The emergence of satellite-based direct-to-device connectivity is transforming a once-speculative debate into a concrete question of market structure. As Starlink and others move to secure spectrum and expand capabilities, the boundary between satellite and terrestrial networks is beginning to blur. The key issue is no longer whether satellite operators will enter the mobile market; but how their role will reshape competition, access, and regulation in the evolving telecom ecosystem. Image credits: “Venus and Starlink Satellites” by ikewinski is licensed under CC BY 2.0.