Apple airs latest line; SpaceX splashes $17B on spectrum

The Friday File: Mobile World Live brings you our top three picks of the week as Apple held its annual iPhone launch event, SpaceX secured EchoStar spectrum in a $17 billion deal and ASML snapped up a €1.3 billion stake in Mistral.

Top takeaways from Apple’s ‘awe dropping’ event

What happened: Apple unveiled a fresh lineup of products including the iPhone 17 series, with a new Air variant, refreshed Apple Watches and the AirPods Pro 3.

Why it matters: Apple’s event focused more on design innovation and upgrades across its product portfolio rather than on AI. “Apple’s strategy with the new product lineup is simple: increase upgrade rates and shorten replacement cycles,” said IDC VP Francisco Jeronimo. In particular, the device giant put a spotlight on its iPhone 17 series, with the iPhone 17 Air model, its thinnest device ever at 5.6mm and 5.8 ounces, featuring front and centre. Richard Windsor, founder of Radio Free Mobile, noted the Air version “could also be the precursor to a rumoured foldable in 2026 or 2027”. In addition, the Air only supports eSIMs globally. While the iPhone-maker said that more than 500 operators already support eSIM, “for those that don’t, there will be a mad panic to implement the capability as soon as possible,” stated Ben Wood, chief analyst at CCS Insight. In wearables, Apple introduced the Watch SE 3 with improved health metrics, the Series 11 with 24-hour battery life and the Ultra 3 with built-in satellite communications. Meanwhile, the new AirPods Pro 3 feature a new fit, heart-rate monitoring and enhanced noise cancellation.

SpaceX snags EchoStar spectrum for $17B

What happened: SpaceX struck a $17 billion deal to acquire EchoStar’s AWS-4 and H-block spectrum licences, significantly boosting its spectrum portfolio to support its Starlink direct-to-device (D2D) ambitions.

Why it matters: The agreement follows regulatory scrutiny of EchoStar’s spectrum holdings after growing pressure from SpaceX, which long contended the assets underutilised. The matter reached a tipping point earlier this year in June after FCC chair Brendan Carr met with both Elon Musk and EchoStar’s Charlie Ergen at the White House. Carr reportedly delivered a “best and final offer” to Ergen, backed by presidential-level interest. Lluc Palerm, research director at Analysys Mason, called the deal a “major strategic shift for Starlink’s spectrum strategy”, stating it highlights “massive expectations from SpaceX in developing the D2D market”. Crucially, SpaceX appears to be pivoting from relying solely on MNO partnerships to owning critical spectrum outright, he noted. “MNOs must move fast and build their D2D strategy if they don’t want to miss the opportunity to tech giants such as Apple and SpaceX,” Palerm warned. Meanwhile, Roger Entner, founder of Recon Analytics, noted that EchoStar’s exit from its Open RAN-based mobile ambitions hands a decisive win to Starlink and its US partner T-Mobile.

ASML takes €1.3B stake in Mistral AI

What happened: Dutch chipmaker ASML reportedly emerged as the largest shareholder in French startup Mistral AI after leading a €1.7 billion Series C round with a hefty €1.3 billion investment.

Why it matters: The deal, which values Mistral at €11.7 billion post-money, will also land ASML a seat on the company’s board. The funding round included participation from returning investors such as Nvidia, General Catalyst and Bpifrance. The AI player highlighted plans to double down on custom, decentralised AI solutions aimed at solving complex industrial and engineering challenges.The latest round marks a sharp jump from Mistral’s last raise of €600 million, which valued the AI startup at €6 billion in 2024, according to the Financial Times. Peter Jarich, head of GSMA Intelligence, noted the tie-up between ASML’s hardware business and Mistral’s AI focus seemed “tenuous”. While Mistral AI CEO Arthur Mensch noted the company aims “to help ASML and its numerous partners solve current and future engineering challenges through AI, and ultimately to advance the full semiconductor and AI value chain”, Jarich argued, “you wouldn’t need to make a big investment to secure that”. Indeed, ASML’s hefty investment could reflect growing pressure on Europe to establish its own digital infrastructure, independent of US and Chinese platforms. “All the news suggested one driver: support for European tech sovereignty,” Jarich added.