{"slug":"globalstar","name":"글로벌스타","name_en":"Globalstar","ticker":"GSAT","updated_at":"2026-07-12T03:38:39.704+00:00","canonical":"https://valuechain.wiki/globalstar","same_as":["https://finance.yahoo.com/quote/GSAT","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1366868"],"citable":"밸류체인 그래프 기준 글로벌스타의 직접 연결 기업은 4곳(관계 기준 공급 2·매출 1·투자 1)이고, 사슬을 2차까지 넓히면 42곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 4건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Globalstar is directly linked to 4 companies (2 supply, 1 revenue, 1 investment relationships) and reaches 42 companies within two hops; the links are backed by 6 dated sources, 4 of them primary filings (as of 2026-07-12).","kicker":"나스닥 · 위성통신 · 애플 SOS 백본","kicker_en":"NASDAQ · Satellite comms · Apple's SOS backbone","lead":"글로벌스타는 애플 아이폰·애플워치 \"위성 긴급 SOS\"의 인프라를 제공하는 LEO 위성통신사다. 2025년 매출 2억7,300만 달러 중 63%가 애플향 도매 위성용량 서비스에서 나오고, 애플은 위성 자회사(SPE) 지분 20%를 보유하며 차세대망 자본지출을 선지급한다. 2026년 4월 아마존이 주당 90달러, 약 116억 달러에 글로벌스타를 인수하기로 합의했고, 완료되면 Amazon Leo가 주파수·위성 자산과 아이폰 위성 서비스를 이어받는다.","lead_en":"Globalstar is the LEO operator behind Emergency SOS via satellite on Apple's iPhone and Apple Watch. Of its $273.0 million FY2025 revenue, 63% came from wholesale satellite capacity sold to Apple, which also holds a 20% stake in the Globalstar SPE and prepays next-generation network capex. In April 2026 Amazon agreed to acquire Globalstar at $90.00 per share, about $11.6 billion; on closing, Amazon Leo inherits the spectrum, satellites and the iPhone satellite services.","segments":{"parts":[{"desc":"애플 아이폰·애플워치 긴급 SOS 도매 용량. FY2025 $172.7M(총매출 63%), 애플이 SPE 지분 20%·차세대망 capex를 선지급.","name":"도매 위성용량 (애플)"},{"desc":"SPOT/IoT 가입자·데이터. FY2025 서비스매출 $27.3M(10%), 애플 다음 매출원.","name":"Commercial IoT"},{"desc":"개인용 위성 메시징·추적 단말 구독.","name":"SPOT (개인 위성메시징)"},{"desc":"음성 Duplex·정부·장비 판매 등 잔여 부문.","name":"Duplex·정부·장비"}],"total":"FY2025 매출 $273.0M, 조정EBITDA $136.1M","concentration":"애플 63% (2024년 58%, 2023년 49%), 그 외 10% 초과 고객 없음"},"segments_en":{"parts":[{"desc":"Apple iPhone/Apple Watch Emergency SOS wholesale capacity; $172.7M in FY2025 (63% of revenue), with Apple holding 20% of the SPE and prepaying next-gen capex.","name":"Wholesale capacity (Apple)"},{"desc":"SPOT/IoT subscribers and data; $27.3M FY2025 service revenue (10%), the second revenue source after Apple.","name":"Commercial IoT"},{"desc":"Personal satellite messaging/tracking device subscriptions.","name":"SPOT (personal satellite messaging)"},{"desc":"Voice Duplex, government and equipment sales — the residual segment.","name":"Duplex, government, equipment"}],"total":"FY2025 revenue $273.0M, adjusted EBITDA $136.1M","concentration":"Apple 63% (58% in 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Technologies","tier":3,"returns_yearly":{"2021":-22.7,"2022":-64.7,"2023":167.4,"2024":340.5,"2025":135,"2026":-28.7}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":3,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-39.2}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null}],"analysis":"투자 논점은 이제 실적이 아니라 아마존 인수(주당 $90, 약 116억 달러, 2026년 4월 확정 합병계약)의 완료 여부다. 사업의 척추는 애플로, FY2025 매출 $273.0M의 63%($172.7M)가 아이폰·애플워치 위성 SOS 도매 용량에서 나오고 애플이 SPE 지분 20%와 차세대망(C-3, MDA 50기+, $15억) capex를 선지급해 자본을 대신 짊어진다 — 단일 고객 집중(63%)이 리스크이자, 그 고객이 자본까지 대는 비대칭 구조다. 공급단에선 MDA 스페이스가 차세대 위성을, 스페이스X가 팰컨9 발사(누적 $162.6M 지급)를 맡아 애플 선지급이 그대로 협력사로 흘러가는 파이프다. 인수가 완료되면 L·S밴드 주파수와 위성·아이폰 서비스가 Amazon Leo로 넘어가므로, 재평가 트리거는 규제 승인과 주식/현금 선택 조건이다.","analysis_en":"The thesis is no longer earnings but whether the Amazon acquisition closes ($90/share, ~$11.6bn, definitive merger agreement April 2026). The spine is Apple: 63% ($172.7M) of FY2025's $273.0M revenue comes from iPhone/Apple Watch satellite-SOS wholesale capacity, and Apple carries the capital by holding 20% of the SPE and prepaying next-gen network capex (C-3, 50+ MDA satellites, $1.5bn) — single-customer concentration (63%) is the risk, but the asymmetry is that this customer also funds it. On the supply side MDA Space builds the next-gen satellites and SpaceX handles Falcon 9 launches ($162.6M paid to date), so Apple's prepayments pipe straight through to suppliers. On close, the L-/S-band spectrum and satellite/iPhone services fold into Amazon Leo — so the re-rating trigger is regulatory approval and the stock/cash election terms.","analysis_asof":"2026-07-09"},"edges":[{"direction":"cost","counterparty":"SpaceX","counterparty_slug":"spacex","confidence":"high","metric":{"type":"payment_total","unit":"USD million","as_of":"2025-12-31","basis":"Falcon 9 발사계약 누적 지급(마일스톤 선지급 $77M 포함)","value":162.6,"period":"2023-08~2025-12","basis_en":"Cumulative payments under Falcon 9 launch agreements (incl. $77M milestone prepayments)"},"note":"대체·차세대 위성 발사 계약자. 2023년 8월과 2025년 6월 각각 팰컨9 발사를 위한 Launch Services Agreement 체결(2회 발사). 2025-12-31까지 SpaceX에 총 $162.6M 지급(2025년 중 $33.0M), 이 중 향후 마일스톤 선지급분 $77.0M 포함. 첫 발사 2025년, 둘째 2026년 예정.","note_en":"Launch provider for replacement/next-generation satellites. Globalstar signed Launch Services Agreements with SpaceX in Aug 2023 and June 2025 for two Falcon 9 launches. Through 2025-12-31 it had paid SpaceX $162.6M total ($33.0M in 2025), including $77.0M of prepayments for future milestones; first launch 2025, second 2026.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC/EDGAR)","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/1366868/000136686826000012/gsat-20251231.htm","title":"Globalstar, Inc. FY2025 Form 10-K","title_en":"Globalstar, Inc. FY2025 Form 10-K","excerpt":"In each of August 2023 and June 2025, we entered into a Launch Services Agreement with Space Exploration Technologies Corp. ('SpaceX') ... We paid to SpaceX a total of $162.6 million ... of which $33.0 million was paid in 2025. A portion of the amounts paid to SpaceX were prepayment for future milestones, totaling $77.0 million.","excerpt_en":"In each of August 2023 and June 2025, we entered into a Launch Services Agreement with Space Exploration Technologies Corp. ('SpaceX') ... We paid to SpaceX a total of $162.6 million ... of which $33.0 million was paid in 2025. A portion of the amounts paid to SpaceX were prepayment for future milestones, totaling $77.0 million."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC/EDGAR)","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2025-08-07","url":"https://www.sec.gov/Archives/edgar/data/1366868/000136686825000101/gsat20250630-ex991.htm","title":"Globalstar Q2 2025 실적 발표 (8-K 첨부 EX-99.1)","title_en":"Globalstar Q2 2025 Earnings Release (8-K Exhibit 99.1)","excerpt":"Entered into a launch services agreement with SpaceX for the launch of the second set of replacement satellites under construction by MDA Space pursuant to our 2022 satellite procurement agreement.","excerpt_en":"Entered into a launch services agreement with SpaceX for the launch of the second set of replacement satellites under construction by MDA Space pursuant to our 2022 satellite procurement agreement."}]},{"direction":"revenue","counterparty":"Apple","counterparty_slug":"apple","confidence":"high","metric":{"type":"revenue_share","unit":"%","as_of":"2025-12-31","basis":"도매 위성용량 매출 $172.7M(전액 애플향), SPE 지분 20% 보유","value":63,"period":"FY2025","basis_en":"Wholesale capacity revenue $172.7M (all Apple); Apple holds 20% of Globalstar SPE"},"note":"애플은 Updated Services Agreements(2024년 10월 개정)상 도매 위성용량 계약의 'the Customer'로, FY2025 '도매 위성용량 서비스' 매출 $172.7M을 발생시켜 총매출의 63%를 차지. 애플은 Globalstar SPE 지분 20%($400M)를 보유하고 Extended MSS Network 자본지출을 선지급으로 부담.","note_en":"Apple is 'the Customer' under the Updated Services Agreements (amended Oct 2024); its wholesale capacity purchases generated $172.7M, or 63% of Globalstar's FY2025 revenue. Apple also holds a 20% ($400M) interest in the Globalstar SPE and prepays the Extended MSS Network capex.","sources":[{"stance":"confirms","publisher":"ZDNet Korea","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2026-04-19","url":"https://zdnet.co.kr/view/?no=20260419140328","title":"글로벌스타 인수로 아마존 위성 D2D 서비스 본궤도","title_en":"Amazon's Globalstar acquisition puts its satellite D2D service on track","excerpt":"글로벌스타는 회사 지분 20%를 보유한 애플과 예약을 통해 아이폰과 애플워치에서 위성 서비스를 제공하고 있다. ... 이 계약은 글로벌스타의 매출 3분의 2를 차지","excerpt_en":"Globalstar provides satellite services on iPhone and Apple Watch through a reservation with Apple, which holds a 20% stake in the company. ... this deal accounts for two-thirds of Globalstar's revenue."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC/EDGAR)","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/1366868/000136686826000012/gsat-20251231.htm","title":"Globalstar, Inc. FY2025 Form 10-K","title_en":"Globalstar, Inc. FY2025 Form 10-K","excerpt":"Wholesale capacity services $ 172,731 63 % ... the Customer under the Updated Services Agreements was responsible for 63%, 58%, and 49%, respectively, of our total revenue. ... the Customer purchased 400,000 Class B Units in the Globalstar SPE ... for $ 400 million, representing a 20 % equity interest.","excerpt_en":"Wholesale capacity services $ 172,731 63 % ... the Customer under the Updated Services Agreements was responsible for 63%, 58%, and 49%, respectively, of our total revenue. ... the Customer purchased 400,000 Class B Units in the Globalstar SPE ... for $ 400 million, representing a 20 % equity interest."}]},{"direction":"investor","counterparty":"아마존","counterparty_slug":"amazon","confidence":"high","metric":{"type":"acquisition_value","unit":"USD billion","as_of":"2026-04-14","basis":"아마존 인수 합병계약(주당 $90.00)","value":11.6,"period":"2026-04 합의(완료 전)","basis_en":"Amazon definitive merger agreement ($90.00/share)"},"note":"아마존이 2026년 4월 14일 글로벌스타를 주당 90달러(현금 또는 아마존 주식 0.3210주), 약 116억 달러에 인수하는 확정 합병계약을 발표했다. 완료 시 글로벌스타의 L·S밴드 주파수와 위성 자산이 Amazon Leo에 통합되고, 아이폰·애플워치 위성 서비스는 Amazon Leo가 이어받는다.","note_en":"On April 14, 2026 Amazon announced a definitive merger agreement to acquire Globalstar at $90.00 per share in cash or 0.3210 Amazon shares (about $11.6 billion). On closing, Globalstar L- and S-band spectrum and satellite assets fold into Amazon Leo, which takes over the iPhone and Apple Watch satellite services.","sources":[{"stance":"confirms","publisher":"ZDNet Korea","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2026-04-19","url":"https://zdnet.co.kr/view/?no=20260419140328","title":"글로벌스타 인수로 아마존 위성 D2D 서비스 본궤도","title_en":"Amazon's Globalstar acquisition puts its satellite D2D service on track","excerpt":"매물로 나온 글로벌스타의 입찰 경쟁에서 116억 달러 가격을 내세운 아마존이 단숨에 D2D 서비스를 손에 넣었다. 글로벌스타가 지닌 주파수와 위성 자산을 확보한 데 이어 D2D 서비스를 그대로 이어받을 수 있다.","excerpt_en":"Amazon, bidding $11.6 billion for Globalstar, seized the D2D business in one stroke, securing its spectrum and satellite assets and inheriting the D2D service intact."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2026-04-14","url":"https://www.sec.gov/Archives/edgar/data/1366868/000114036126014528/ef20070409_ex99-1.htm","title":"Amazon to Acquire Globalstar and Expand Amazon Leo Satellite Network (Form 8-K Exhibit 99.1)","title_en":"Amazon to Acquire Globalstar and Expand Amazon Leo Satellite Network (Form 8-K Exhibit 99.1)","excerpt":"Under the terms of the merger agreement, prior to closing, Globalstar stockholders will elect to receive for each share of Globalstar common stock they own either (i) $90.00 in cash or (ii) 0.3210 shares of Amazon common stock with a value capped at $90.00 per share.","excerpt_en":"Under the terms of the merger agreement, prior to closing, Globalstar stockholders will elect to receive for each share of Globalstar common stock they own either (i) $90.00 in cash or (ii) 0.3210 shares of Amazon common stock with a value capped at $90.00 per share."}]},{"direction":"cost","counterparty":"MDA Space","counterparty_slug":"mda-space","confidence":"high","metric":{"type":"contract_value","unit":"CAD billion","as_of":"2025-12-31","basis":"C-3 시스템 위성 50+기 제작(집행 $708.6M/$1.5B, 애플 선지급 조달)","value":1.1,"period":"2025-02~","basis_en":"C-3 System 50+ satellites ($708.6M of $1.5B incurred, funded by Apple prepayments)"},"note":"차세대 위성 제작 주계약자. 2022년 HIBLEO-4 대체용 17기 조달계약에 이어, 2025년 2월 Extended MSS Network용 C-3 시스템 위성 50기 이상 제작계약 체결(계약금액 약 US$7.68억/C$11억). 2025-12-31 기준 Extended MSS Network에 $1.5B 예정 중 $708.6M 집행(전액 애플 선지급 조달).","note_en":"Prime contractor for next-generation satellites. Following a 2022 order for 17 HIBLEO-4 replacement satellites, in Feb 2025 Globalstar contracted MDA to build 50+ C-3 System satellites for the Extended MSS Network (~US$768M / C$1.1B). As of 2025-12-31, $708.6M of the $1.5B Extended MSS Network spend had been incurred, funded by Apple prepayments.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC/EDGAR)","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/1366868/000136686826000012/gsat-20251231.htm","title":"Globalstar, Inc. FY2025 Form 10-K","title_en":"Globalstar, Inc. FY2025 Form 10-K","excerpt":"In February 2025, we entered into another agreement with MDA Space pursuant to which we expect to acquire more than 50 third-generation ... satellites related to the Extended MSS Network. ... As of December 31, 2025, we have incurred $708.6 million of the $1.5 billion projected spend for the Extended MSS Network, all of which to date has been funded with prepayments from the Customer.","excerpt_en":"In February 2025, we entered into another agreement with MDA Space pursuant to which we expect to acquire more than 50 third-generation ... satellites related to the Extended MSS Network. ... As of December 31, 2025, we have incurred $708.6 million of the $1.5 billion projected spend for the Extended MSS Network, all of which to date has been funded with prepayments from the Customer."},{"stance":"confirms","publisher":"MDA Space","publisher_en":"MDA Space","kind":"ir","lang":"en","published_at":"2025-02-10","url":"https://mda.space/article/mda-space-signs-1.1b-contract-with-globalstar-to-build-next-generation-leo-constellation","title":"MDA Space signs $1.1B contract with Globalstar to build next generation LEO constellation","title_en":"MDA Space signs $1.1B contract with Globalstar to build next generation LEO constellation","excerpt":"MDA Space ... total contract value of approximately $1.1 billion [CAD] ... will manufacture more than 50 MDA AURORA software-defined digital satellites. 'We are pleased to once again be working with Globalstar as they develop their next generation LEO constellation,' said Mike Greenley, CEO of MDA Space.","excerpt_en":"MDA Space ... total contract value of approximately $1.1 billion [CAD] ... will manufacture more than 50 MDA AURORA software-defined digital satellites. 'We are pleased to once again be working with Globalstar as they develop their next generation LEO constellation,' said Mike Greenley, CEO of MDA Space."}]},{"direction":"revenue","counterparty":"상업 IoT·SPOT 고객","counterparty_slug":null,"confidence":"mid","metric":{"type":"revenue_share","unit":"%","as_of":"2025-12-31","basis":"Commercial IoT 서비스매출 $27.3M","value":10,"period":"FY2025","basis_en":"Commercial IoT service revenue $27.3M"},"note":"SPOT/Commercial IoT 가입자 및 데이터 장비 판매 고객군. FY2025 Commercial IoT 서비스 매출 $27.3M(총매출의 10%)로 애플 다음의 매출원이며 평균 가입자 6% 증가. 단일 고객 명은 미공개(10% 초과 고객은 애플뿐).","note_en":"Subscriber base for SPOT/Commercial IoT devices. FY2025 Commercial IoT service revenue was $27.3M (10% of total), the second-largest revenue source after Apple, with average subscribers up 6% YoY. No single non-Apple customer exceeds 10%.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC/EDGAR)","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/1366868/000136686826000012/gsat-20251231.htm","title":"Globalstar, Inc. FY2025 Form 10-K","title_en":"Globalstar, Inc. FY2025 Form 10-K","excerpt":"Subscriber services Commercial IoT 27,263 10 % ... No other customer was responsible for more than 10% of our revenue during these years.","excerpt_en":"Subscriber services Commercial IoT 27,263 10 % ... No other customer was responsible for more than 10% of our revenue during these years."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC/EDGAR)","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/1366868/000136686826000009/gsat20251231-ex991.htm","title":"Globalstar FY2025 실적 발표 (8-K 첨부 EX-99.1)","title_en":"Globalstar FY2025 Earnings Release (8-K Exhibit 99.1)","excerpt":"IoT Growth Momentum: Commercial IoT average subscribers increased 6% year-over-year, while IoT hardware sales ... Total revenue was $273.0 million during the twelve months ended December 31, 2025.","excerpt_en":"IoT Growth Momentum: Commercial IoT average subscribers increased 6% year-over-year, while IoT hardware sales ... Total revenue was $273.0 million during the twelve months ended December 31, 2025."}]}]}