continue to bolster our already-robust network.”

The news regarding Verizon comes amid the FCC’s renewed efforts to approve a number of spectrum transactions even as ‌it looks ⁠to take the auction route for allotting additional wireless spectrum, with the goal of addressing the rising demand among American consumers and businesses.

As part of the effort, the FCC has already approved EchoStar’s USD 40 billion sale of wireless spectrum to SpaceX and AT&T. With this, the Elon Musk-led venture will now be gaining access to exclusive-use spectrum for a Starlink device-to-device service ⁠and other offerings. AT&T’s low-band spectrum will expand coverage across the United States, especially in rural and underserved areas.

“Scale matters a lot in today’s modern connectivity market, and the spectrum is going into the hands of players that are lighting it up, immediately, loading it up, and using ⁠it to bridge the digital divide. We’re facilitating as many transactions and auctions as we can do to help make ⁠that happen,” said FCC Chairman Brendan Carr during an interview with Reuters.

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Under the 25-year contract, the company got the nod to build ⁠the federal emergency cellular network in 2017, years after a federal commission recommended setting up such a system following the 9/11 attacks.

The system, which helps first responders such as medical personnel, firefighters, and police officers communicate ‌vital ⁠information on a single network, is used by 31,000 American agencies.

According to the National Telecommunications and Information ⁠Administration, the scope of AT&T’s infusion of further capital in FirstNet emerged due to the Donald Trump government’s executive ⁠order in early 2025, which asked federal agencies to review all contracts.

“This agreement-in-principle… reflects AT&T’s ongoing dedication to our ⁠public-private partnership,” AT&T’s President of Public Sector Wes Anderson said.

This news comes amid the backdrop of AT&T launching OneConnect, which the telecom player describes as the first-ever single subscription for unlimited connectivity. The connectivity provider reportedly combines fast, reliable home internet and wireless together across as many devices as needed, under one subscription tier.

“AT&T OneConnect runs on America’s largest wireless and fibre networks and America’s best and fastest home internet. Combined, it delivers the simple experience customers deserve and defines connectivity of the future,” the company remarked.

Coming back to the FirstNet, reports emerged in January 2026 about AT&T working with AST SpaceMobile to bring satellite connectivity to its network, which could plug gaps in public safety communication.

The direct-to-cellular service, which received FCC (Federal Communications Commission) approval early in 2025, will operate using AST SpaceMobile’s super-large BlueBird satellite constellation, also dubbed the “largest commercial communications array in low Earth orbit [LEO].”

AST SpaceMobile will launch four additional Bluebird satellites in the coming weeks, with plans to deploy a total of 45 to 60 satellites by the end of 2026, with a rollout period of every one to two months.

“The direct-to-cellular service will connect the satellites with AT&T’s terrestrial network via ground stations or gateways. Those gateways, designed by AT&T, will adjust and route the signal over to an AT&T network, establishing the connection. For FirstNet, satellite is not intended to replace the ground-based network. Instead, it is meant to strengthen coverage by adding another layer of connectivity, which will make it easier to serve ‘white space areas’ where FirstNet’s macro network currently cannot reach. The goal is to create resilient and diverse connectivity that can adapt to whatever technology first responders need in the field,” reported RCR Wireless News in January.

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According to an Engadget report, the call was placed from AT&T’s location in Midland, Texas, to Japanese mobile carrier Rakuten, and the device used was a Samsung Galaxy S22 smartphone.

The call was made possible through AST SpaceMobile’s BlueWalker 3 satellite technology, which facilitated seamless communication between the two parties.

“Achieving what many once considered impossible, we have reached the most significant milestone to date in our quest to deliver global cellular broadband from space,” informed Abel Avellan, CEO and chairman of AST SpaceMobile, to the media.

“While we take a moment to celebrate this tremendous accomplishment, we remain focused on the path ahead and pivotal next steps that get us closer to our goal of transforming the way the world connects,” the official stated further.

Rakuten Chairman & CEO Mickey Mikitani said, “It was a unique thrill and honour to have the Rakuten team talk with Abel in a world-first direct-to-satellite experience. Congratulations to AST SpaceMobile and all of its strategic collaborators on this groundbreaking event.”

“As technological advancements like space connectivity become possible with pioneers like AST SpaceMobile, Rakuten will also progress even further along the road to democratising connectivity for all,” the official added.

The company has also stated that the use of satellites has the potential to be a significant stride in improving cellular access, not just in the US where many areas lack reliable service, but also in developing countries.

Numerous regions throughout the United States, including rural communities and national parks, suffer from a lack of cellular coverage, commonly referred to as “dead zones”.

The technology used to solve this problem in the US could potentially offer a solution for similar issues in developing countries, the Engadget report said, while further adding that AT&T intends to use satellites as a means of delivering cellular broadband that covers the full range from 2G to 5G on a global basis.

“AT&T’s heritage began with the birth of the telephone 147 years ago and has continued with many other firsts including trans-continental call, overseas call, call from the moon, and partnering to deliver the only network built with and for America’s first responders,” said Chris Sambar, Head of AT&T Network, while interacting with the media.

“We connect people to greater possibility, and this important milestone with AST SpaceMobile is a big step and we can’t wait to see what’s next in our space-based journey,” he added.

On the other hand, Verizon is partnering with Amazon’s ‘Project Kuiper’ satellite network for an AT&T-like move. Amazon has plans to deploy 3,236 satellites and the Federal Communications Commission wants at least half of these space assets to be operational by July 2026.

SpaceX has emerged as T-Mobile’s partner for a similar project, as the Elon Musk-led firm has already launched over 4,000 Starlink V2 satellites into orbit. T-Mobile now claims that its customers would get satellite access through the existing plans, as the current generation smartphones should work with the satellite offerings.

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Previously, AT&T acquired the stake from Hulu after a takeover deal worth $85 billion with WarnerMedia was completed. A spokesperson from Hulu said both owners will have to decide how they want to manage AT&T’s transactions.

“We thank AT&T for their support and investment over the past two years and look forward to collaboration in the future.” Hulu CEO Randy Freer said in a statement. “WarnerMedia will remain a valued partner to Hulu for years to come as we offer customers the best of TV, live and on demand, all in one place.”

According to analysts, Hulu is expected to lose $1.5 billion this year, and Disney foresees Hulu’s profits to arrive after 2023. The company hopes to achieve 40 million to 60 million subscribers by then.

Disney acquired major control in Hulu business when it acquired 21st Century Fox in March for $71 billion. Disney Chief Executive Bob Iger said the company might plan to acquire Hulu’s remaining ownership soon.

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John Legere, T-Mobile chief executive said: “This is going to be causing even more competition than this country has seen.” The companies emphasised that they will fasten the development of 5G wireless networks and ensure the US states do not surrender their control on technology to China.

However, the agreement is expected to be reviewed by the Justice Department and the FCC.

T-Mobile’s parent company Deutsche Telekom would own 42% of the combined company; Japan’s SoftBank, which controls Sprint would own 27%; and the remainder will be held by the public. The companies said the combination will kick-start a healthy competition with wireless, broadband and video industries including AT&T, Verizon and Comcast.

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Mark Feidler stated, “The Board remains deeply concerned about and totally focused on the cybersecurity incident. We are working intensely to support consumers and make the necessary changes to minimize the risk that something like this happens again. Speaking for everyone on the Board, I sincerely apologize. We have formed a Special Committee of the Board to focus on the issues arising from the incident and to ensure that all appropriate actions are taken.”

“Our interim CEO, Paulino, is an experienced leader with deep knowledge of our company and the industry. The Board of Directors has absolute confidence in his ability to guide the company through this transition,” Feidler continued.

Richard Smith said, “Serving as CEO of Equifax has been an honor, and I’m indebted to the 10,000 Equifax employees who have dedicated their lives to making this a better company.

“The cybersecurity incident has affected millions of consumers, and I have been completely dedicated to making this right. At this critical juncture, I believe it is in the best interests of the company to have new leadership to move the company forward,” Smith added.

“On behalf of the Board, I express my appreciation to Rick for his 12 years of leadership,” Feidler said. “Equifax is a substantially stronger company than it was 12 years ago. At this time, however, the Board and Rick agree that a change of leadership is in order.”

Feidler is a partner and co-founder of MSouth, a private equity investment firm. He has served as an independent director for Equifax since 2007. Feidler served as president and COO of BellSouth Corporation until its merger with AT&T in December 2006. Previously, from 2000 to 2003, Feidler was the COO of Cingular Wireless, commencing upon the formation of Cingular when BellSouth and AT&T (formerly SBC) merged their domestic wireless operations to form Cingular.

Paulino Barros most recently led the company’s Asia-Pacific business, which includes the largest acquisition in Equifax’s history – Veda, the leading provider of credit information and analysis in Australia and New Zealand. Previously, Barros led the company’s U.S. Information Solutions (USIS) business and prior to that led the company’s International business unit. Prior to Equifax, Barros founded and served as president of PB&C – Global Investments, LLC and previously served in several executive positions at BellSouth Corporation and AT&T, including president of Global Operations for AT&T. His previous experience includes executive and managerial roles at Motorola, Inc., The NutraSweet Company and Monsanto Company.

About Equifax
Equifax is a global information solutions company that uses trusted unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor’s (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 10,000 employees worldwide.

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