SpaceX Just Picked Qualcomm for Its Own 5G Network. I Still See the Stock as a Hold.

Key takeaways

• Qualcomm (QCOM) said on Wednesday that SpaceX chose its Dragonwing cellular infrastructure platforms for Starlink Mobile's nationwide ground-based 5G network.
• Connectivity revenue climbed 69% year over year to $5.2 billion in the third quarter, a bit faster than its 66% growth in the second quarter.
• Management sees $33 billion to $37 billion in revenue for the first quarter of 2027, and if the midpoint held for a full year, the stock would trade at around 13 times sales.