T-Mobile, AT&T, and Verizon finalized a joint venture on October 1, 2026, to pool spectrum and develop direct-to-device satellite services, explicitly positioning the effort as a defense against SpaceX's Starlink Mobile ambitions. Traders see little sign of merger momentum because T-Mobile has repeatedly rejected MVNO arrangements with SpaceX, while the carrier's market capitalization near $200 billion plus debt makes a full acquisition financially daunting. SpaceX continues advancing its own terrestrial spectrum buildout and next-generation satellites rather than pursuing ownership of an established network operator. A deal would still require regulatory approval and a major shift in strategy from both sides, though unexpected spectrum policy changes or leadership decisions could reopen the possibility before year-end.