Global LEO voice, data and IoT constellation
Iridium Communications
Iridium is the only fully global mobile-satellite operator, running a 66-satellite crosslinked LEO mesh that delivers voice, data and IoT everywhere on Earth. FY2025 revenue was $871.7 million (up 5%) with $495.3 million of OEBITDA and about 2.54 million subscribers. Roughly 29% of revenue comes from the U.S. government under the fixed-price EMSS contract, which expires in September 2026, making renewal the key variable. Its 3GPP NTN-based direct-to-device service, Iridium NTN Direct, is slated for 2026 commercialization.
IRDM Updated Jul 12, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, Iridium Communications is directly linked to 3 companies (2 supply, 1 revenue relationships) and reaches 6 companies within two hops; the links are backed by 9 dated sources, 4 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue $871.7M
- Customer concentration · Commercial ~61%, U.S. government ~29%, equipment ~9% (EMSS expires Sept 2026)
- Segments · Commercial services (voice, data, IoT, hosted payloads) · U.S. government services (EMSS) · Equipment sales · Engineering and support
Revenue from
- US government · defense (EMSS) High confidence· Contract value $739M · 2019-09~2026-09 · EMSS 7-year fixed-price contract ($110.5M/yr, one 6-month extension option)
Iridium supplies satellite airtime to an unlimited number of U.S. government/DoW users under a multi-year fixed-price EMSS contract: $738.5M total over 7 years at signing (Sept 2019), current annual fixed rate $110.5M through Sept 2026 (one six-month extension option).Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Feb 12, 2026: Iridium Communications Inc. Form 10-K (FY2025)Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Feb 12, 2026: Iridium Announces 2025 Results (Q4/FY2025 press release, Form 8-K Exhibit 99.1) - Aireon (ADS-B aircraft surveillance) High confidence· lease income $12M · FY2025 · Aireon/L3Harris hosted-payload lease income
Iridium's constellation hosts Aireon's global ADS-B air-traffic surveillance payload; hosting (lessor) fees are recognized over the satellites' ~17.5-year life. FY2025 lease income from the Aireon/L3Harris hosting agreements was $12.4M, booked as hosted-payload and other data service revenue. Aireon is also an Iridium equity-method related party.Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Feb 12, 2026: Iridium Communications Inc. Form 10-K (FY2025)Mentions EN Military & Aerospace Electronics Published Jan 16, 2017: SpaceX Falcon 9 delivers 10 Iridium satellites with Aireon ATC hosted payload to low-Earth orbit - Garmin Medium confidence
Garmin is an Iridium value-added manufacturer (VAM) that continues to develop personal communication devices running on the Iridium network; Iridium supplies airtime/services through such partners but does not disclose partner-level revenue.Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Feb 12, 2026: Iridium Communications Inc. Form 10-K (FY2025)Mentions KO Seoul Economic Daily Published Jan 15, 2024: Satellite-to-phone: the D2D communications era begins
Pays to
- SpaceX High confidence· Contract value $492M · 2010~2019 (8회 발사) · Iridium NEXT Falcon 9 launch contract
Iridium contracted SpaceX in June 2010 for a $492M commercial launch deal, the largest single commercial launch contract at the time, to deploy the Iridium NEXT constellation on Falcon 9; launches ran 2017–2019 (eight launches).Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Jun 16, 2010: Iridium and SpaceX Sign Major Commercial Launch Contract (Form 8-K Exhibit 99.1) - Thales Alenia Space High confidence· Contract value $2.1B · 2010~2019 · Iridium NEXT 81-satellite fixed-price prime contract
In June 2010 Iridium selected Thales Alenia Space as Iridium NEXT prime contractor under a ~$2.1B fixed-price contract to design, integrate and build 81 satellites (66 operational + 6 in-orbit + 9 ground spares); French ECA guaranteed most of a $1.8B credit facility.Confirms EN Thales Alenia Space Published Jul 25, 2018: Iridium NEXT: a constellation of 66 operational satellites that will make historyConfirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Jun 2, 2010: Iridium Announces Comprehensive Plan for Next-Generation Constellation — Selects Thales Alenia Space (Form 8-K Exhibit 99.1)Confirms EN SpaceNews Published Jun 2, 2010: Iridium Selects Thales Alenia To Build Iridium Next Constellation
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 |
|---|---|---|---|---|---|---|---|
| Textron | lead2 | +59.9 | -8.2 | +13.7 | -4.8 | +14.1 | +4.3 |
| Garmin | lead1 | +15.9 | -30.2 | +43.1 | +63.3 | -0.1 | +20.8 |
| Iridium Communications | node | +5 | +24.5 | -19.1 | -28.1 | -38.5 | +190.7 |
| SpaceX | benef1 | · | · | · | · | · | +0.7 |
| Thales | benef1 | +12.5 | +52.5 | +14 | +17.8 | +66.6 | -11.6 |
| STMicroelectronics | benef2 | +32.4 | -26.8 | +41.7 | -49.7 | +5.3 | +176.6 |
| Airbus | benef2 | +34.8 | +3.9 | +30.5 | +15 | +18.3 | +3.9 |
YTD as of 2026-07-10 · source: Yahoo Finance
The core question for Iridium is a moat — the only fully global, 66-satellite crosslinked LEO mesh — carrying two opposing cycles. The single biggest variable is the September 2026 expiry of the fixed-price U.S. government EMSS contract ($110.5M/yr, 29% of revenue), whose renewal terms set the floor for future cash flow. The offsetting growth option is 3GPP NTN-based direct-to-device (Iridium NTN Direct) and IoT: if the smartphone direct-connect market opens, a new demand layer stacks onto the 2.54m-subscriber base. In graph terms Iridium is a cost node to SpaceX (launch) and Thales (satellite build) and a revenue node to the U.S. government, Aireon (ADS-B hosting) and Garmin; with the constellation already deployed and fixed costs high, each incremental subscriber or contract converts directly into profit leverage.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 2 · Sell 1 · Avg. target $41 · Price $50.06 (07-10) · Upside -18%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Morgan Stanley · Kristine Liwag | Equal Weight | $54 | Jun 30, 2026 | Report ↗ |
| Oppenheimer · Timothy Horan | Outperform | $60 | Jun 3, 2026 | Report ↗ |
| New Street Research | Neutral | $40 | May 14, 2026 | Report ↗ |
| BWS Financial · Hamed Khorsand | Sell | $16 | Apr 27, 2026 | Report ↗ |
| Barclays · Mathieu Robilliard | Overweight | $36 | Apr 9, 2026 | Report ↗ |
Sharply raised the target from $26 to $54 but kept Equal Weight, acknowledging the re-rating while seeing limited further upside.
Analyses covering this node
- When budgets move, primes move: the European-Korean defense re-rating Jul 5, 2026
- Clocks that haven't run and clocks that ran hardest Jul 5, 2026
- The satcom re-rating: from Starlink fear to sovereignty and D2D demand Jul 3, 2026