Iridium Jumps 12% as Satellite Stocks Rally on SpaceX IPO Filing and Amazon-Globalstar Reports

Overview

• Iridium Communications rose about 12.5% Thursday, lifting its value to roughly $2.91 billion after a break above the 200-day average drew momentum buyers.
• Investor interest accelerated after Wednesday’s Wall Street Journal report that SpaceX filed confidential IPO paperwork with the SEC with no public timeline.
• Separate reports said Amazon is in talks to buy Globalstar, which powers iPhone emergency SOS, a deal that could give Amazon immediate satellite-to-cell service if it happens.
• Raymond James analyst Brent Penter said Iridium’s L- and S-Band spectrum is scarce and may draw interest from larger companies building direct-to-device offerings.
• The sector moved broadly, with Viasat up as much as 17% and EchoStar up about 4% while AST SpaceMobile slipped roughly 2%, following NASA’s Artemis II launch that boosted space sentiment.