Wells Fargo analyst Steven Cahall stated on September 8 that SpaceX's (NASDAQ:SPCX) wireless push, leveraging its satellite-plus-spectrum architecture, will require less ground infrastructure than traditional carriers. This approach is expected to negatively impact incumbent telecom operators, while tower REITs such as Crown Castle (NYSE:CCI) and cable operators could benefit by collecting rent on any leased infrastructure. Cahall highlighted that the FCC recently cleared SpaceX to absorb 65 MHz of EchoStar's U.S. spectrum, and Starlink subscribers doubled year-over-year to 12.0 million as of Q2 2026, with connectivity revenue reaching $4.29 billion, up 66% year-over-year. He noted that T-Mobile (NASDAQ:TMUS) is particularly exposed to this competition, with its shares down 23.18% over the past year.