Elon Musk wants to take on Verizon, AT&T, and T-Mobile. He may have found a way

Elon Musk, the world's richest man, is reportedly in talks to acquire Boost Mobile, a low-cost carrier, according to The Washington Post. The deal could grant SpaceX access to Boost Mobile's network, allowing the company to potentially launch a mobile phone service. This comes after SpaceX's failed attempt to launch a mobile service through a partnership with the three major carriers: Verizon, T-Mobile, and AT&T, who refused to grant them network access.

SpaceX recently paid $8 billion to acquire nationwide low-band cellular spectrum licenses, which would enable Starlink Mobile to provide cellular service within buildings. The acquisition of Boost Mobile, which currently has over 7 million subscribers, would give SpaceX a significant foothold in the U.S. mobile market. While SpaceX's CEO Dan Schulman acknowledged the competition from satellite providers, he believes it would take years and billions of dollars to build a terrestrial network, making the acquisition of Boost Mobile a quicker route to compete with the major carriers.

Investors are reacting positively to the potential deal, with shares of SpaceX and EchoStar, Boost Mobile's parent company, rising in late trading. Traditional carriers are reportedly feeling "spooked and agitated" by Musk's latest moves, but a "massive strategic question" is whether they should ally with Musk despite the challenges.