Elon Musk's SpaceX is making a $17 billion play to significantly expand its place in the cellphone service business.

• SpaceX, the rocket company that provides internet services through its Starlink business, announced a deal this morning to buy wireless spectrum from EchoStar in a move to accelerate its 5G rollout.

🛰️📲 Why it matters: This lets SpaceX offer direct-to-device Starlink services on its own frequencies, rather than on those leased from others.

🌐 Zoom in: SpaceX said it would use the spectrum licenses to develop its next-generation Starlink Direct-to-Cell "constellation," which "will be capable of providing broadband service to cellphones globally."

• The system currently relies on more than 600 satellites to deliver 4G coverage to 6 million-plus users on five continents.
• 📶 It works "with existing LTE phones wherever you can see the sky — no changes to hardware, firmware or special apps are required," according to SpaceX.

🗣️ What they're saying: The deal will "advance our mission to end mobile dead zones everywhere on Earth!" SpaceX president Gwynne Shotwell said on X.

💵 📈 Zoom in: The $17 billion purchase is evenly split between cash and stock, and covers AWS-4 and H-block spectrum licenses.

• SpaceX also agreed to cover around $2 billion in interest payments on EchoStar debt through November 2027, and signed a long-term commercial agreement for EchoStar's Boost Mobile users.

⚖️ It also should fully resolve an FCC inquiry into EchoStar, which was kicked off by a complaint from SpaceX, and comes shortly after EchoStar sold off another spectrum license package to AT&T for $23 billion.

Five years ago, 8 of every 10 EVs sold in the U.S. were Teslas. This past August, the company's share slipped to about 4 in 10, according to preliminary data from Cox Automotive, as first reported by Reuters.

📉 The big picture: Tesla's limited lineup, now looking stale despite frequent software updates, is likely one source of the decline, analysts say.

• 🚗⚡️ Meanwhile, GM has risen to the No. 2 spot in EV sales, with a broad lineup of electric models selling under the Chevrolet and Cadillac brands.

🤖 The bottom line: It was always expected that Tesla's grip on the EV market would loosen as more plug-in models hit showrooms, but the trend has accelerated as CEO Elon Musk has been shifting his focus toward AI and robotaxis.

Go deeper

🎟️ Ticket resale marketplace StubHub is seeking to raise about $800 million and could be valued at over $9 billion in its upcoming IPO. (Axios Pro)

🥷 Jaguar Land Rover said the recent cyberattack on its systems will force it to extend its production halt by at least another week. (The Guardian)

🏦 PNC is buying regional bank FirstBank in a deal valued at $4.1 billion. FirstBank's assets are concentrated in Colorado and Arizona. (FT)

"Star Trek" is hoping to live long and prosper far beyond its 60th anniversary next year.

• 🎉 Paramount announced today that it will mark the anniversary in 2026 with a new show on Paramount+, a new podcast, a themed cruise and a YouTube series.

Zoom in: "Star Trek: Starfleet Academy" on Paramount+ "will center on a group of young cadets who navigate the responsibilities of becoming Starfleet officers all the while juggling new friendships, love interests and enemies," AP reports.

• The animated YouTube series, "Star Trek: Scout," is "the first preschool extension of the franchise," following "three 8-year-old friends as they train to become future Starfleet Explorers."

💭 Nathan's thought bubble: Here at Closer, we aspire to boldly go where no newsletter has gone before.