JP Morgan says SpaceX signaled on its Q2 call that it plans to lean more on
in‑house infrastructure — satellite capacity, femtocells integrated into
Starlink broadband terminals and owned ground stations — potentially reducing
reliance on traditional macro sites and fiber backhaul. JP Morgan expects SpaceX
still cannot fully bypass large towers and low‑band spectrum; it projects SpaceX
will begin building an independent US terrestrial network from 2028 and will
ultimately need roughly 75,000 large towers. Meaningful competitive pressure on
the three major US carriers are not expected to materialize in the next few
years. (JP Morgan report, Sept. 4)
