They'll try. But they are between two forces squeezing the TAM:

The anvil: satellites can't serve most people in a densely populated area, whereas terrestrial wireless can be engineered and deployed to serve any population density, even tens of thousands of people in a stadium.

The hammer: electronics get cheaper faster when they don't have to be space grade, and electronics get cheaper faster than rockets. As they get cheaper, terrestrial wireless will be deployed in more areas that are uneconomical right now.

And that is how the satellite TAM gets slammed.

> SpaceX and Amazon seem to be headed for competing with traditional telecoms and ISPs.

Traditional ISPs already have a nice network of copper and fiber optic cables. I don't think satellites offer any advantage to most people here, except for those living in an area with slow wired connections.

> I'm betting the next acquisition target will be AST SpaceMobile.

Or possibly viasat.