JUST IN: T-Mobile CEO says SpaceX’s strategy is shape-shifting and calls satellite an inferior version of fixed wireless Srini Gopalan: “I saw your note as well in terms of the shape-shifting nature of SpaceX’s strategy. So it’s hard to refer to them now as a satellite provider or a satellite provider that is going to build terrestrial. So hard to think about whether this is SpaceX alone or all of satellites.” “So let me answer that question in its broadest terms, right? Here’s the way we think about broadband. We’ve got a great product in FWA and really in many ways, except for some deep rural parts, satellite is an inferior version of FWA with even more constraints in terms of things like what is the size of the beam, right? So I don’t see the synergy there between FWA and satellite.” “In many ways, two-thirds of our FWA customers come from dense urban areas. We see huge growth opportunities in those areas still, all under the fallow capacity model. So we don’t really see a synergistic opportunity with satellite providers, and that’s a broader piece.” “We see it as a complementary product, very much in the nature of T-Satellite. But if you’re thinking of that in broader MVNO terms, I think it comes back to the philosophy with which we operate MVNOs, which is what is the incremental TAM that something opens out? And am I willing to get into a deal for the incremental TAM?” “If it’s a complementary product, I’m very happy to look at a resale arrangement, which is exactly what T-Satellite was, which gets built into it. But an MVNO is a wholly different thing. So I hope that clarifies where our head’s at on MVNOs and more broadly satellite.”