The call, in full

I know telecom from the inside. I was CMO for TeliaSonera and Telefónica/O2 and worked with SK Telecom in South Korea, China's telecom market and Turkcell in Turkey.

I predicted UMTS would perish and Virgin Mobile would beat BT and O2 as UK operator of the year.

Now my prediction: Starlink becomes America's most valuable telecom operator by 2030, overtaking Verizon, T-Mobile and AT&T.

Do not think satellite internet. Think global telecom infrastructure.

SpaceX already has ~10,000 satellites, Starlink has 12 million active internet users globally, and SpaceX bought $19.6 billion of EchoStar spectrum. The U.S. FCC is opening more spectrum for space-based broadband.

And SpaceX is no longer hiding the ambition. President Gwynne Shotwell says Starlink plans terrestrial infrastructure to become a "true mobile service" and take customers from Verizon, AT&T and T-Mobile.

Look East. China Telecom reached 8.2 million satellite direct-to-device users in 2025. China Mobile and China Unicom are entering too. South Korea's SK Telecom is rebuilding around AI-native networks. Japan's Rakuten Mobile attacked telecom with a software-first model.

Different countries. Same signal: software + AI + satellites + connectivity.

Starlink still has a mountain to climb. U.S. incumbents generate roughly $350 billion combined revenue and control vastly more terrestrial spectrum.

But incumbency is not immunity.

My prediction: by 2030, America's most valuable telecom operator will be Starlink.