Wireless: The Big Three Reach for the Stars – Carriers Teaming Up on D2D JV

Research evidence excerpt

Wireless: The Big Three Reach for the Stars – Carriers Teaming Up on D2D JV

Communications | Cable, Satellite & Telecom Services

May 14, 2026

Kutgun Maral, CFA Wireless: The Big Three Reach for the

212-497-0804

kutgun.maral@evercoreisi.com Stars – Carriers Teaming Up on D2D JV

Erica Nie AT&T, T-Mobile and Verizon announced an agreement in principle to

212-812-2906 create a JV focused on extending mobile connectivity in areas where

erica.nie@evercoreisi.com terrestrial wireless networks have limited or no coverage, using

satellite-based direct-to-device, or D2D, technologies.

For the carriers, the near-term financial impact is unclear, but the

strategic rationale is straightforward. The JV creates an elegant and

more efficient structure to coordinate fragmented spectrum resources,

technical standards, and ecosystem partnerships in support of broader

D2D adoption. If successful, D2D could become less a single-carrier

differentiator and more a shared coverage layer. Over time, that could

reduce perceived network gaps across carriers, particularly in rural and

emergency-use scenarios. Further, while satellite usage has so far

been concentrated in specific use cases, including rural areas, national

parks, highways, boats and emergency scenarios, a broader and more

scaled approach could expand adoption. The JV may also help

preserve the carriers’ role as the primary consumer-facing relationship

in D2D, with satellite providers more likely to serve as wholesale

connectivity partners rather than direct-to-consumer alternatives.

For satellite service providers, the JV could be positive if it improves

access to carrier spectrum, simplifies integration and creates more

standardized technical specifications. A common framework could