SpaceX aims to enter the US telecom market and challenge AT&T, T-Mobile and Verizon

During an investor call on Tuesday, SpaceX announced its plans to build a mobile service network and enter the US market. This will put SpaceX in direct competition with AT&T, T-Mobile and Verizon.

Following the news, Verizon, AT&T and T-Mobile shares fell between 2.2% and 4%, but some analysts remain somewhat skeptical of SpaceX's ambitions, at least for now. They point out that SpaceX will find it extremely hard to take the same route as its competitors that have been building their infrastructure for the last 30 years. This means it will take decades of solid investment before SpaceX can take a significant chunk of the market in the US. Unless, of course, Elon Musk's company acquires an MVNO (Mobile Virtual Network Operator) agreement with one of the existing network providers. However, it looks like SpaceX has other plans. Company officials don't disclose any plan details, but they assure their investors that they have "great and new ideas" of how to do that. Via