有消息称 SpaceX 正在洽谈获取多达 8 万个基站，以从三大电信运营商手中抢夺市场份额，对此，华尔街一些分析师做出了一个关键区分，这可能揭示 SpaceX 的战略意图。他们将基站塔与基站塔所在的基站位置区分开来，这可能为 SpaceX 开辟新的房地产资源。高盛的 Michael Ng 在周五致客户的报告中指出，继彭博社的报道后，“虽然‘基站’和‘基站塔’这两个术语经常混用，但基站包括基站塔，也可能包括屋顶、广告牌、水塔、分布式天线系统和小型基站。”
Following news that SpaceX is in talks to access as many as 80,000 cell sites to grab market share from the Big Three telecoms, some analysts on Wall Street are making a key distinction that may shed light on SpaceX's strategy. They're differentiating cell towers from the cell sites on which those towers operate, which may open up new real estate for SpaceX to take advantage of. "Although the term cell site and cell tower is often used interchangeably, cell sites include cell towers, but may also include rooftops, billboards, water tanks, distributed antenna systems, and small cells," Michael Ng at Goldman Sachs said in a Friday note to clients following the Bloomberg news report .
花旗的分析师也对 SpaceX 瞄准的具体覆盖“形式”提出质疑，指出其意图可能是某种较小的基站塔。花旗的 Michael Rollins 在周五的报告中表示：“我们的情景假设将媒体报道解读为共址结构上的 8 万多个宏基站，但我们也认识到，其中一部分基站可能反映其他形式的覆盖/容量（即小型基站等）。”分析师称，关于基站的报道洽谈可能让人窥见 SpaceX 的雄心。
Analysts at Citi also questioned the specific "forms" of coverage that SpaceX is gunning for, noting that some sort of smaller cell tower may be the intention. "Our scenarios interprets the press report as 80k+ macro sites on colocation structures, while we recognize a portion of these sites may reflect other forms of coverage/capacity (i.e. small cells, etc)," Michael Rollins at Citi said in a Friday note. The reported discussions on the cell sites could provide a glimpse into SpaceX's ambitions, analysts say.
伯恩斯坦分析师 Laurent Yoon 在周五的报告中写道：“达成大规模基站塔租赁协议将强化近期频谱收购已暗示的信号——SpaceX 似乎越来越倾向于追求所有者经济模式，而非依赖合作伙伴。”本月基站塔股票上涨，在 Grain Management 宣布将其全国频谱组合出售给 SpaceX 后获得顺风。基站位置的进展是该公司在与电信运营商对抗中定位自身的最新一步。
"Entering into large-scale tower lease agreements would reinforce what recent spectrum acquisitions have already suggested — SpaceX appears increasingly willing to pursue owner economics rather than [depend] on partners," wrote Bernstein analyst Laurent Yoon in a Friday note. Tower stocks have been on the rise this month, catching a tailwind after Grain Management announced it would sell its nationwide spectrum portfolio to SpaceX. The cell sites development is the latest step the company is taking as it positions itself against the telecoms .
周五，American Tower 上涨 4%，而据报道正与 SpaceX 就基站接入进行洽谈的 Crown Castle 跃升 9%。
On Friday, American Tower gained 4%, while Crown Castle — the company SpaceX is reportedly in talks with over cell site access — jumped 9%.
与此同时，随着投资者考量来自 SpaceX 更大竞争的前景，电信运营商股价遭受重创。AT&T 下跌近 8%，T-Mobile 跌幅超过 7%。AT&T 5 日走势图。无论以何种方式，SpaceX 可能意在利用其家用 Starlink 无线网络发展户外网络，华尔街一些分析师认为。在本月早些时候宣布的与 Grain Management 的交易中，SpaceX 同意购买可穿透门窗和墙壁的低频 800 兆赫频谱。
Meanwhile, the telcos are getting hit hard as investors consider the prospect of greater competition from SpaceX. AT & T slid almost 8%, and T-Mobile fell more than 7%. T 5D mountain AT & T 5 day. However it chooses to do so, SpaceX may be intending to develop its outdoor networks from its residential Starlink wireless networks, some analysts on Wall Street believe. In the deal announced earlier this month with Grain Management, SpaceX agreed to buy low-band, 800 MHz spectrum that penetrates windows and walls.
“绝大部分通话和短信流量可承载在 800 兆赫覆盖层上，对于固定家庭用户，可在室内大量卸载至 Starlink WiFi，”Pivotal Research Group 的 Jeffrey Wlodarczak 在本月早些时候的一份研报中写道。Wlodarczak 在分析中提到一个观察结果，并将其归因于 Comcast：Comcast 客户已在家中使用该公司的 WiFi 进行数据传输，而非通过其与 Verizon 的虚拟网络协议。
"The bulk of call and text traffic can ride the 800 MHz coverage layer and, for the fixed household, be heavily offloaded onto Starlink WiFi inside the home," Jeffrey Wlodarczak at Pivotal Research Group wrote in a note earlier this month. Wlodarczak noted an observation in his analysis that he attributed to Comcast about how their customers already use the company's WiFi in their homes for data rather than through the company's virtual network agreement with Verizon.
“对于 Starlink 固定用户，同样的动态适用：大多数手机使用从未离开天线端的 WiFi，”他说。尽管 SpaceX 近期在电信领域的举措引发股价波动，但要撼动三大电信巨头的地位绝非易事。“要达到客户已习以为常的性能水平，需要许多年时间和巨额投资，”AT&T 首席执行官 John Stankey 于 10 月 21 日在公司财报电话会上表示。
"For the Starlink fixed customer the same dynamic applies: most phone use never leaves the WiFi off the dish," he said. Despite all the stock moves resulting from SpaceX's recent telecommunications moves, it will be no easy task for SpaceX to dislodge the Big Three telcos. "It takes a lot of years and a huge level of investment to get to the kind of performance levels that customers have become accustomed to," AT & T CEO John Stankey said during his company's earnings call on Oct. 21.