Eisman Calls Big Three Carriers Uninvestable

The investor's warning follows SpaceX's Qualcomm deal to supply technology for tens of thousands of 5G cell sites.

Updated on Nov. 9, 2026 in Telecommunications

Eisman Calls Big Three Carriers Uninvestable

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Would you expect your phone bill to go down if SpaceX launched mobile service?

Investor Steve Eisman called AT&T, Verizon, and T-Mobile uninvestable on the November 6 episode of The Real Eisman Playbook. His remarks came three weeks after he had called the threat from new entrants probably overblown.

Why it matters

A low-cost fourth carrier could force AT&T, Verizon, and T-Mobile to cut prices across millions of existing customers, pressuring the valuations of the incumbents. U.S. wireless users could see lower prices if a new competitor scales up.

T-Mobile traded at around 14 times projected 2026 earnings, while SpaceX was reportedly seeking access to at least 80,000 U.S. cell sites. Polymarket traders give SpaceX a 21% chance of launching a qualifying U.S. mobile service by June 2027, though whether it will do so remains unresolved.

The players

Steve Eisman

Steve Eisman is a prominent investor best known for his bet against subprime mortgages before the 2008 financial crisis, as later depicted in The Big Short.

SpaceX

SpaceX is the private aerospace company founded by Elon Musk that operates the Starlink satellite internet service.

Qualcomm

Qualcomm is a U.S. semiconductor and wireless technology company that designs chips and licenses patents for cellular networks.

T-Mobile

T-Mobile is one of the three largest U.S. wireless carriers, alongside AT&T and Verizon.

The details

Eisman made the statement on the Nov. 6 episode of The Real Eisman Playbook. SpaceX's Nov. 4 deal with Qualcomm supplies technology for tens of thousands of 5G cell sites, with deployment beginning in 2027, and the company is reportedly seeking access to cell sites through talks with Crown Castle and exploring a deal with EchoStar.

Oct. 16: Eisman called the telecom selloff a telepocalypse and overdone.
Oct. 30: Eisman called T-Mobile earnings largely irrelevant.
Nov. 4: SpaceX signed its Qualcomm deal for 5G cell sites.
Nov. 6: Eisman said the big three carriers are uninvestable.
2027: Qualcomm deployment for SpaceX cell sites is scheduled to begin.

Roadmap

The SpaceX threat extends a pattern set by cable companies entering wireless as mobile virtual operators, which pressured the big three carriers on price. Satellite-based access would be a more capital-intensive version of that challenge, with SpaceX needing an estimated $120 billion to $130 billion to approach the incumbents' nationwide capabilities.

If a fourth carrier with satellite-backed coverage scales up, U.S. wireless customers could see price cuts on plans they already hold. Subscribers weighing a switch should watch for new pricing from AT&T, Verizon, and T-Mobile as competitive pressure builds.

The takeaway

Investor views on the big three carriers are shifting as a well-capitalized new entrant emerges. Consumers and investors alike should track whether SpaceX moves from cell-site access talks to a launched mobile service.