Satellite communications · Apple SOS infrastructure
Globalstar
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.
GSAT Updated Jul 12, 2026 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, Globalstar is directly linked to 4 companies (2 supply, 1 revenue, 1 investment relationships) and reaches 52 companies within two hops; the links are backed by 6 dated sources, 4 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue $273.0M, adjusted EBITDA $136.1M
- Customer concentration · Apple 63% (58% in 2024, 49% in 2023); no other customer above 10%
- Segments · Wholesale capacity (Apple) · Commercial IoT · SPOT (personal satellite messaging) · Duplex, government, equipment
Revenue from
- Apple High confidence· Revenue share 63% · FY2025 · Wholesale capacity revenue $172.7M (all Apple); Apple holds 20% of Globalstar SPE
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.Confirms KO ZDNet Korea Published Apr 19, 2026: Amazon's Globalstar acquisition puts its satellite D2D service on track - commercial IoT · SPOT customers Medium confidence· Revenue share 10% · FY2025 · Commercial IoT service revenue $27.3M
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%.Confirms EN U.S. SEC (EDGAR) Published Feb 27, 2026: Globalstar FY2025 Earnings Release (8-K Exhibit 99.1)
Pays to
- SpaceX High confidence· payment total $163M · 2023-08~2025-12 · Cumulative payments under Falcon 9 launch agreements (incl. $77M milestone prepayments)
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.Confirms EN U.S. SEC (EDGAR) Published Aug 7, 2025: Globalstar Q2 2025 Earnings Release (8-K Exhibit 99.1) - MDA Space High confidence· Contract value C$1.1B · 2025-02~ · C-3 System 50+ satellites ($708.6M of $1.5B incurred, funded by Apple prepayments)
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.Confirms EN MDA Space Published Feb 10, 2025: MDA Space signs $1.1B contract with Globalstar to build next generation LEO constellation
Investors
- Amazon High confidence· acquisition value $11.6B · 2026-04 합의(완료 전) · Amazon definitive merger agreement ($90.00/share)
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.Confirms KO ZDNet Korea Published Apr 19, 2026: Amazon's Globalstar acquisition puts its satellite D2D service on trackConfirms EN U.S. SEC (EDGAR) Published Apr 14, 2026: Amazon to Acquire Globalstar and Expand Amazon Leo Satellite Network (Form 8-K Exhibit 99.1)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Target Corporation | lead2 | +32.9 | -34.2 | -1.4 | -2.3 | -24.5 | +72.9 |
| T-Mobile US, Inc. | lead2 | -14 | +20.7 | +15 | +39.7 | -6.6 | -9.2 |
| Take-Two Interactive Software, Inc. | lead2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.1 |
| Apple | lead1 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +18 |
| Globalstar | node | +241.2 | +14.7 | +45.9 | +6.7 | +96.6 | +34.9 |
| MDA Space | benef1 | · | -32.6 | +80 | +156.3 | -9.8 | +53.3 |
| Amazon | benef1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| SpaceX | benef1 | · | · | · | · | · | +0.7 |
| SanDisk | benef2 | · | · | · | · | · | +633 |
| Seagate Technology | benef2 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +209.1 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +120.2 |
| STMicroelectronics | benef2 | +32.4 | -26.8 | +41.7 | -49.7 | +5.3 | +102.2 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +86.6 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +77.2 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +47.9 |
| Occidental Petroleum | benef2 | +67.7 | +119.1 | -4.1 | -15.9 | -14.9 | +47.4 |
| GE Vernova | benef2 | · | · | · | · | +99 | +44.4 |
| Caterpillar | benef2 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +42.9 |
| FedEx | benef2 | +0.7 | -31.6 | +49.1 | +13.5 | +5.1 | +39.6 |
| Ciena | benef2 | +45.6 | -33.8 | -11.7 | +88.4 | +175.8 | +37.3 |
| Jabil | benef2 | +66.4 | -2.5 | +87.4 | +13.3 | +58.7 | +36.3 |
| Alchip Technologies | benef2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +36.1 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +30.1 |
| Voyager Technologies | benef2 | · | · | · | · | · | +29.8 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +28.5 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +23.4 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +20.7 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +19.6 |
| Credo Technology | benef2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +18.4 |
| Entergy | benef2 | +17.1 | +3.6 | -6.1 | +56 | +25.3 | +18.2 |
| Norfolk Southern | benef2 | +27.3 | -15.6 | -1.6 | +1.6 | +25.6 | +15.6 |
| Colgate-Palmolive Company | benef2 | +2.1 | -5.4 | +3.8 | +16.6 | -11 | +14.4 |
| Cummins | benef2 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | +11 |
| RTX | benef2 | +23.3 | +20 | -14.4 | +40.8 | +61.4 | +10.7 |
| United Parcel Service, Inc. | benef2 | +30 | -16.2 | -6 | -15.9 | -15.9 | +8 |
| Celestica | benef2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +5.7 |
| Procter & Gamble | benef2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.5 |
| Amorepacific | benef2 | -30.1 | -5.7 | -18.4 | +9.9 | +8.2 | +4.1 |
| Exelon | benef2 | +41.5 | +8.3 | -14 | +9.2 | +20 | +1.9 |
| Vistra | benef2 | +19.6 | +5.1 | +70.7 | +261.5 | +17.7 | -7.2 |
| Rocket Lab | benef2 | +21.5 | -69.3 | +46.7 | +360.6 | +173.9 | -7.9 |
| Fabrinet | benef2 | +52.7 | +8.2 | +48.4 | +15.5 | +107.1 | -10.5 |
| IonQ | benef2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -11.9 |
| Abbott Laboratories | benef2 | +30.5 | -20.7 | +2.3 | +4.8 | +12.9 | -11.9 |
| Talen Energy | benef2 | · | · | · | +214.8 | +86.1 | -15.4 |
| Quantum Computing Inc | benef2 | -75.8 | -55.7 | -39.5 | +1712.7 | -38 | -21.9 |
| D-Wave Quantum | benef2 | · | -85.3 | -38.9 | +854.5 | +211.3 | -36.6 |
| Nike | benef2 | +18.7 | -29 | -6 | -29.1 | -13.8 | -38.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
Globalstar operates across NASDAQ, Satellite comms, Apple's SOS backbone. Momentum stayed firm and it is +34.9% in 2026. Demand side (avg +18%), the stock (+34.9%) and supply side (avg +27%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is MDA Space (+53.3%) and the furthest behind is SpaceX (+0.7%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. 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.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $81 · Price $82.34 (09-04) · Upside -2%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| B. Riley Securities · Mike Crawford | Buy | $90 | May 8, 2026 | Report ↗ |
| Craig-Hallum · George Sutton | Buy | — | Apr 14, 2026 | Report ↗ |
| Clear Street · Gregory Pendy | Buy | $71 | Mar 2, 2026 | Report ↗ |
Even after Amazon's roughly $11.6 billion acquisition agreement, all covering analysts keep Buy ratings, with B. Riley's $90 target implying upside beyond the deal price.
Analyses covering this node
- The anchor tenant of Earth observation: reconnaissance budgets built the EO industry Jul 4, 2026
- The satcom re-rating: from Starlink fear to sovereignty and D2D demand Jul 3, 2026