T-Mobile Gains After Musk Teases ‘Special’ SpaceX Event
T-Mobile US Inc. shares rose after Elon Musk's SpaceX said it would host an event on Thursday to reveal plans for the two companies to “increase connectivity.”
Musk will host the event at SpaceX's Starbase in Boca Chica, Texas, with T-Mobile Chief Executive Officer Mike Sievert at 7 p.m. Central time, according to an announcement posted online. No additional details were given about the event, which Musk tweeted will be “something special.”
Space Exploration Technologies Corp., a private spacecraft manufacturer and launcher, owns Starlink, which provides internet access from space-based satellites. T-Mobile is one of the largest wireless phone and internet access providers in the US.
T-Mobile shares jumped as much as 1.8% after the announcement before paring the gain. The stock was up 0.9% at 1:59 p.m. in New York.
Starlink plans to have a constellation of satellites in low-to-middle Earth orbit, in order to beam broadband internet connectivity to the planet below. The company, which has several thousand satellites in orbit, has said it has 400,000 active users.
Musk has hinted in the past that SpaceX could eventually spin out Starlink and take the business public. However, he told employees recently that a Starlink IPO is probably three to four years away, CNBC reported.
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