Apple commits $1.5 billion to Globalstar for expanded iPhone satellite services

Apple commits .5 billion to Globalstar for expanded iPhone satellite services


Apple committed about $1.5 billion to satellite communications company Globalstar to fund the expansion of iPhone services, the companies disclosed in a securities filing on Friday.

The tech giant’s deal with Globalstar includes $1.1 billion in cash, of which $232 million will go toward the satellite company’s current debt, and a 20% equity stake. The deal is expected to close on Tuesday.

Apple has already been spending hundreds of millions for Globlastar services, which enabled the 2022 rollout of iPhone emergency satellite texting.

It is one of several efforts in the direct-to-device, or D2D, satellite connectivity market — which provides service to unmodified devices such as smartphones directly from space — with other projects underway from SpaceX, AST SpaceMobile, Iridium, Lynk and EchoStar.

Globalstar stock jumped as much as 36% in Friday trading from its previous close at $1.05 a share.

Read more CNBC space news

In the filing, Globalstar noted that it will continue to allocate about 85% of its network capacity to Apple.

The new funds will allow Globalstar to purchase new satellites and expand its ground infrastructure. Globalstar currently operates 31 satellites and has already ordered as many as 26 satellites to replenish and upgrade its constellation in low Earth orbit.

Don’t miss these insights from CNBC PRO

Globalstar CEO Paul Jacobs talks Apple partnership and competition with SpaceX



Source

Airlines tell passengers to prepare for delays as government shutdown continues
Business

Airlines tell passengers to prepare for delays as government shutdown continues

The Hollywood Burbank Airport air traffic control tower stands in Burbank, California, on Oct. 6, 2025. Mario Tama | Getty Images Travelers should prepare for potential flight disruptions this holiday weekend as the government shutdown continues, a group representing the largest U.S. airlines said Friday. Air traffic controller shortages this week delayed flights at some […]

Read More
NBA Commissioner Adam Silver says ‘we’d love to bring a WNBA game’ to China
Business

NBA Commissioner Adam Silver says ‘we’d love to bring a WNBA game’ to China

MACAO — NBA Commissioner Adam Silver said Friday the WNBA could be next to play games in China.  Silver spoke exclusively with CNBC courtside from the first of two NBA games in Macao.  “We have to get through a new collective bargaining agreement with our players,” he said. “But once we do, there’s so much […]

Read More
More than half of entrepreneurs are considering moving to a new country. Singapore is their top option
Business

More than half of entrepreneurs are considering moving to a new country. Singapore is their top option

The Merlion statue in the central business district of Singapore, on Tuesday, July 8, 2025. Lionel Ng | Bloomberg | Getty Images A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. Moneyed […]

Read More