Globalstar rallies on report that Amazon is in buyout talks

Globalstar Inc. shares jumped more than 20% in late trading on a Financial Times report that Amazon.com Inc. is in talks to acquire the satellite provider.

The deal would bolster Amazon’s effort to build its own satellite operation, the newspaper reported, citing unidentified people with knowledge of the discussions. The two sides remain in negotiations over some of the transaction’s complexity, the Times said.

Bloomberg News reported last year that Globalstar was exploring a potential sale and had early talks with Elon Musk’s SpaceX, among other potential suitors.

Amazon, meanwhile, has deployed more than 200 internet satellites to orbit in its Leo program, formerly called Project Kuiper. The Seattle-based company aims to operate more than 7,700 low-orbit satellites that will compete with SpaceX’s Starlink service to provide high-speed internet access.

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Satellite broadband is seen as an increasingly viable alternative to ground-based service, especially for connecting remote or rugged areas. Starlink has more than 9,600 satellites in orbit and more than 10 million active users.

Amazon is still building and testing its service, and adding Globalstar’s network would give it a major boost. Globalstar had nearly 800,000 subscribers to its mobile satellite services as of the end of 2025.

An Amazon spokesperson declined to comment. Globalstar, based in Covington, Louisiana, didn’t immediately respond to requests for comment.

Apple Inc. likely has a say in Globalstar’s future, people familiar with the matter have told Bloomberg. It provides a Globalstar offering that lets consumers send texts and contact emergency responders when out of cellular range.

In 2024, the iPhone maker invested about $1.5 billion in Globalstar to beef up the infrastructure. Apple took a 20% stake in the company as part of the deal.