CONX Takes Controlling Stake in MobileX, Backing $3.88/Month AI Wireless

For CONX shareholders, this deal transforms a thinly traded OTC vehicle into the controlling owner of a high-growth wireless disruptor. With no terms disclosed, the immediate questions are valuation, dilution, and what return threshold the new investors require. Charlie Ergen's involvement adds strategic credibility, but it also brings governance complexity that public-market investors will need to price.

MobileX, the artificial intelligence-driven wireless service that bills itself as "the most customizable" way to save on mobile connectivity, announced on Aug. 24, 2026 that CONX Corporation (OTC: CNXX) has made a strategic investment giving CONX a controlling interest in the company. The announcement, distributed via PR Newswire and not independently verified, does not disclose the dollar amount, valuation, or structure of the investment. However, the board changes are concrete: Charlie Ergen, the founder, CEO, and chairman of EchoStar as well as chairman of CONX, and Jason Kiser, CEO of CONX, will join MobileX's board of directors. Peter Adderton remains founder and CEO, and his statement frames the deal as an alignment around redefining connectivity and giving MobileX "capital and resources to build on our progress and compete at a much greater scale."

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However, the board changes are concrete: Charlie Ergen, the founder, CEO, and chairman of EchoStar as well as chairman of CONX, and Jason Kiser, CEO of CONX, will join MobileX's board of directors.

MobileX's core proposition is a usage-based pricing model that starts at $3.88 per month and uses AI to predict a customer's data needs and recommend a personalized plan. The company claims it is one of the fastest-growing challengers to the traditional one-size-fits-all carrier model, and it has assembled a national retail and digital distribution network that includes more than 3,700 Walmart stores, 5,000 independent dealer locations, Amazon, Walmart.com, and its own iOS and Android apps. Those numbers matter because they turn a software concept into a physical retail reality. In the wireless industry, where incumbents like Verizon, T-Mobile, and AT&T have historically relied on equipment subsidies and multi-line family plans to lock in customers, a $3.88 entry point with AI-driven plan selection is a fundamentally different attack vector.

The arrival of a controlling investor with Charlie Ergen's telecom pedigree is the most important strategic signal in the release. Ergen built EchoStar into a satellite television and broadband player, and he has repeatedly shown a willingness to disrupt incumbent distribution models. That history could bring MobileX more than capital: it could open doors to network capacity, retail partnerships, technical talent, and regulatory know-how. At the same time, a controlling interest means CONX will have significant influence over MobileX's strategy, budgeting, and potential exit. For a founder-led challenger like MobileX, this is a trade-off between acceleration and autonomy. Adderton's continued role as CEO suggests the parties intend to preserve operational continuity, but controlling ownership inevitably reshapes governance.