We should all be for vision and ambition.

Few have demonstrated the power of both better than Elon Musk. SpaceX has transformed the economics of space launch, while Starlink has shown that low-Earth-orbit satellites can deliver broadband connectivity on a remarkable scale. There is plenty to admire.

Starlink says it has a new ambition: not simply to fill coverage gaps, but to become a ubiquitous communications platform — potentially offering broadband, mobile service, handsets, and even operating systems.

This audacious vision runs headlong into the forces that have constrained telecommunications for decades: the laws of physics, economics, and regulation.

The laws of physics don’t bend to stock prices. The laws of economics don’t care about hype. And regulators don’t care how disruptive the pitch sounds.

The first reality check is physics.

Starlink’s strength of remote area coverage to fill gaps becomes a limitation in cities. Terrestrial networks divide coverage into thousands of cells, enabling repeated spectrum reuse and capacity scaling. Satellite beams cannot match this granular spectrum efficiency.

The next challenge is buildings. Satellite signals do not penetrate shopping malls, offices, apartment blocks, or underground space. People spend much of their time indoors, places that require terrestrial networks, small cells, Wi-Fi, fiber, and other ground-based infrastructure.

This is not a satellite model failure; it just demonstrates that no single network can do it all. Different networks have strengths and weaknesses: The ability to fill coverage gaps is not the same as providing reliable, nationwide capacity. SpaceX says it plans to build a terrestrial component. This will likely strengthen its network, but it does not make satellites a substitute for terrestrial networks.

Then comes the law of economics.

Telecom has an elusive holy grail: the fourth operator. Regulators and competition authorities routinely argue that markets need four or five mobile networks. Yet mobile markets around the world are consolidating toward three, and sometimes two, operators — including sophisticated markets such as India and China. Why? Because mobile networks have enormous fixed costs.

Operators must acquire spectrum, obtain permits, build sites, and continually upgrade networks as traffic grows — all while consumers expect more data for less money. Starlink is not immune to this reality. It has added demand surcharges for some customers, pushing broadband prices as high as $1,500 per month in some markets.

The fourth-operator dream has another inconvenient history. Starlink acquired 65 MHz of spectrum from EchoStar for $19.6 billion. That spectrum came from DISH Network, which spent years trying to make itself the fourth nationwide U.S. mobile operator but could not get the economics to work

Starlink has advantages DISH did not, including its satellite network, capital, and global customer base. But it still must overcome the conundrum of continuously absorbing more traffic while keeping customer prices low.

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Then there is the law of regulation.

Telecommunications is not a “move fast and break things” industry. Spectrum is governed by complex national, technical, and international rules. Deployment requires coordination with other spectrum users, permitting, environmental reviews, zoning, rights-of-way, and state public utility commissions.

SpaceX has already experienced this reality. When California regulators objected to aspects of SpaceX's launch plans, the company moved activity to Texas. Internationally, governments can be even more consequential. Turkey, for example, has not allowed Starlink to operate within its borders.

Spectrum creates another obligation. Public spectrum is not an ordinary asset. It is allocated according to set conditions, often including build-out or use requirements.

Finally, there is the law of the market.

Investors love news: big ambitions, disruptive narratives, barbs, and vibes. SpaceX COO Gwynne Shotwell said on the company’s first earnings call that she expected Starlink to win “quite a few” customers from AT&T, Verizon, and T-Mobile and that SpaceX “definitely” intends to build a terrestrial component. The comments rattled some telecom investors. Such statements are catnip for traders: the market can trade on the story long before the network exists. It is a familiar asymmetry: incumbents must respond to the threat today, while Starlink can promise to deliver the network tomorrow — or never.

Starlink deserves both praise and scrutiny. Its satellite network is extraordinary, and direct-to-device connectivity will fill coverage gaps. But disrupting the mobile market is not the same as replacing mobile carriers, just as owning spectrum is not the same as building a nationwide network.

The laws of physics don’t bend to stock prices. The laws of economics don’t care about hype. And regulators don’t care how disruptive the pitch sounds. The markets may react to the statement, but seriously competing for customers at scale will require a robust terrestrial network. Starlink has already shown that hard things are possible. It has not yet shown how it can do this.