面对马斯克的潜在威胁，传统电信业者与投资人已感受到实质压力。主要电信业者的债券表现今年落后于投资级指数，反映了债券市场对星链进逼的担忧。欧洲电信巨头包括德意志电信、Orange、Telefónica与沃达丰等，已展开初步协商计划筹组联盟，共同研发欧洲自有的手机直连卫星服务，以防范市场份额被侵蚀。
分析机构指出，尽管受限于物理条件使星链难以提供极致高速，但SpaceX很可能以极具价格破坏力的方式提供「足够好」的低端替代服务。此外，马斯克若在未来的频谱拍卖中竞争或租赁现有业者网路，将推升同业营运成本与借贷压力；在不利头条风险偏高的情势下，传统电信业者必须尽快提出具体的因应对策以安抚资本市场。
Space Exploration Technologies Corp. (SpaceX) is actively signaling its ambitions in mobile telecommunications, seeking to expand its Starlink business beyond rural broadband with plans to launch up to 15,000 next-generation satellites. While physics makes it challenging for satellite signals to penetrate buildings and densely populated areas, Starlink envisions a hybrid model combining orbital assets with terrestrial infrastructure—such as upgrading user receivers into cellular base stations—backed by its T-Mobile partnership and a pending $20 billion spectrum deal with EchoStar.
Traditional telecom incumbents and bondholders are increasingly rattled by the competitive threat posed by Elon Musk. Debt issued by major telecom operators has underperformed the broader investment-grade index this year, primarily driven by concerns over Starlink's direct-to-cell ambitions. In response, European telecom giants including Deutsche Telekom, Orange, Telefónica, and Vodafone are in early-stage talks to form a defensive consortium to build a regional direct-to-mobile satellite network.
Market analysts caution that SpaceX could disrupt the lower end of the market by offering a 'good enough' service at an aggressive price point, even if technical constraints prevent top-tier data speeds. Furthermore, potential moves by Musk—such as bidding aggressively in upcoming spectrum auctions or leasing network capacity—could inflate costs and borrow pressures across the sector, making it imperative for incumbents to develop a credible counternarrative to reassure credit markets.