SpaceX (SPCX) Stock: Bernstein Says Standalone Mobile Network Could Cost Up to $130B

TLDR

• Bernstein analysts estimate SpaceX could need $50B to $130B to build a standalone terrestrial mobile network, including spectrum costs.
• The base case scenario is a “National” network build costing around $70B with 57,000 macro sites over roughly eight years.
• SpaceX plans to begin Starship launches of its Mobile V2 satellite constellation in mid-2027.
• Acquiring low-band spectrum from Grain could cut required tower sites by about 30%.
• Bernstein still sees a partnership as the most likely outcome for SpaceX’s mobile business.

SpaceX could need between $50 billion and $130 billion to build a standalone terrestrial mobile network for its direct-to-device business, according to new analysis from Bernstein.

Space Exploration Technologies Corp., SPCX

The estimate includes spectrum costs. Excluding spectrum, the build would run roughly $15 billion to $80 billion, depending on network design.

Bernstein analysts led by Douglas Harned described the direct-to-device mobile business as “the one business that we have viewed as the most difficult” within SpaceX’s broader strategy.

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