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Qualcomm Lands SpaceX Starlink Mobile Network Deal

SpaceX has reportedly signed a multiyear deal to build the radio network for Starlink Mobile on Qualcomm's Dragonwing platform, though no value was disclosed and rollout only begins in 2027.

Qualcomm (NASDAQ: QCOM), the US chipmaker best known for smartphone processors, has won a multiyear deal to supply base-station technology for SpaceX’s Starlink Mobile network, CNBC reported. The shares were up about 1.9% in late US trading, hours before the company reports quarterly results.

Qualcomm stood at 167.57 in a delayed quote at 8.38pm UK time, up 1.91% from yesterday’s close of 164.43. It touched an intraday high of 172.26 but did not hold it, and it remains below its 50-day average of 177.86. On Friday the shares fell about 11%, from 185.41 to 164.79. The cause of that fall has not been established.

QCOM.US

SpaceX will build out base stations for Starlink Mobile, its mobile venture aimed at Verizon, AT&T and T-Mobile. Qualcomm described the deal as its largest 5G initiative to date.

The network will run on Qualcomm’s Dragonwing hardware and software across tens of thousands of cell sites, with rollout starting in 2027. No financial terms have been disclosed, so the revenue the deal could add cannot yet be sized.

The deal matters because Qualcomm’s phone business is under pressure. The consensus forecast has handset revenue falling 24% from a year earlier to about $5.3bn, a drop attributed to a shortage of memory and storage chips.

Qualcomm says it is trying to cut its reliance on phones. Chief executive Amon has said sales outside handsets, including data centres, will grow more than 60% in 2027.

Line chart of Qualcomm share price from August to November 2026 with the SpaceX deal date marked
Qualcomm shares over three months, with today’s SpaceX deal date marked.

The analyst mean price target is 197.03, 17.6% above the latest quote. The shares trade on 16.61 times forward earnings, against 19.03 times trailing earnings, for a market value of about $175.6bn.

Results arrive after the US close at 9pm UK time tonight. The consensus is earnings of $2.16 a share on revenue of $10.12bn, against $3.00 and $11.27bn a year earlier. London traders will see the reaction at tomorrow’s open.

Asktraders News Team
Asktraders News Team
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The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.

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