The SpaceX Globalstar deal may be approaching its conclusion at a valuation near $10 billion, according to satellite industry analyst Tim Farrar of TMF Associates. Farrar stated in a research note that Globalstar executive chair James (Jay) Monroe has achieved his goal of selling the company at a profit.
“I understand that the sale process initiated back in October will reach its conclusion, and Globalstar will be sold at something close to Jay’s asking price of $10 billion,” Farrar stated. Bloomberg first reported SpaceX’s interest in acquiring Globalstar in October 2025, noting that Globalstar had engaged an investment bank to facilitate the transaction.
SpaceX Beats Amazon to the SpaceX Globalstar Deal
Farrar said rumours circulating at a satellite conference in Washington D.C. initially pointed to Amazon as the most likely buyer. However, he believes SpaceX ultimately outbid Amazon to secure the acquisition.
“I think that Jay took Amazon’s offer to SpaceX and they probably decided to beat it, in order to further cement Starlink’s dominance of the satellite industry,” Farrar stated. He added that Amazon already faces significant competitive pressure from SpaceX’s Starlink in the broadband market. A Starlink purchase of Globalstar would, moreover, block Amazon from expanding its direct-to-device offering.
Spectrum Rights and Regulatory Risks
Farrar noted that acquiring more spectrum may carry regulatory risks for SpaceX. Specifically, some international regulators could decide that Starlink’s control of Globalstar’s MSS spectrum removes the need to grant Starlink additional rights in the 2GHz MSS spectrum acquired from EchoStar.
He stated that Federal Communications Commission chair Brendan Carr’s threats to block European satellite operators from the US market — if the EU withdraws Starlink’s spectrum rights — should carry weight in the near term. Furthermore, Farrar said a two-year extension is likely for current 2GHz spectrum licences, conveniently extending beyond the November 2028 election cycle.
Apple’s Contract and the C-3 Constellation
A key uncertainty following any acquisition involves Apple’s existing relationship with Globalstar. Apple signed a contract worth $1.1 billion with Globalstar in 2024 to support satellite connectivity on its mobile devices. In addition, Globalstar reached a CAD1.1 billion ($767.1 million) contract extension with MDA Space in early 2025 to expand its LEO constellation.
Farrar raised questions about whether Apple would continue paying Starlink hundreds of millions of dollars annually to support connectivity on existing iPhones. He also questioned whether Globalstar’s third-generation C-3 LEO constellation would be completed, particularly if MDA Space requires two or more additional years to deliver it.
“That decision could go either way, depending on how confident SpaceX is that Starship will be ready to launch the next-generation constellation on time.”
Tim Farrar, President, TMF Associates
Broader Implications for the Satellite Sector
The potential acquisition carries broad implications for the telecommunications industry, particularly in the direct-to-device segment. Farrar noted that Elon Musk faces competing priorities across multiple ventures, including Starship development, NASA lunar ambitions, and challenges at xAI and Tesla, all of which could influence the timeline and execution of any Globalstar integration.
Meanwhile, the outcome of the deal could reshape competitive dynamics in the global satellite broadband market, with Starlink potentially consolidating its position as the dominant provider across both consumer and direct-to-device segments.