Deutsche Telekom shares are underperforming despite record viewership for its World Cup broadcasts. T-Mobile US currently generates nearly two-thirds of the group's total revenue. Strategic uncertainty regarding this subsidiary continues to weigh on the stock price.
Analysts suggested in late June 2026 that SpaceX may acquire T-Mobile US to expand its Starlink platform. This potential bid introduces significant uncertainty for Deutsche Telekom’s most valuable asset.
Deutsche Telekom has been exploring a full merger with T-Mobile US to consolidate control. Investors previously expressed concern over the complexity of this internal consolidation. The prospect of a SpaceX bid may explain Deutsche Telekom's urgency to finalize the merger.