Shares in all three US carriers fell on the comments, and the implications for Telstra, Optus parent Singtel and TPG are now being weighed by markets, as ChannelNews has been tipping for months. “A subscriber base that has doubled to 12 million in a year will have local telcos on edge. So far, they’ve worked with Starlink rather than against it, with Telstra and Optus both signing deals to use its satellites to patch their own coverage gaps,” Mr Gilbert said. A TPG spokesman welcomed the inquiry, saying its $1.6bn deal to share towers with Optus had delivered more competition. TPG initially sought the same arrangement with Telstra, but the ACCC vetoed it.