NuCel reached 1.1 million customers in July 2026, up from 60,000 in September 2025, according to XP data reported by Brazil Journal. Brazil has about 220 million mobile lines, leaving NuCel with a 0.5% market share.
That scale appears modest. However, XP says NuCel has already changed how established operators compete for customers.
Why NuCel matters beyond its market share
Nubank launched NuCel in April 2024, using Claro’s network as its wholesale partner. The service expanded quickly through Nubank’s digital customer base and app-based distribution.
Meanwhile, NuCel made its entry plan more competitive without raising its monthly price. The plan remains R$45, or about US$8, while its data allowance increased from 15 gigabytes to 25 gigabytes.
As a result, the price per gigabyte fell from R$3 to R$1.80 — a 40% reduction, according to XP’s analysis. The change gives consumers more data while lowering the effective entry price.
XP analyst Bernardo Guttmann said tariffs remain relatively disciplined. However, consumers now have more alternatives and larger data allowances.
That shift raises the cost of defending customers at the margin. It also makes unilateral price increases harder for established operators.
The market response does not amount to a conventional price war. Instead, operators are using larger allowances, targeted discounts and stronger retention offers.
For investors, the change matters because mobile earnings depend on customer additions, churn, product mix and average revenue per user. XP said these metrics now face less predictable growth conditions.
What does the NuCel telecom impact mean for investors?
The competitive effect differs across Brazil’s main operators. XP identifies TIM Brasil as the most exposed, while Claro benefits from its wholesale relationship with NuCel.
Claro can compete for retail customers while earning wholesale revenue from NuCel’s traffic. That combination gives the operator two ways to benefit from the service’s expansion.
Vivo remains the most protected listed operator, according to XP. Its customer mix, retention and scale in convergent services provide greater resilience.
TIM faces stronger pressure in the segments affected by NuCel and regional internet providers. The company also needs to stabilise its core mobile business.
In August 2026, TIM recorded a net loss of about 137,000 portability lines, according to data cited by XP. Its average donor position rose from about 106,000 lines monthly between October 2024 and September 2025, to 135,000 between October 2025 and August 2026.
XP does not attribute the deterioration solely to NuCel. Vivo, Claro, regional providers and product mix also affect portability trends.
TIM has responded through a May 2026 partnership with PicPay. PicPay will offer TIM products to its 67 million customers, while TIM will offer PicPay’s financial products to its 60 million customers.
NuCel is small in scale but large enough to reset the economics of mobile competition.
Investors should watch customer growth, portability, data allowances, churn and wholesale revenue as Brazil’s operators adjust to the next phase of competition.
Quick answers
NuCel reached 1.1 million customers in July 2026, up from 60,000 in September 2025, giving it approximately 0.5% of Brazil’s roughly 220 million mobile lines, according to XP data.
XP identifies TIM Brasil as the most exposed operator, citing a net loss of about 137,000 portability lines in August 2026 and a rising average monthly donor position of 135,000 lines between October 2025 and August 2026.
NuCel kept its monthly plan price at R$45 (about US$8) while increasing the data allowance from 15GB to 25GB, cutting the effective price per gigabyte from R$3 to R$1.80 — a 40% reduction, according to XP’s analysis.
