Deutsche Telekom stock pressured by SpaceX takeover speculation and merger talks with T‑Mobile US

Deutsche Telekom reported robust first‑quarter 2026 results, with organic revenue up 4.7% to €29.9 bn and a record‑breaking MagentaTV viewership during the World Cup. Despite the strong performance, the share price remained down roughly 15% year‑to‑date because analysts are focusing on rumours that SpaceX may acquire the group’s U.S. subsidiary T‑Mobile. A Seeking Alpha report and several insider sources claim Elon Musk’s company is eyeing a purchase to combine satellite and mobile networks.

The German operator is said to be accelerating plans for a holding‑company merger with T‑Mobile, led by CEO Timotheus Höttges, to better defend against the potential competition from SpaceX’s Starlink network. “Elon Musk macht uns Sorgen,” a senior Telekom manager told the Handelsblatt.

Fitch upgraded Deutsche Telekom’s long‑term credit rating from BBB+ to A‑, citing the firm’s solid cash‑flow generation, particularly from T‑Mobile US. Nevertheless, the stock stayed near its 52‑week low after the June‑end share‑buyback programme concluded, leaving market sentiment muted.

Industry observers note that SpaceX’s aggressive move into mobile communications could reshape the telecom sector, prompting traditional carriers such as AT&T, Verizon and Deutsche Telekom to reconsider their strategic positioning.