SpaceX says Starlink is set to become a

Elon Musk's SpaceX has agreed to buy licenses for radio airwaves that will enable its Starlink Mobile satellite business to provide cellular service inside buildings, a move the company said will allow it to "become a major mobile carrier in the U.S."

SpaceX, a rocket developer and space exploration company, is buying the spectrum from investment firm Grain Management, according to a filing with the Federal Communications Commission.

The spectrum purchase agreement, which still needs FCC approval, would allow Starlink to combine its satellite-to-mobile transmissions with "an advanced terrestrial deployment that can seamlessly connect devices everywhere," according to the company's statement.

"These airwaves are compatible with existing handsets, and we do not foresee obstacles to regulatory approval," UBS analyst John Hodulik said in a note to investors. "That said, we still believe it will take time for SpaceX to scale its wireless ambitions, and the impact to near-term wireless industry fundamentals is limited."

The announcement from SpaceX caused telecom companies' shares to tumble as investors considered the potential impact of a major new industry player. T-Mobile shares slid $18.58, or 11%, to $152.72 in morning trading on Friday, while AT&T slipped $1.83, or 7.4%, to $22.76.

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