Amazon's Leo network and Globalstar's spectrum could be the most underpriced option inside its stock if the Starlink rival works. While attention focuses on AWS capex, Amazon is building Leo; StockSavvyShay says initial service is on track for year-end and the Globalstar acquisition is planned. x.com 

Iridium's L-band spectrum, PNT and acquired Aireon still have substantial value, despite stalled growth and rising leverage. Third-quarter revenue rose 8% to $245.7 million and subscribers grew 6%; reported net income nearly tripled to $106.9 million, with the attached results attributing much of that gain to the Aireon acquisition. x.com 

Globalstar was likely to fetch a rich price from Amazon, as Amazon's M&A bankers would see a massive SpaceX IPO lifting satellite valuations. Per Bloomberg, Amazon was in advanced talks to buy Globalstar to accelerate Amazon Leo, which is set to fall short of an FCC deadline; Globalstar runs a functioning network, powers Apple's iPhone emergency service and has useful spectrum. Per the WSJ, Amazon then announced the deal at $90 a share in cash or Amazon stock capped at $90. x.com  x.com 

Rocket Lab's roughly $8B Iridium purchase changes what it is: it now owns the only global satellite network and the spectrum under it, so it can design, build, launch and operate under one roof. The deal bolts about $872M of revenue at a 57% margin onto a story that was mostly backlog. The rocket gets headlines; the network is the toll. x.com 

Viasat may be a spectrum-sale or takeover candidate. Heavy call flow over the last few weeks suggests someone is positioning for either outcome, which fits the recent Iridium and Globalstar buyouts. x.com 

Globalstar's value lies in its globally licensed spectrum, which is what Amazon is buying in its agreed acquisition. Per Amazon, Globalstar will bring direct-to-device connectivity to Amazon Leo, and Amazon signed with Apple to power iPhone and Apple Watch satellite services, with D2D launches starting in 2028. Before the deal, the SpaceX IPO narrative and Amazon acquisition rumors made the sector untouchable on the short side, and SuperTrend buy signals fired weeks earlier. x.com  x.com  x.com 

Iridium is the way to take advantage of SpaceX IPO madness rather than buying the IPO itself. The SpaceX IPO is the largest money grab in US stock market history, with retail investors used as exit liquidity. x.com 

Rocket Lab's Iridium deal should be great for the company if it maintains Iridium's revenue and takes out some costs. A pro forma analysis on consensus estimates shows Iridium improves Rocket Lab's margins and profitability in exchange for slower top-line growth. Per the proxy, Street consensus appears to have baked in and discounted Iridium's projections including Aireon, though the pro forma figures exclude the $367M paid to NAV Canada. x.com  x.com 

Rocket Lab's $8 billion purchase of Iridium creates the Pentagon's preferred SpaceX alternative that actually wins contracts. Combining launch capability with Iridium's legacy low-Earth-orbit constellation and Pentagon relationships is the real story behind the deal, which @lorengrush covers. The boring space trade outperforms. x.com 

Rocket Lab's deal to buy Iridium partly with its own stock confirms the stock is worth very little. Per @junkbondinvest, Rocket Lab is paying $8 billion in enterprise value, $54 a share, half in cash and half in Rocket Lab stock. Using an overvalued currency to buy something with real value is accretive and minimizes the loss for shareholders, following the playbook of SPCX buying Cursor. x.com  x.com