SpaceX announced a deal with Qualcomm to supply key network technology for its Starlink Mobile service, which will compete with Verizon, AT&T and T-Mobile. Qualcomm said the terrestrial network it helps build will complement Starlink's satellite capabilities, with rollout planned to begin next year, and the multiyear deal's financial terms were not disclosed. Starlink accounted for 36% of SpaceX's revenue and 85% of its operating profit in the third quarter, but its direct-to-device mobile offering has been limited because the satellite network cannot yet match the voice, video and data coverage of rivals. SpaceX is also buying spectrum, including a nationwide 800 MHz portfolio, and is reportedly in talks to acquire EchoStar's Boost Mobile. The company, which went public in the largest IPO on record, is valued at close to $2 trillion.
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