Globalstar surges after FT reports that Amazon is in talks to buy the satellite group
Globalstar is up 11% in premarket trading on Thursday on reports that Amazon is in talks to buy the satellite company, in a push to take on Elon Musk’s SpaceX. The two companies are currently negotiating the details of a potential deal after lengthy talks, the Financial Times reported, citing people familiar with the matter.
Amazon has ambitions to compete with SpaceX to provide satellite-based internet access anywhere on the planet — a market that’s dominated by Starlink at the moment and a key pillar of the eye-watering $1 trillion valuation that SpaceX is seeking in its IPO, which it has just confidentially filed for.
Indeed, Amazon has been signing deals with airlines and doubling down on investing in its internet constellation lately, with plans to increase its ~200 satellites in orbit to about 700 by the middle of 2026 — still a fraction compared to SpaceX’s mega constellation, which has some 10,000 active satellites.
But Amazon’s not the only Big Tech giant with an interest in Globalstar. Back in 2024, Apple invested $1.5 billion for a 20% stake in the company, necessitating a negotiation between Apple and Amazon for the latest deal talks to proceed, per the FT. SpaceX also reportedly had early talks with Globalstar, Bloomberg reported last October.
Globalstar’s stock has been up ~230% in the past year, pushing its value to some $8.8 billion as of yesterday’s close.
Amazon has ambitions to compete with SpaceX to provide satellite-based internet access anywhere on the planet — a market that’s dominated by Starlink at the moment and a key pillar of the eye-watering $1 trillion valuation that SpaceX is seeking in its IPO, which it has just confidentially filed for.
Indeed, Amazon has been signing deals with airlines and doubling down on investing in its internet constellation lately, with plans to increase its ~200 satellites in orbit to about 700 by the middle of 2026 — still a fraction compared to SpaceX’s mega constellation, which has some 10,000 active satellites.
But Amazon’s not the only Big Tech giant with an interest in Globalstar. Back in 2024, Apple invested $1.5 billion for a 20% stake in the company, necessitating a negotiation between Apple and Amazon for the latest deal talks to proceed, per the FT. SpaceX also reportedly had early talks with Globalstar, Bloomberg reported last October.
Globalstar’s stock has been up ~230% in the past year, pushing its value to some $8.8 billion as of yesterday’s close.
