EchoStar shares climbed 4.7% in Monday’s premarket trading following reports that the company’s chairman, Charlie Ergen, met with Musk last month to discuss the future of the wireless provider. While the stock has struggled this year, shedding 11% of its value through Friday’s close, the prospect of a SpaceX partnership offers a significant pivot for the parent company.

Securing control over Boost Mobile would provide SpaceX with immediate entry into a crowded field currently dominated by established giants. Because Boost operates by leasing network capacity from AT&T and T-Mobile US, the acquisition would essentially serve as a shortcut for Musk to deploy his own mobile services nationwide without building a ground-based network from scratch. The outcome of these discussions remains fluid, but the involvement of both CEOs signals that SpaceX is prioritizing a rapid expansion into terrestrial mobile connectivity.