AT&T, Verizon, and T-Mobile took a beating on Wednesday as investors braced for an orbital clash with Elon Musk. Shares of AT&T (NYSE: T) and Verizon (NYSE: VZ) both fell 4%, while T-Mobile (NASDAQ: TMUS) slid 2%, following a Semafor report that SpaceX is plotting a direct assault on the U.S. wireless oligopoly. In its IPO pitch deck, SpaceX pegged the global mobile addressable market at $740 billion, with Starlink's mobile division alone projected to hit $15 billion in annual revenue this year. To challenge landline-and-tower incumbents inside office buildings and under heavy tree cover, SpaceX is developing hybrid satellite-terrestrial technologies to seamlessly bridge the gap. Related articlesAT&T and Verizon tumble as Musk's SpaceX plots direct mobile threatMercedes CEO says intense China competition is "a new reality"VINCI beats first-half estimates on energy growth