According to TD Cowen analysts, SpaceX’s (SPCX) Starlink service offers an effective complementary solution with its direct-to-device connectivity, particularly in areas without mobile coverage. However, TD Cowen noted that satellite-based connectivity still falls short of providing a “true mobile experience.”
Analysts expressed “cautious optimism” that the three major established U.S. carriers would resist offering SpaceX an MVNO agreement by acting jointly. Nevertheless, they pointed out that the uncertainty stemming from SpaceX has no specific end date and will continue to exert downward pressure on wireless communication stocks.
TD Cowen also examined the potential scenarios for SpaceX’s entry into the U.S. wireless market. According to the analyst, if the company is unable to secure an MVNO agreement or seeks to gain greater economic control quickly, T-Mobile emerges as the most likely option. In this analysis, T-Mobile’s momentum in the sector, its innovative culture, its position as a pure-play wireless communications company, and its existing partnership with Starlink were cited as key factors.
The analysts also considered the possibility of SpaceX acquiring AT&T as another scenario. However, this scenario was included in the report as an alternative consideration.
Triller adds SpaceX exposure to its balance sheet as a treasury asset
Meanwhile, Triller announced that it has signed definitive agreements to add a position providing economic exposure to SpaceX to its balance sheet as a strategic treasury asset. The company stated that this position is held through a fund structure and will be acquired via a wholly-owned special-purpose subsidiary.
Triller disclosed that the transaction was financed through a secured financing arrangement. This position was reportedly established prior to SpaceX’s initial public offering (IPO) and was acquired at a discount to its current market value.
The company stated that the financing is secured by the underlying position and that a portion of the position will be held as a treasury asset for the benefit of shareholders. Triller expects the transaction to close in the coming days following the fulfillment of customary closing conditions.
