监管变化如何加速设备直连与卫星宽带发展

How Regulatory Change IsAccelerating D2D and SatelliteBroadband ServicesNEUTRALNorthAmerica Cable, Satellite& time will likely result in a significant acceleration in the paceof satellite-based connectivity capacity. Telecom ServicesKannan Venkateshwar+1 212 528 7054kannan.venkat@barclays.comBCI, US One of the less appreciated enablingfactorsforthegrowth in satellite connectivity has been a significant shift in regulatoryframeworks, which accelerated over the last year under thepresent administration. This process is still ongoing, and with the growing focus on competitivethreats from satelliteforthe telecomand cable industry, we explorethe extentto whichregulatory changes could further ease the growth path for satellite connectivity. +12125263856lauren.bonham@barclays.comBCI, US +1 (212) 526 7523viren.uchil@barclays.comBCI, US 2GHzMobileSatelliteService(MSS)SpectrumAftermultiple attempts overtheyears to access lowfrequency spectrum, Spacex bought65MHz of terrestrial spectrum from EchoStar in two transactions in thefall of 2025,which wereapprovedbytheFCC in May2026(please see:What are the implicationsof SpaceX spectrumacquisitionsforterrestrial operators?10December2025).With the license transferapprovedand terrestrial buildout requirements attached to the licenses waived bytheFcC,the dealessentially reallocates 65MHz ofmid-bandterrestrial spectrum to satellite direct-to-device(D2D). With SpaceX now having 2GHz MSS licenses, the FCC in April dismissed pending requestsfromSpaceXand otherstograntoperators shared access toMssbands. Siyuan (Cindy) Huang, CFA+12125267952siyuan.huang@barclays.comBCI, US Anika Mittle+1212526 7518anika.mittle@barclays.comBCI, US Background:MsS spectrum is low frequencyspectrum (relativeto the Ku and Ka bands usedtypically for satellite services)that is licensed fordirect connectivitybetween satellites andphones. EchoStar operated in the 2GHz band (also called the S-Band) (2000-2020 and2180-2200MHz),Globalstar and Iridium operate in the Big LE0 band (1610-1626.5 and2483.5-2500MHz)and Ligado and Inmarsat operate in the L-band (1525-1559 and1626.5-1660.5MHz).The 2000-2020 and 2180-2200MHz bands were historically allocated andauthorizedforMSS,butin2o13theFCC appliedAWS rulestothisbandandadoptedflexibleuseforterrestrial service,known as AWS-4.Overtheyears,operators (Spacex,ASTS,among others)sought access to thesebands and lobbied the FC to allow additional Mss licensees.Spacex'srequestto operate in Mss bands was denied in20242;however,the companyfiled apetitionforrulemaking asking the FCC to revisit 2GHz and Big LEO MSS sharing rules. SpaceX also lobbied Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companiescovered in its research reports.As aresult, investors should beawarethat thefirmmay haveaconflict of interest that could affect the objectivity of this report. Investors should consider thisreportasonlyasinglefactorinmakingtheirinvestmentdecision. Please see analyst certifications and important disclosures beginning on page11. bands, arguing that no new satellites should be launched until Spacex's petition for rulemakingto update sharing rules forthe band was revisited.The 2GHz MSS dispute between SpaceX andEchoStar led to a prolonged back and forth between the two companies and the FCC.Thissnowballed into a bigger Fcc investigation of EchoStar's use of spectrum licenses more broadly.After reported intervention by President Trump3, the FcC allowed EchoStarto sellits licensesratherthanreclaimthem.EchoStarsoldlicensestoSpaceXas wellas toAT&T (pleasesee:AT&T/EchoStar spectrumtransaction,26 August 2025).The transferof licenses toSpaceX wasapproved by the FCC on May 12th 2026*, and the closing and assignments of licenses to Spacexis expected in November 2027.SpacexX's request to waive theterrestrial buildout obligations5attached tothe licenses was also approved,with a new set ofbuildout obligations tailored toD2D service (please see Appendix for details).All pending requests for MSS sharing were deniedbythe FcC, reconfirming the exclusive rights of MsS operators, which now includes SpaceX. acquired spectrumto provide D2D wireless services including talk,text,and mobile broadband.In this application, SpaceX requested to use the entire 2GHz MSS band for downlink (mirroring2000-2020MHz2GHz MSS band for downlink, it can pair the 15MHz AWS-3 uplink and 5MHz of H-Block uplink (1915-1920MHz) with the entire 40MHz of 2GHz MSS downlink and 5MHz of H-Blockdownlink (1995-2000MHz),giving the operator 20MHz of uplink and 45MHz of downlinkcapacity.This application is separate from the application to transferthe licenses and remainspending. Impact:Thesale ofEchoStarlicenses to SpaceX essentiallyreallocatesa meaningful 65MHz ofmid-band terrestrial spectrum to satellite D2D service.While SpaceX currently provides D2Dservice by leasing spectrum from TMUS, the company will now be able to use its own spectrumwithout needingto partner with a terrestrial