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 lar

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 is not expected to materialize in the next few years. (JP Morgan report, Sept. 4)