太空竞赛……为何亚马逊的星际之路要通过Globalstar

Company Update North AmericaUnited States TMTInternet Space Race… Why Amazon’s Path tothe Stars Runs Through Globalstar Valuation & Risks Benjamin Black, CFAResearch Analyst+1-212-250-9218 Amazon disclosed it had agreed to acquire Globalstar (ticker GSAT) for $90 pershare, or for $11-$12bn, which Globalstar shareholders can elect to receive in cashor 0.3210 shares of AMZN with the value capped at $90 per share. At the same time,it also entered into an agreement with Apple for Amazon Leo to power satelliteservices for supported iPhones and Apple Watches, which Globalstar had hithertosupported (link). We view this transaction as a highly synergistic, high-convictionmove for AMZN. The deal is expected to be closed in 2027, subject to regulatoryapprovals and achievement of certain satellite replacement milestones. Kunal Madhukar, CFAResearch Analyst+1-212-250-9357 Raymond WongResearch Associate+1-212-250-2060 By acquiring Globalstar,Amazon would immediately secure critical mid-band/S-band spectrum, inherit a meaningful baseline of recurring revenue throughGSAT’s Apple partnership, and significantly accelerate the commercial viabilityof "Amazon Leo" (formerly Project Kuiper). This is in line with AMZN's vision ofworkingwith mobile network operators(MNOs)to provide high-speedconnectivity to customers, regardless of terrestrial network availability.ForAWS, we think this could also represent a significant step-up in edge computing.With Amazon’s $85bn+ cash and short-term investments balance, we believe theinvestment could be highly accretive. Jeff Seiner, CFAResearch Associate+1-212-250-8153 Benjamin Hui, Esq.Research Associate+1-212-250-2064 Strategic Rationale: Spectrum, Apple, and the D2D Race For Amazon, acquiring Globalstar is likely fundamentally about buying time,spectrum, and market position in the fast evolving Direct-to-Device (D2D) market. nThe Crown Jewel is Spectrum (Band 53): While Amazon Leo relies on Ka-band frequencies for high-throughput broadband (requiring a specializedterminal and antenna), Globalstar holds terrestrial and satellite rights toBand 53 (2.4 GHz). This spectrum is globally harmonized and standard inmodernsmartphone chipsets,and allows for direct satellite-to-smartphone connectivity without requiring bulky phased-array antennas.By combining Amazon's low Earth orbit satellite network with Globalstar'sinfrastructureand spectrum assets,the acquisition enables fasterdeployment of D2D connectivity at scale—reaching areas where terrestrialdeployment is delayed, cost-prohibitive, or vulnerable to disruption. nThe Apple Relationship: Apple currently holds a 20% stake in Globalstar,after investing over $2bn to secure 85% of GSAT's network capacity for itsiPhone SOS and iMessage satellite features. Under the transaction, AMZNpositions itself as the underlying infrastructure provider for one of Apple’s 15 April 2026InternetAmazon key emerging hardware features. Implications for Amazon Leo: Skipping the Beta Phase Amazon Leo is currently navigating FCC deadlines, having launched over 200production satellites. Although the current mandate calls for deploying half of itsplanned 3,200-satellite constellation by July 2026, media reports suggest it may beseeking an extension to this deadline. In our view, integrating Globalstar could alterthe fundamental structure of its network/service Leo trajectory fundamentally. nDual-Band Capability: A combined Amazon Leo/Globalstar network wouldestablish a dual-band architecture. Leo provides the heavy-duty broadbandbackhaul, while Globalstar handles the low-latency, low-bandwidth D2Dconnections. nDeriskingthe FCC Mandate:Globalstar already has a licensedconstellation and regulatory approvals spanning dozens of countries. Thisdeal could unlock the ability to globalize Amazon’s footprint and shouldmitigate the regulatory friction of establishing Amazon Leo landing rightsin international jurisdictions. nHardware Ecosystem Acceleration: Amazon can bypass the bottleneck ofterminal manufacturing by immediately offering D2D services to existingconsumer hardware, driving early revenue while waiting for its terrestrialLeo terminals to scale in manufacturing. The AWS Synergy: The Ultimate Global Footprint: The Orbital Edge From our vantage point, the AWS synergies are likely the most underappreciatedaspect of this potential acquisition. Right now, the "edge" of the cloud isconstrained by terrestrial geography and third-party telecom infrastructure. ForAWS, acquiring Globalstar is not just about entering the telecom space; it is aboutextending the physical perimeter of the AWS cloud to cover 100% of the Earth'ssurface, which has the potential to bypass dependence on legacy telcos in theprocess. Satellite connectivity is rapidly evolving from a telecom play to a cloud-edge play. nAWS Ground Station Expansion: Globalstar is finalizing 90 new groundantennas across 25 countries to support its third-generation C-3 satellites.Integrating these into t