SpaceX is reportedly pursuing agreements for a minimum of 80,000 cell sites across the United States as it accelerates its push to become a fourth nationwide wireless carrier.

Roth Capital analyst Scott Searle said the development could benefit a wide range of equipment, backhaul, and spectrum companies as SpaceX builds a complementary terrestrial network to support its direct-to-device satellite constellation.

Searle identified AST SpaceMobile (NASDAQ: ASTS), radio-access-network suppliers Ericsson (NASDAQ: ERIC) and Nokia (NYSE: NOK), wireless backhaul providers Aviat Networks and Ceragon Networks, and spectrum holders Anterix, NextNav (NASDAQ: NN) and Gogo as potential beneficiaries of the buildout.

The analyst’s comments followed a Bloomberg report that SpaceX is in discussions with at least one major cellular infrastructure company as part of its effort to lease tower capacity at scale.

Crown Castle Inc., one of the largest owners of cellular towers in the United States alongside American Tower and Vertical Bridge, was also reportedly approached in connection with SpaceX’s plans.

Scotiabank upgraded AST SpaceMobile to Outperform from Sector Perform and raised its price target to $55.70 from $50.80, citing the increased strategic value of AST’s wholesale 5G model for terrestrial networks looking to protect their core business.

With AST SpaceMobile stock down roughly 70% since May, Scotiabank described the current valuation as reasonably attractive and potentially a bargain given SpaceX’s broader ambition to operate as a planetary carrier.

Citi analysts characterized the broader SpaceX expansion as a net positive for tower operators Crown Castle, SBA Communications and American Tower, while flagging meaningful risk for the major wireless carriers.

Citi estimated valuation risk of 29% to 32% for AT&T, T-Mobile and Verizon, with a further 4% to 16% downside from current levels following the stocks’ declines in 2026.

In an October 20 meeting with FCC officials, major U.S. wireless carriers, acting through their trade group CTIA, asked the agency to keep two key 5G spectrum bands out of draft rules that would expand satellite-to-phone service.

The carriers argued the proposed changes would create interference risks for existing networks used by more than 300 million people across the country.

They also asked the FCC to maintain existing rules requiring satellite operators to reach agreements with carriers before using their licensed spectrum, and to hold satellite services to the same standards as traditional wireless networks.

The request comes ahead of a possible FCC vote on the draft rules later this month, adding a regulatory dimension to the broader competitive battle taking shape between SpaceX and established U.S. mobile operators.

SpaceX recently acquired low-band spectrum and CEO Elon Musk has described the company’s ambitions as building a “major mobile carrier” that integrates its Starlink satellites into a seamless terrestrial and space-based network.

On Stocktwits, retail sentiment around SPCX stock was rated “extremely bullish” at the time of writing, with message volume described as “extremely high,” while the stock closed nearly 2% higher at around $147.50 on Friday.