Telecom CFOs talking down Starlink? Classic.
The bull case isn't about beating T-Mobile at their own game. It's about different economics, different cost structure, different endgame.
Framing Starlink as an MVNO or femtocell play might nail the physics but completely misses the strategy. SpaceX isn't trying to be a phone company. They're building global infrastructure that doesn't care about towers, permits, or legacy capex.
If you're modeling this like traditional telecom, you're probably underpricing the asymmetry. The "slow-moving train" take assumes SpaceX plays by old rules. They don't.
Don't fade innovation because incumbents sound confident. $SPCX
The bull case isn't about beating T-Mobile at their own game. It's about different economics, different cost structure, different endgame.
Framing Starlink as an MVNO or femtocell play might nail the physics but completely misses the strategy. SpaceX isn't trying to be a phone company. They're building global infrastructure that doesn't care about towers, permits, or legacy capex.
If you're modeling this like traditional telecom, you're probably underpricing the asymmetry. The "slow-moving train" take assumes SpaceX plays by old rules. They don't.
Don't fade innovation because incumbents sound confident. $SPCX