T · News · 20261104N

Competition and New Entrants

AT&T INC. · 2026-11-04 · Importance 40 · Surprise 42

SpaceX selected Qualcomm’s Dragonwing Cellular Infrastructure platforms for Starlink Mobile’s planned nationwide terrestrial 5G network, positioning it to compete with AT&T, Verizon and T-Mobile. The terrestrial stations are intended to complement Starlink’s satellite network, and deployment is planned to begin in 2027 under a multiyear agreement. The report says SpaceX is targeting tens of thousands of cell sites and recently announced an agreement to purchase licenses for 800 MHz spectrum, although the deal’s financial value and tower infrastructure requirements were not disclosed.

Key facts

• AT&T had the lowest EBITDA margin among the three U.S. carriers cited, at 35.7%, versus 37.4% for Verizon and 37.7% for T-Mobile. source
• AT&T’s debt-to-EBITDA was 3.5x as of September 30, 2026. source