The Amazon Globalstar acquisition, valued at $11.57 billion, centers on the strategic value of MSS spectrum. However, there are several additional elements worth noting. I will drill into these aspects to provide a more rounded view of the deal and its market impact.
Strategic Assets and Operational Synergy
MSS spectrum is one of the most valuable assets in this acquisition. Globalstar has rights to 8.725 MHz in the L-band (1600 MHz) and 16.5 MHz in the S-band (2.49 GHz). Globalstar also operates its feeder links in the C-band with 159 MHz for the uplink and 180 MHz for the downlink.
Apple, which runs its Emergency SOS via satellite feature on the Globalstar network, will continue its partnership with Amazon. Through this, Amazon secured an anchor tenant for its D2D satellite capacity. The S-band spectrum is licensed to operate terrestrial networks in several jurisdictions. Furthermore, X-Com Labs developed private wireless solutions which could supplement D2D revenue in the future.
Amazon acquires Globalstar’s 24 satellites, which are relatively old and due for replacement. Amazon stated they will continue with the agreement with MDA to develop the next generation of satellites which Globalstar announced in February 2025. This C-3 constellation will include 48 satellites and an additional 6 in-orbit spares. Globalstar’s architecture of bent-pipe implementation allows modification of waveforms at the ground stations, which provides a high level of flexibility. Finally, Globalstar has approximately 28 ground station locations which would benefit Amazon Leo.
Spectrum: The Ace Card
Both SpaceX and AST SpaceMobile acquired MSS spectrum to provide D2D services independently of MNOs under terrestrial spectrum subordination schemes such as SCS. SpaceX acquired 2×20 MHz MSS/AWS-4 spectrum from EchoStar in addition to terrestrial H-Block and AWS-3 spectrum in two transactions for over $20 billion (AWS-4 and H-Block were valued at over $17 billoin). AST SpaceMobile acquired 40 MHz of L-Band spectrum from Ligado for $550 million, in addition to S-band spectrum priority rights for $64.5 million (see here).
I have long argued the need for D2D constellations to acquire MSS spectrum for two critical reasons:
- Improve revenue potential: MSS spectrum allows Amazon to provide D2D services worldwide, subject to national licensing, independent of MNO spectrum. This removes a major barrier to market entry and is favorable to the revenue side of the equation.
- Reduce costs: I believe spectrum under SCS would overly burden constellations with coexistence requirements that ultimately lead to larger, heavier satellites which cost more to produce and launch.
| Constellation | Spectrum Type | Primary Assets |
| Globalstar | MSS (L & S-Band) | 8.725 MHz (L) / 16.5 MHz (S) |
| SpaceX | MSS / Terrestrial | 2×20 MHz MSS/AWS-4 plus H-Block, AWS-3 |
| AST SpaceMobile | MSS (L & S-Band) | 40 MHz L-Band S-band ITU priority rights |
| Iridium | MSS (L-Band) | 10.5 MHz |
Shifting Axes of Competition
SpaceX leads in D2D services with 650 D2C orbiting satellites serving over 6 million monthly customers under 27 MNO partners. The company leverages its FWA Starlink broadband satellites as a transport layer for its D2C satellites as it maneuvers to lock attractive orbital altitude for its constellation.
Acquiring Globalstar provides Amazon an immediate entry into the D2D market. More importantly, it secures Apple as an anchor tenant for wholesale capacity. Amazon has been late in developing its broadband constellation, a topic reported by the media extensively. This acquisition allows Amazon to leapfrog a number of hurdles in its attempt to keep in lockstep with SpaceX.
The pressure will manifest against the rest of the competition. AST SpaceMobile has an ambitious program for D2D services with plans to provide broadband grade connectivity to mobile devices. However, they are gated by the funding needed to build massive satellites and by the availability of launch capacity. SES has invested in Lynk Global and merged it with Odyssey, but remains furthest from the finish line.
The Iridium “Void”
An open question remains regarding Iridium, which has recently updated its constellation to support 3GPP standards-based NB-IoT technology. Upgrading to standardized technology is now a precursor to acquisition by a larger player, as seen with Globalstar. While Iridium possesses valuable MSS spectrum, a critical question arises: what strategic void does it fill to attract a suitor? Could it be Amazon’s next target?
The Vertical Integration Imperative
Traditional satellite operators are feeling the pressure from hyperscale new entrants like SpaceX and Amazon along several axes, most notably the speed of manufacturing and launching. Vertical integration was a dominant theme at Satellite 2026, and this acquisition brings that trend into sharp focus. While Amazon has stated it will honor Globalstar’s existing order for 54 satellites with MDA Space, the long-term outlook for MDA remains uncertain as the roadmap points toward eventual integration into Amazon’s proprietary hardware.
The acquisition also reshapes a complex partnership where Apple previously held a 20% stake in Globalstar and a claim to 85% of its network capacity. Under the new terms, Amazon and Apple have signed a separate agreement that transitions these services to the Amazon network, effectively securing Apple as the primary anchor tenant for future D2D capabilities. This shift ensures that Apple users maintain access to critical features like Emergency SOS and satellite messaging while providing Amazon with a stable, high-volume customer to justify the rapid scaling of its own orbital infrastructure.
Concluding Thoughts
The Globalstar acquisition is the latest move in a multi-year wave of consolidation. This trend is fundamentally reshaping the satellite landscape. The transaction follows several major structural shifts. These include the mergers of Viasat and Inmarsat, Eutelsat and OneWeb, and the SES acquisition of Intelsat. Earlier deals like SpaceX’s purchase of Swarm or the SES investment into Lynk and Omnispace filled specific technical gaps. In contrast, Amazon’s entry marks a shift toward total vertical absorption. We are no longer seeing a series of independent satellite operators. Instead, we are witnessing the birth of a few dominant, hyperscale stacks. These giants now control everything from spectrum and manufacturing to the end-user device.
As these remaining independent assets are integrated, the industry is bracing for its next major financial catalyst. Reports suggest SpaceX is preparing for a landmark IPO in June 2026. With a valuation approaching $1 trillion, the public markets will soon price the value of orbital dominance. This flotation would provide SpaceX with unprecedented capital. It would help scale both the Starship and Direct-to-Cell programs. The move would also set a high-water mark for the industry. This could trigger a final scramble for the remaining MSS spectrum and ground assets. In this environment, the challenge for independent players has changed. The question is no longer how to compete. Instead, these players must determine which emerging giant will view them as an essential piece of a sovereign network.