Markets
markets
Claire Yubin Oh

Amazon strikes deal to buy Globalstar as it looks to take on SpaceX’s Starlink

Globalstar is up 11% in premarket trading on Tuesday after Amazon announced it has agreed to acquire the satellite company for about $11.6 billion, as it moves to keep up with Elon Musk’s Starlink.

The deal would effectively bring Globalstar’s existing satellite operations, infrastructure, and assets, including MSS spectrum licenses with global authorizations, under Amazon “to deliver continuous connectivity for consumer, enterprise, and government customers around the world,” the internet giant said in a statement.

The acquisition would be Amazon’s second-biggest ever, according to S&P Capital IQ, behind its purchase of Whole Foods in 2017 for $13.7 billion.

Under the terms of the deal, GSAT stockholders can elect to receive either $90 in cash or 0.321 Amazon shares for every Globalstar share.

Per the press release, Amazon’s Leo satellite network will “add direct-to-device (D2D) services to its low Earth orbit satellite network and extend cellular coverage to customers beyond the reach of terrestrial networks.” Amazon Leo’s D2D satellite system, set to begin in 2028, is designed to offer faster and more efficient performance than legacy direct-to-cell systems.

Amazon is aiming to increase the number of satellites it has in Earth’s low orbit to 3,200 by 2029. While the two dozen satellites it would take on from the Globalstar deal would push it slightly further toward this goal, Amazon is faced with a regulatory requirement to meet half of the 3,200 figure by July of this year. According to Reuters reporting, the company currently operates a network of “more than 200” satellites.

Amazon announced that it had signed an additional agreement with Apple for Amazon Leo to power satellite service features for some current and future iPhone and Apple Watch models.

More Markets

See all Markets
Luke Kawa
8/17/26
Credit markets have a “debt” problem, not a “risk” problem

We’re getting a lot of borrowing, and that borrowing is risk-reducing (for now!)

New York City Architecture And Monuments
Luke Kawa
7/13/26
Meet the newly public, Bezos-backed company that’s recreating the sun and stars

General Fusion CEO Greg Twinney spoke with Sherwood News from the Nasdaq during the stock’s first day of trading.

Web Summit Vancouver 2026 - Day Three
markets
J. Edward Moreno

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

Luke Kawa
7/2/26
US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

Floridians Seek Employment Opportunities At Job Fair In Sunrise
Luke Kawa
7/1/26
Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

Latest Stories

Sherwood Media, LLC and Chartr Limited produce fresh and unique perspectives on topical financial news and are fully owned subsidiaries of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, Robinhood Money, LLC, Robinhood U.K. Ltd, Robinhood Derivatives, LLC, Robinhood Gold, LLC, Robinhood Asset Management, LLC, Robinhood Credit, Inc., Robinhood Ventures DE, LLC and, where applicable, its managed investment vehicles.
©2026 Sherwood Media, LLC