From CNBC: 2024-11-01 11:10:04

Apple has invested $1.5 billion in Globalstar to enhance iPhone services, including emergency satellite texting. The deal includes $1.1 billion in cash and a 20% equity stake, with $232 million going towards Globalstar’s debt. Other companies like SpaceX and AST SpaceMobile are also competing in the direct-to-device satellite connectivity market. Globalstar stock surged 36% following the announcement.

Globalstar will dedicate 85% of its network capacity to Apple with the new funds. This investment will enable Globalstar to purchase new satellites and expand its ground infrastructure. The company currently operates 31 satellites and has ordered up to 26 more to upgrade its low Earth orbit constellation.



Read more at CNBC: Apple commits $1.5 billion to Globalstar for iPhone satellite services