Investing.com-- SpaceX (NASDAQ: SPCX) is considering launching a Starlink-branded mobile phone service for U.S. consumers and could eventually build its own terrestrial wireless network, a move that would place Elon Musk’s company in direct competition with major telecom operators, the Financial Times reported on Friday.

The plans were outlined by SpaceX President and Chief Operating Officer Gwynne Shotwell during the company’s recent IPO roadshow, the FT reported, citing four people familiar with the discussions.

A direct-to-consumer mobile offering would mark a significant expansion for Starlink, which currently partners with telecom providers such as T-Mobile to supplement network coverage using its satellite constellation.

The new service would involve selling mobile contracts directly to consumers, competing with Verizon, AT&T, and T-Mobile, the report said.

The FT said the initiative could give SpaceX access to the much larger mobile communications market while reducing its reliance on telecom partners that currently serve as intermediaries between Starlink’s satellite network and end users.

The report comes days after SpaceX’s landmark initial public offering valued the company at about $1.8 trillion.

According to the FT, speculation about SpaceX’s mobile ambitions intensified after the company acquired wireless spectrum licences from EchoStar for $17 billion last year.

On Thursday, TD Cowen analyst Gregory Williams said he thinks it is unlikely SpaceX will build a U.S. wireless network from scratch, as it would require years of heavy investment in customer service, billing, devices, marketing, and network operations while generating deeply negative free cash flow—an outcome that conflicts with the company’s long-term goal of funding Mars and Moon missions. He assigned just a 10–20% probability to this scenario.

Instead, the analyst said the most likely path (60% probability) is for SpaceX to secure an MVNO agreement with one of the three major U.S. wireless carriers, potentially using the threat of building its own network as leverage. He adds that if an MVNO deal cannot be reached, SpaceX could pursue an acquisition of a carrier—most likely T-Mobile, given its existing Starlink partnership and wireless focus, or AT&T, whose fiber assets could help offset the purchase price. Either outcome would increase competitive pressure across the U.S. wireless industry.