Satellite Broadband, MSS & Ground Equipment

Elon Musk has announced that Starlink's satellite internet service rates in India will be set at an affordable level, opening a direct challenge to Mukesh Ambani's Reliance Jio, ahead of Jio Platforms, the parent company of Jio's telecom business, raising funds through an initial public offering on the Indian stock market. The offering targets a valuation of as much as 106 billion US dollars, making it the largest share sale in the history of the Indian stock market. Meanwhile, the satellite broadband businesses of both Starlink and Jio are still awaiting final security clearance from Indian authorities before they can begin commercial service. Musk has not disclosed specific pricing. India is one of the markets with the lowest mobile data rates in the world, averaging about 8 cents per gigabyte. Musk said via the X platform on Saturday, October 10, that if Starlink prices its service too high in India, no one will use it, so pricing must be set at a level consumers can afford. Musk also posted attacks on the Indian government and on Ambani, accusing the government of deliberately delaying approval of Starlink's licence in order to protect Jio's market share, and mockingly calling Ambani the prime minister of Ambani. The Indian government has denied allegations of discrimination, insisting that the review process is transparent and fair. Currently, three applicants have sought licences to provide satellite communications services, including Starlink and Jio, and all of them are awaiting the same final national security approval.

U.S. space and artificial intelligence company SpaceX announced it will acquire licenses for the spectrum bands used for mobile phones. The company, which operates the satellite communications network service Starlink, stressed that it "will become the first network operator to deploy both satellite and ground-based networks." The acquisition it disclosed covers radio waves in the 800-megahertz band, which travel long distances and are hard to block with buildings or walls, part of a spectrum range known in Japan as the "platinum band." U.S. financial giant Morgan Stanley called the announcement a major step toward building a mobile communications network, and said that while the acquisition price was not disclosed, it "would not be surprised if it approached 8 billion dollars, or roughly 1.3 trillion yen." In the U.S. stock market on the 9th, shares of the three major U.S. telecom carriers plunged, while shares of tower companies that handle base station construction and other work were bought. Still, Morgan Stanley analyzed that the spectrum band is insufficient for expanding service to densely populated areas and that infrastructure development will also be necessary, and it believes "there is still a long road ahead to compete head-on with major telecom carriers."

Yuanta Securities (Thailand) Company Limited stated that SpaceX has announced the acquisition of 800 MHz spectrum from Grain Management to expand its Starlink Mobile service into the terrestrial market, with the transaction still pending approval from the US Federal Communications Commission, or FCC. This move carries significance for the telecommunications industry, because Satellite Mobile services still have limitations in providing indoor coverage compared with the networks of mobile phone operators. Access to terrestrial spectrum could therefore help enhance Starlink Mobile's competitiveness in the long term. The market reacted negatively to the news, with shares of AT&T, T-Mobile and Verizon falling roughly 6–7% in after-hours trading, reflecting concerns that the entry of a new player could increase competitive pressure and affect the valuation levels of the telecommunications business. As for the impact on Thailand, Yuanta Securities assesses that in the short term it remains limited and does not yet affect the fundamentals of Advanced Info Service Public Company Limited, or ADVANC, and True Corporation Public Company Limited, or TRUE, because Starlink must still go through the relevant licensing procedures before it can provide services in Thailand, particularly obtaining Landing Rights for low Earth orbit, or LEO, satellite services. And if Starlink wants to expand its services into the Mobile business to compete directly with domestic operators through the use of terrestrial spectrum, it would still need to consider Thailand's licensing and spectrum allocation framework, or may have to join spectrum auctions opened by the National Broadcasting and Telecommunications Commission, which are not held frequently and represent a major obstacle to entering direct competition in the Thai market. However, Yuanta Securities views that the risk worth monitoring in the medium term lies in share valuation levels, or multiples, rather than the direct impact on operating results. Although at present the impact on the profits of Thai telecommunications operators is not yet clear, if overseas markets lower the valuation of telecommunications stocks out of concern over competition from Starlink Mobile, there is a chance that the multiples of ADVANC and TRUE will also be pressured in line with the group's sentiment. Therefore, Yuanta Securities assesses that the short-term risk to the earnings forecasts of ADVANC and TRUE remains limited, while in the medium term the valuation risk should be monitored, along with regulatory developments that could pave the way for Starlink to expand its services into the Thai market going forward.

AST SpaceMobile and TELUS have completed their first integration test connecting TELUS' terrestrial wireless network with AST SpaceMobile's satellite based system for direct smartphone to satellite service in Canada. The milestone comes amid a volatile stretch for AST SpaceMobile shares, which fell 6.13% over the past day, 13.90% over the past month and 31.80% year to date, closing at $56.93. The most followed narrative pegs fair value at $170 per share, framing the selloff as a valuation question, with forecast revenue rising 51.9% per year and expectations that ASTS becomes profitable within three years. Set against a current market value of about $23.60b and a reported net loss of $618.761m on $115.299m of revenue, the bull case leans on future execution, while analysts hold an average price target of $77.94, 36.9% above the last close. The story can break if satellite deployment slips or if carrier partners delay turning trials into meaningful and recurring service revenue.

Nokia Oyj has agreed a new partnership with Finnish satellite company ICEYE to build secure LEO broadband systems for governments. The collaboration targets sovereign and defense satellite communications services, focusing on secure, high-performance connectivity for public sector clients. Separately, Nokia is discontinuing its joint MoCA-based broadband offering with InCoax, citing limited market interest in that technology partnership. The ICEYE government LEO alliance and the MoCA exit capture only one part of how the group is reshaping its portfolio. Nokia Oyj is a €53.8b communications group that supplies mobile, fixed, and cloud network solutions across regions from North and Latin America to Asia and the Middle East. The clearest marker ahead will be whether Nokia and ICEYE convert the 2028 LEO launch plan into signed multi-year government contracts over the next 12 to 24 months.

Law firms Schall, Brown & Schwartz LLP and Rosen Law Firm have announced securities class action lawsuits against AST SpaceMobile, alleging misleading statements about its capital resources, competitive position and user adoption between March 4, 2025 and July 15, 2026. The cases focus on whether AST SpaceMobile misrepresented its balance of cash, debt and share issuance while scaling its satellite network, raising fresh questions about how robust its funding model really was during this critical buildout phase. The allegations land against the backdrop of the August 2026 launch of BlueBird satellites 11 to 13, which pushed the constellation further toward continuous coverage in initial markets. Before these lawsuits, the most pessimistic analysts already assumed revenue might reach about US$2.1 billion by 2029 while warning that heavy dilution and a possible 7 percent annual share count increase could still leave AST SpaceMobile trading at over 100 times earnings. AST SpaceMobile's narrative projects $2.2 billion revenue and $190.9 million earnings by 2029, requiring 165.5% yearly revenue growth and an $809.7 million earnings increase from -$618.8 million today.

Kiatnakin Phatra Securities said in an analysis dated October 1, 2026, that over the next three to four years low-earth-orbit satellite services, especially Starlink, are unlikely to significantly affect the market share of ground-based telecommunications operators in ASEAN, due to network capacity constraints and prices that remain higher than terrestrial services. Starlink's monthly service fee in Malaysia is about 58% higher than comparable-speed ground broadband, and nearly four times higher in Vietnam. As for direct-to-device, or D2D, satellite-to-handset connectivity, Kiatnakin Phatra sees it serving more as a supplementary service than a replacement, with the potential to support average revenue per user, or ARPU, but over the longer term it will be necessary to watch competition from Starlink more closely, as network capacity will increase significantly by 2030 with the deployment of the Starship rocket and V3 satellites. Since SpaceX's initial public offering in mid-June 2026, about half of ASEAN telecom stocks under Bank of America's coverage have underperformed the market, which Kiatnakin Phatra attributes to factors other than concerns about LEO competition. Its top pick in the ASEAN communications sector is Advanced Info Service, or ADVANC, on the back of an appropriate dividend yield, alongside Globe Telecom, or GLO, Indosat-Hutchison, or ISAT, SingTel, and PT Telkom, or TLKM. Starlink currently operates in Indonesia, Malaysia, the Philippines, Singapore and Vietnam, but has not yet launched in Thailand because of a rule limiting foreign shareholding in entities granted rights to use ground stations to no more than 49%. OneWeb has already offered fixed broadband services in Thailand since 2025, and Amazon LEO plans to launch services in Indonesia and Thailand in the future.

AT&T, T-Mobile and Verizon have entered into a joint venture agreement aimed at expanding satellite-enabled coverage in underserved areas across the U.S., following a May announcement that the three carriers would pool limited spectrum resources to help eliminate coverage dead zones. Paul Roth, a wireless industry veteran who previously held leadership roles at AT&T, Cingular Wireless and Ameritech, will serve as interim CEO while a search for a permanent chief executive is underway, and the venture will be managed by a board with representatives from each founding member. The JV is designed to complement terrestrial mobile networks rather than replace them, with the goal of nearly eliminating dead zones currently without mobile service, providing redundant connectivity during natural disasters, and improving direct-to-device access as a first step. The partners said the venture will support industry competition and innovation, work with rural mobile network operators, and pursue a standards-based approach to device compatibility, while existing carrier-satellite agreements remain in place and the three companies can continue connectivity efforts independently.

SES and Sky have signed a new multi-year agreement extending their long-standing partnership for direct-to-home satellite services across the United Kingdom and Republic of Ireland, running into the next decade. Under the deal, Sky will continue to use SES satellite capacity at the 28.2 degrees East orbital position to deliver television services to millions of households in the region. The renewal extends a partnership that dates to 1988 and reinforces satellite's ongoing role in delivering premium television experiences at scale. Sky Group Chief Operating Officer Nick Herm said satellite continues to play an important role in how the company delivers services to customers across the UK and Ireland, while SES President Media Vertical Deepak Mathur called the significant multi-year renewal a demonstration of the confidence leading broadcasters continue to place in satellite. SES is headquartered in Luxembourg and listed on the Paris and Luxembourg stock exchanges under the ticker SESG.

SpaceX CEO Elon Musk warned that Delta Air Lines could lose customers for declining to offer Starlink internet on its flights. The warning followed a post on X by user John LeFevre noting that rival United Airlines already has 600 or more aircraft equipped with Starlink, roughly 36% of its fleet, with that figure set to reach 100% by the end of 2027, while Delta has none and no plans for it. Delta has instead chosen Amazon's LEO satellite internet service, and said earlier this year it plans an initial installation of Amazon Leo on 500 aircraft beginning in 2028. Musk has said Delta was in talks with SpaceX over Starlink but wanted the service delivered through its proprietary portal, which SpaceX rejected. Separately, NASA Administrator Jared Isaacman praised Starship's first orbital flight on Monday, calling it a gorgeous launch after the rocket reached orbit and deployed 26 Starlink V3 satellites.

SpaceX plans to launch its massive Starship rocket early Monday, aiming to send the spacecraft into orbit for the first time. According to SpaceX's website, the 75-minute launch window begins at 8:15 a.m. ET, or 7:15 a.m. local time, from the company town of Starbase, Texas. The Federal Aviation Administration told CNBC that it issued a license authorization for the SpaceX Starship Super Heavy Flight 14 launch and reentry operations on Sept. 26. With the 14th test flight of Starship, Elon Musk's aerospace and defense company also plans to deploy 26 of its new Starlink V3 satellites. Starship is critical to SpaceX's expansion plans; on SpaceX's earnings call in August, Musk said it is not out of the question that at some point Starlink will deliver a majority of the world's internet, at least in countries where the company is allowed to operate.

Thaicom Public Company Limited, or THCOM, has announced its renaming to Gulf Space Technology Public Company Limited, with the name change effective from September 17, 2026. Its stock ticker on the Stock Exchange of Thailand will change from THCOM to GST starting September 28, 2026. The company said the renaming reflects its long-term business direction of expanding its role from a communications satellite service provider to a space technology service provider, in order to capture business opportunities in the modern space economy. Dr. Piyawat Jariyasetthapong, Chief Executive Officer of Gulf Space Technology Public Company Limited, said the company will build on its expertise in satellite communications to move into space data services and digital infrastructure, while developing its capabilities in line with the growth of the space industry and creating new long-term business opportunities. The company also aims to support Thailand in managing critical data domestically through Thai infrastructure and service providers efficiently. Those interested in further information can visit the company's new website at www.gulfspacetech.com

Iridium Communications stockholders voted overwhelmingly to approve the company's previously announced merger with Rocket Lab Corporation, clearing a key milestone in the deal. At a special meeting held today, approximately 99.6% of the votes cast were in favor of the transaction, representing approximately 81.0% of Iridium's outstanding shares of common stock entitled to vote. Under the terms of the agreement, Iridium stockholders will receive $27.00 in cash and a number of shares of Rocket Lab common stock calculated pursuant to an exchange ratio, subject to a collar, for each share of Iridium common stock outstanding at closing, giving the transaction a notional value of $54.00 per Iridium share. Iridium CEO Matt Desch called the vote an important milestone toward bringing together two companies with complementary capabilities, while Rocket Lab Founder and CEO Sir Peter Beck said it moves the pair closer to creating a next generation space powerhouse. The transaction is expected to be completed by mid-2027, subject to remaining required regulatory approvals and other customary closing conditions.

Industry analysts are discussing a potential merger between Space Exploration Technologies and Tesla that could combine the two groups under one entity. Commentary from these experts points to rising confidence that a deal could be structured to pool Tesla's AI and manufacturing with SpaceX's launch and satellite operations, including Starlink. If completed, the proposed tie up is being framed as capable of creating the world's largest listed company by market value. Space Exploration Technologies runs a global satellite-based broadband network, so any tie up with an electric vehicle and AI powerhouse would potentially link a US$2.1 trillion telecom operator directly with automotive, energy and software demand for high bandwidth connectivity. The key proof point from here is execution on joint AI and connectivity projects that both sides are already talking about, including orbital data centers and direct Tesla demand for Starlink and compute capacity, together with any concrete merger terms that clarify how capital, debt and governance would work inside a single structure.

Raymond James launched coverage of Rocket Lab Corporation on September 11 with an Outperform rating and an $80 price target, implying roughly 29% upside from current levels. Analyst Brian Gesuale framed Rocket Lab as an emerging, vertically integrated space platform spanning launch, spacecraft, components, payloads and optical communications, and projected a path to positive adjusted EBITDA and free cash flow by 2027-2028. The firm flagged two upside drivers beyond the core launch business: Neutron, Rocket Lab's medium-lift reusable rocket, which is now under testing with launch pad delivery scheduled for the fourth quarter and is expected to expand its addressable market in 2027, and its push into satellite operations and optical communications through its completed $155.3 million purchase of Mynaric in April 2026 and its pending roughly $8 billion acquisition of Iridium Communications, which would bring Iridium's operating satellite network, L-band spectrum and more than 2.55 million billable subscribers. Raymond James also cited substantial execution risk, including aggressive Street gross-margin assumptions, the complexity of transitioning Neutron from development to commercialization, and the integration risk of absorbing both Iridium and Mynaric, with the Iridium deal still seeking regulatory approval. On the launch side, Rocket Lab completed its 16th Electron mission of 2026 on September 11, launching an Earth-observation satellite into a 500-kilometer low-Earth orbit for a confidential customer from Launch Complex 1 in New Zealand, and added another Electron mission on September 19 to reach 96 total launches, closing in on its annual record of 21 set in 2025. Institutional ownership rose from 43 funds in the first quarter to 52 in the second for Rocket Lab, and from 31 to 37 for Iridium.