Wolfe Research thinks Starlink should buy a Big 3 carrier

Of all the analyses coming out ahead of SpaceX’s big initial public offering, one in particular stands out. First, some background. All three of the big mobile network operators in the U.S. have said “no” to an MVNO deal with Starlink, SpaceX’s most profitable unit. But to fulfill Starlink Mobile’s ambitions as laid out in SpaceX’s S-1 SEC filing, the general consensus is it needs a terrestrial network, and without an MVNO, the only way to get that is to build it themselves or buy one. According to analysts at Wolfe Research, the best outcome for the U.S. telecommunications industry is if Starlink were to buy one of the U.S.’s three mobile networks. “All parties should root for that,” the analyst firm said in a June 5 note for investors.