Who are MDA Space's customers? Who does MDA Space earn revenue from?

Revenue comes from counterparties including Telesat, 글로벌스타, Canadian Space Agency (CSA). Full sourced list: valuechain.wiki/mda-space/customers.md

Who does MDA Space pay? Who are its key suppliers?

Costs flow to Rocket Lab, SatixFy (digital payload chips) among others. Full sourced list: valuechain.wiki/mda-space/suppliers.md

How does the street rate MDA Space? What are the price targets?

Broker consensus on file: Buy 3 / Hold 0. Details: valuechain.wiki/mda-space/consensus.md

Satellite manufacturing and space robotics (Canada)

MDA Space

MDA Space is a Canadian space company with three segments: satellite manufacturing (MDA AURORA), space robotics (Canadarm3) and Earth observation (CHORUS). FY2025 revenue of C$1,633.2 million (up 51%) and adjusted EBITDA of C$323.9 million were both records, with a C$4.0 billion backlog. Two mega LEO contracts, Telesat Lightspeed's 198 satellites (C$2.1B) and Globalstar's 50+ C-3 satellites (C$1.1B), drive the satellite segment, while the Canadian Space Agency's Canadarm3 (C$1B) anchors robotics. Spacecraft buses are subcontracted to Rocket Lab ($143M).

MDA.TO Updated Jul 10, 2026 3 AI consumers· 2 recurring

Per the valuechain.wiki graph, MDA Space is directly linked to 4 companies (1 supply, 1 revenue, 2 investment relationships) and reaches 9 companies within two hops; the links are backed by 15 dated sources, 3 of them primary filings (as of 2026-07-10).

Annual return · 2026-07-10'22-32.6%'23+80%'24+156.3%'25-9.8%YTD+80.8%

Money in ▸Telesat●Contract value C$2.1BGlobalstar●Contract value C$1.1BCanadian Space Agency (CSA)●Contract value C$1000M

MDA SpaceFY2025 revenue C$1,633.2M

▸ Money outRocket Lab●Contract value $143MSatixFy (digital payload chips)●purchase commitment $20M

Financials & Segments

Total revenue · FY2025 revenue C$1,633.2M (+51%)
Customer concentration · Satellite Systems 68% (C$1,109.5M); C$4.0B backlog concentrated in Telesat and Globalstar
Segments · Satellite Systems · Robotics & Space Operations (Canadarm3) · Geointelligence (CHORUS EO)

Revenue from

Telesat High confidence· Contract value C$2.1B · 2023 · Total value of the 198-satellite Lightspeed prime contract (options for +100 excluded)
MDA is prime contractor to design, manufacture, assemble and test 198 satellites for Telesat's Lightspeed LEO network under an ~C$2.1B contract, the largest in MDA's history, with options for up to 100 more; a core driver of Satellite Systems revenue and backlog, feeding launches from mid-2026.
Mentions EN MDA Space Ltd. (via PR Newswire) Published Mar 4, 2026: MDA Space Reports Fourth Quarter and Fiscal 2025 Results
Confirms EN Telesat Published Aug 11, 2023: Telesat Contracts MDA as Prime Satellite Manufacturer for Its Telesat Lightspeed LEO Constellation
Confirms EN MDA Space Published Aug 11, 2023: MDA Selected as Prime Satellite Contractor for Telesat
Globalstar High confidence· Contract value C$1.1B · 2025 · Total value of the Globalstar C-3 next-gen LEO satellite (50+, AURORA) prime contract
MDA is prime contractor to build 50+ MDA AURORA software-defined satellites for Globalstar's next-generation LEO (C-3) constellation; the February 2025 definitive contract totals ~C$1.1B (~$750M added to backlog plus a prior $350M ATP).
Mentions KO Digital Today Published Apr 15, 2026: Amazon acquires Globalstar for $11.5B, taking on iPhone satellites to rival Starlink
Confirms EN MDA Space Published Feb 10, 2025: MDA Space signs $1.1B contract with Globalstar to build next generation LEO constellation
Canadian Space Agency (CSA) High confidence· Contract value C$1000M · 2024 · Total value of the Canadarm3 flight system Phase C/D government contract (through March 2030)
The Canadian Space Agency awarded MDA an ~C$1B ($999.8M) contract for Phase C/D design, build and test of the Canadarm3 flight system (large arm, dexterous arm, tools, ground segment) for the NASA-led lunar Gateway, running through March 2030.
Confirms EN MDA Space Published Jun 27, 2024: MDA Space Awarded $1B Contract to Design and Deliver Canadarm3 Flight System
Confirms EN SpaceQ Published Jun 27, 2024: MDA Space Gets $999.8M Contract to Complete Design, Construct and Test Moon-Bound Canadarm3

Pays to

Rocket Lab High confidence· Contract value $143M · 2022~ · Initial value of 17-bus subcontract (SOCC ordered separately, value undisclosed)
As prime, MDA subcontracted the design and manufacture of 17 spacecraft buses for Globalstar's satellites to Rocket Lab (initial value US$143M, Rocket Lab's largest bus order), with solar panels and structures from Rocket Lab's SolAero unit; in November 2022 MDA separately ordered the Satellite Operations Control Center (MAX GDS-based) from Rocket Lab.
Confirms EN IoT Now Published Nov 15, 2022: Rocket Lab selected by MDA to deliver Satellite Operations Control Center for Globalstar constellation
Confirms EN U.S. SEC (EDGAR) Published Feb 24, 2022: Rocket Lab Selected by MDA to Design and Build Spacecraft for Globalstar (Form 8-K Exhibit 99.1)
Confirms EN SpaceNews Published Feb 24, 2022: Globalstar selects MDA and Rocket Lab for new satellites
SatixFy (digital payload chips) High confidence· purchase commitment $20M · 2023~ · Next-gen digital chipset inventory pre-purchase ($10M more ordered Mar 2025; full acquisition $193M Apr 2025)
MDA has sourced the digital beamforming payload chipsets at the heart of its software-defined AURORA satellites from SatixFy: it bought the UK payload division for $40M in 2023 with a ~$20M chipset inventory pre-purchase, ordered $10M more in space-grade chips and engineering in March 2025, and in April 2025 agreed to acquire all of SatixFy (~$193M equity value), internalizing the chip supply chain.
Confirms EN Via Satellite Published Mar 17, 2025: MDA Space Orders $10M Worth of Chips and Engineering from SatixFy
Confirms EN MDA Space Published Aug 31, 2023: MDA Acquires Digital Payload Division of SatixFy

Investments

RTX High confidence· acquisition value $620M · 2026 (announced) · Blue Canyon acquisition price (all-cash), not yet closed
MDA Space signed a definitive agreement in June 2026 to acquire Blue Canyon Technologies, the smallsat manufacturer under RTX, for $620 million in cash. Closing is expected around end-2026 pending regulatory approvals; the deal gives MDA a foothold in the US market.
Confirms EN MDA Space Published Jun 19, 2026: MDA Space announces definitive agreement to acquire US-based Blue Canyon Technologies LLC
Confirms EN SpaceNews Published Jun 19, 2026: MDA Space to buy Blue Canyon Technologies to gain foothold in U.S. market
Voyager Technologies High confidence
MDA Space holds a minority equity interest in the Voyager-led Starlab JV (Voyager 61.9%), linking its Canadarm-heritage robotics to the program. Contribution undisclosed.
Confirms EN U.S. SEC EDGAR Published Mar 10, 2026: Voyager Technologies, Inc. Annual Report (Form 10-K) FY2025

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
Apple	lead2	+34.6	-26.4	+49	+30.7	+9.1	+16.2
Globalstar	lead1	+241.2	+14.7	+45.9	+6.7	+96.6	+31.2
MDA Space	node	·	-32.6	+80	+156.3	-9.8	+80.8
Voyager Technologies	benef1	·	·	·	·	·	+19.2
Rocket Lab	benef1	+21.5	-69.3	+46.7	+360.6	+173.9	+16.2
Redwire	benef2	·	-70.7	+43.9	+477.5	-53.8	+33.9
Mitsubishi	benef2	+52.5	+15.9	+84.1	-0.3	+70.2	+8.7
Airbus	benef2	+34.8	+3.9	+30.5	+15	+18.3	+3.9
Palantir Technologies	benef2	-22.7	-64.7	+167.4	+340.5	+135	-28.7

YTD as of 2026-07-10 · source: Yahoo Finance

MDA Space operates across Satellite manufacturing and space robotics (Canada). It is up +88.5% in 2026. The stock (+88.5%) is ahead of both its demand side (avg +31.1%) and supply side (avg +18.3%). Having run ahead of its chain, it is the first spot to give back if customer numbers fail to follow. Among connected nodes the furthest ahead is Globalstar (+31.1%) and the furthest behind is Rocket Lab (+18.3%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Spacecraft buses are subcontracted to Rocket Lab ($143M).

Analysis generated from returns as of 2026-07-09

Analyst ratings

Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target CAD 71 · Price CAD 48.17 (07-10) · Upside +47%

Broker	Rating	Target	Published
BMO Capital Markets	Outperform	CAD 68	Jun 22, 2026	Report ↗
Scotiabank	Sector Outperform	CAD 71	Jun 22, 2026	Report ↗
Stifel Nicolaus	Buy	CAD 75	Jun 22, 2026	Report ↗

Key Q&A

Who are MDA Space's customers? Who does MDA Space earn revenue from?: Revenue comes from counterparties including Telesat, 글로벌스타, Canadian Space Agency (CSA). Full sourced list: valuechain.wiki/mda-space/customers.md
Who does MDA Space pay? Who are its key suppliers?: Costs flow to Rocket Lab, SatixFy (digital payload chips) among others. Full sourced list: valuechain.wiki/mda-space/suppliers.md
If MDA Space moves, who benefits? How far does the value-chain ripple reach?: Per the valuechain.wiki graph, MDA Space is directly linked to 4 companies (1 supply, 1 revenue, 2 investment relationships) and reaches 9 companies within two hops; the links are backed by 15 dated sources, 3 of them primary filings (as of 2026-07-10).
How does the street rate MDA Space? What are the price targets?: Broker consensus on file: Buy 3 / Hold 0. Details: valuechain.wiki/mda-space/consensus.md

Analyses covering this node

← All companiesMarkdown · JSON