Look out: LEO satellite goes commercial

SpaceX’s Q3 results have reinforced the scale of its ambitions. AI revenue has risen by eight times over the same period in 2025, though Starlink remains the group’s key profit engine. SpaceX reaffirmed its ambition to architect a national-scale US mobile network by leveraging small cells (sometimes called femtocells) and potentially tower assets via leases. The recent acquisition of Grain Management’s 800 MHz spectrum is an important enabler and signal of intent. GSMA Intelligence remains sceptical of the efficacy of this approach for a variety of reasons, but as a bona fide disruptor, the prospect is now likely a matter of when, not if.

SpaceX’s Q2 results highlight Starlink’s expanding role, with connectivity revenue up 66% year on year to $4.3 billion. Meanwhile, Rocket Lab’s proposed acquisition of Iridium underscores a broader shift towards vertical integration as satellite players seek greater control over spacecraft, launch, constellation operations and connectivity economics. Sovereignty is also emerging as a critical differentiator and reshaping the competitive landscape, making spectrum access, regulatory alignment, local infrastructure and operator integration increasingly important alongside scale, coverage and cost.

With a 33% rise in international visitors this year, MWC Shanghai speaks to China’s influence and gravitational pull on the regional Asian tech economy and reciprocal demand from buyers to see and be seen on the MWC stage in an already busy event calendar. The analysis here highlights the key takeaways and implications from the meetings, summits and announcements at the event.