Track market-moving stories before they get noisy

The SpaceX IPO Put a Spotlight on Starlink -- and on the One Public Company Building a Rival Direct-to-Phone Network PR Newswir

AST SpaceMobile stock is under selling pressure. Why is ASTS stock retreating? Amazon-Globalstar Deal Shakes ASTS Bull CaseThe sell-off makes sense because Amazon's agreement to buy Globalstar introduces a much larger and better-capitalized player into the race to connect smartphones directly through low Earth orbit satellite networks.

According to the deal announcement, Amazon plans to combine Globalstar's satellite operations, infrastructure and spectrum assets with its own Amazon Leo network to support consumer, enterprise and government connectivity.

That headline may be sparking concern that AST SpaceMobile could face a tougher path as deep-pocketed rivals scale faster, lock up strategic spectrum and pursue carrier partnerships more aggressively.

Investors may also be rotating out of ASTS on fears that Amazon's entry could compress future market-share expectations and reduce some of the scarcity premium previously attached to pure-play direct-to-cell names.

Analyst Targets Show Mixed Confidence In ASTSAnalyst Consensus & Recent Actions: The stock carries a Hold rating with an average price target of $75.52. Recent analyst moves include:

Barclays: Underweight (Raises Target to $65.00) (April 9) UBS: Neutral (Raises Target to $85.00) (March 4) B. Riley Securities: Neutral (Lowers Target to $95.00) (Feb. 13) ASTS Shares Edge Lower WednesdayASTS Stock Price Activity: AST SpaceMobile shares were down 1.11% at $87.59 at the time of publication on Wednesday, according to Benzinga Pro data.

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NEW YORK CITY & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Globalstar, Inc. (NasdaqGS: GSAT) to Amazon.com, Inc. (NasdaqGS: AMZN). Under the terms of the proposed transaction, shareholders of Globalstar will receive $90.00 in cash or 0.3210 shares of Amazon common stock (with a value capped at $90.00 per share), for each share of Globalstar that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.

If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nasdaqgs-gsat/ to learn more.

To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.

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More News From Kahn Swick & Foti, LLC

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Key Takeaways Globalstar to be acquired by Amazon, boosting its role in global satellite connectivity and D2D services.GSAT assets to power Amazon Leo, enabling satellite-to-phone services starting in 2028.Globalstar gains scale, funding and new monetization opportunities. Globalstar, Inc. (GSAT - Free Report) is stepping into a transformative phase following its definitive agreement to be acquired by Amazon.com, Inc. (AMZN - Free Report) , a move that positions the satellite communications provider at the center of the next wave of global connectivity. Long known for its mobile satellite services and early leadership in low Earth orbit (LEO) systems, Globalstar now stands to significantly expand its technological reach and commercial relevance through integration with Amazon’s ambitious Amazon Leo initiative.

The deal represents a powerful validation of its decades-long investment in spectrum assets, satellite infrastructure and direct-to-device (D2D) capabilities. Globalstar’s globally licensed mobile satellite spectrum is a scarce and strategic asset, and its inclusion in Amazon Leo provides a foundational layer for building a scalable, high-performance satellite-to-phone ecosystem.

Notably, shares of Globalstar have gained approximately 10% in the trading session yesterday. Its shares have gained 80.5% in the past six months compared with the Zacks Satellite and Communication industry's growth of 80%.

Image Source: Zacks Investment Research

What Does This Acquisition Offer?The addition of Globalstar’s infrastructure allows Amazon Leo to accelerate its roadmap toward D2D services, expected to roll out beginning in 2028. For Globalstar, this means its existing satellite fleet and next-generation assets will not only remain relevant but become integral to a much larger, unified network. This integration enhances utilization rates, extends asset lifecycles and unlocks new monetization avenues across consumer, enterprise and government segments. Instead of operating as a niche satellite provider, Globalstar is effectively being scaled into a global connectivity backbone.

The transaction shifts Globalstar from a capital-constrained operator to part of a well-funded ecosystem backed by Amazon’s scale, engineering depth and cloud infrastructure. This dramatically reduces execution risk associated with satellite launches, network expansion and technology upgrades. It also positions GSAT to benefit from Amazon’s broader partnerships with mobile network operators, enabling hybrid connectivity solutions that extend coverage to remote and underserved regions worldwide.

The acquisition strengthens Globalstar’s competitive positioning against other satellite players pursuing direct-to-device connectivity. With Amazon’s backing, GSAT gains the ability to compete not just on technology, but on scale, integration and service reliability. This is especially important as satellite connectivity becomes a critical layer in global telecom infrastructure, supporting everything from disaster response to IoT and remote enterprise operations.

The deal offers Globalstar shareholders a structured exit with upside participation through Amazon equity, while also reflecting the strategic premium attached to its assets. More importantly, it underscores the growing value of spectrum ownership and LEO capabilities in an increasingly connected world.
GSAT operates a LEO satellite constellation providing mobile satellite services (MSS) and voice/data communications to retail, enterprise and government customers. Its terrestrial assets include Band 53 spectrum, the 5G n53 variant and XCOM RAN. Recently, Globalstar introduced XCOM RAN, a next-generation private 5G solution designed to accelerate the adoption of “physical AI” across industries. The company is preparing to launch replacement and next-generation satellites, expand network infrastructure, roll out two-way IoT services and grow its XCOM RAN business, positioning 2026 as a growth phase.

For 2026, the company expects total revenues to be in the range of $280-$305 million, along with an adjusted EBITDA margin of approximately 50%.
However, Globalstar faces stiff competition from other companies such as AST SpaceMobile, Inc. (ASTS - Free Report) and Iridium Communications Inc. (IRDM - Free Report) . AST SpaceMobile has strategically partnered with leading telecom companies to grant customers easy access to their technology. The acquisition of Ligado Networks has enabled it to gain the spectrum rights to a 45MHz block of Ligado’s L-band spectrum in the United States and Canadian markets for more than 80 years. With the successful completion of the transaction, ASTS will be able to offer its cellular satellite services independently, reducing its reliance on carrier partners.

IRDM benefits from strong growth prospects in the satellite communications space, supported by its enhanced mesh architecture, strategic government relationships and a solid subscriber base, positioning it to generate higher revenues. In 2026, Iridium plans to roll out new offerings with $200 million in revenue potential by 2030.

Globalstar currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

This week, Amazon (AMZN) announced it will buy satellite service provider Globalstar (GSAT) – the company behind Apple‘s (AAPL) iPhone Emergency SOS feature and a key player in satellite spectrum – for close to $11.6 billion.

Alongside the acquisition, Amazon announced a long-term agreement to power satellite features on future iPhone and Apple Watch models – including Emergency SOS, Messages, Find My, and roadside assistance.

The obvious takeaway is that Amazon aims to become a major player in the direct-to-device satellite internet market.

But the more interesting insight — the one that we think matters more for investors — is that Amazon just acquired the infrastructure prerequisite layer for running data centers in space. And it did so before SpaceX went public and before Musk got tens of billions of dollars to start launching his own orbital compute nodes at scale.

A new tech titan has entered the orbital compute arena.

Amazon just fired the starting gun. The race is on – and so is the clock for investors.

Amazon’s Globalstar Acquisition: The Obvious Play Amazon gets three things from Globalstar that money alone can’t easily buy:

The ability for the Amazon Leo network to connect directly to smartphones on the ground via satellite internet, without the need for terrestrial cell towers.  A moat of already-licensed wireless spectrum – a scarce, tightly regulated asset that will, as Wired noted, give “Amazon the ability to launch satellites that connect directly to devices sooner, rather than having to go through its own country-by-country approval process.” Positioning within the Apple franchise: Amazon inherits Globalstar’s role as the backbone of iPhone and Apple Watch Emergency SOS, with a new long-term agreement to power Apple’s satellite services going forward. Taken together, Amazon didn’t just buy a satellite company. It bought a credible seat at a table that Musk has been setting alone.

Satellite connectivity and satellite spectrum are a massive, multi-hundred-billion-dollar growth market over the next few years, and Amazon needed this deal to remain credible in that race. Starlink already has more than 10,000 satellites in LEO, serves paying subscribers across more than 150 countries and territories, and a growing government contract pipeline – including multibillion-dollar agreements with the U.S. Department of Defense and Space Force to provide secure satellite communications and battlefield connectivity.

Amazon was running behind. It needed to leapfrog, not catch up incrementally.

Globalstar was the leapfrog.

The Real Story: Orbital Compute Infrastructure But that’s not the part of the story that matters most.

The world’s largest cloud providers have been quietly moving toward the same long-term thesis: the next wave of AI compute doesn’t live in a ground-based data center. It lives in space. 

Satellites that don’t just route packets but process them. Edge nodes in space, running inference closer to the data source, operating outside the jurisdiction of any single government, consuming zero terrestrial land, and immune to most of the physical constraints that make building data centers on Earth increasingly painful.

That’s the orbital compute thesis. And to execute it at scale, you need three things: 

a dense, trusted LEO constellation licensed spectrum to route the traffic an anchor customer base large enough to justify the economics Globalstar just handed Amazon all three alongside a single check.

Of course, Amazon isn’t framing this publicly as an orbital compute play. The SEC filing talks about “accelerating a new era of Global Direct-to-Device Connectivity.”

But Amazon didn’t announce AWS as a cloud computing empire either. It filed it under “web services” and built it quietly for years before anyone understood what was happening.

And what the company is building now – a massive, licensed, Apple-anchored LEO constellation under its own control – is exactly the platform you’d need if you planned to run the world’s first commercial orbital data center network.

Meanwhile, SpaceX is preparing to go public, confidentially filing for an IPO targeting a $1.75 trillion valuation. When it does, Musk will have billions in new capital and every incentive to start launching compute nodes into the Starlink constellation at scale. 

The race for orbital compute is coming whether Wall Street has named it yet or not. Amazon just made sure it shows up to that race with the right hardware.

The Bigger Picture: Where the Money Actually Goes The commercial space economy – the one that’s been “five years away” for as long as we can remember – is finally coming into focus. 

Amazon just paid $11.6 billion for satellite spectrum and LEO infrastructure. Microsoft has Azure Space partnerships with Starlink baked into enterprise cloud contracts. Google is investing in satellite data pipelines. Apple is building satellite features into every iPhone. And SpaceX, which started as a rocket company, is now one of the most strategically valuable infrastructure businesses on Earth – and soon in orbit.

The trillion-dollar question is, who are the picks-and-shovels suppliers for all of this?

Because here’s the thing about the space economy: it’s not one market but several overlapping markets, each with its own investment cycle. And those in the earliest stages are the most interesting precisely because they’re the most overlooked.

The Picks-and-Shovels Layer In Space The compute owners – Amazon, Microsoft, Google, Meta (META) – will capture enormous value. But they’re already worth trillions. The real alpha is in the suppliers:

Rockets Orbital network operators Space-grade semiconductors and radiation-hardened chips Power systems for satellites And lasers – specifically, the inter-satellite laser link manufacturers who build the data routing layer without which orbital compute networks can’t function at speed In fact, this last bucket may be the single most underappreciated opportunity in the entire space stack. Without high-throughput laser inter-links, an orbital data center is inoperable.

Starlink already knows this, which is why it’s deploying laser inter-satellite links at scale. The rest of the industry will follow. The companies building those lasers are worth watching very carefully.

The Bottom Line We view Amazon’s acquisition of Globalstar as a declaration that the commercial space era has begun – and that the world’s largest companies are now competing for orbital infrastructure the same way they did for cloud infrastructure 20 years ago.

Space connectivity and spectrum are a massive growth market over the next two to three years. And orbital compute is a massive growth market over the next five to 10. 

Two stories, one conclusion: the space economy is the biggest emerging investment theme of this decade.

There’s a pattern to how this plays out.

The infrastructure gets funded first. It has to – nothing else works without it.

But over time, the center of gravity shifts – not to the hardware, but to the layer that decides how a technology actually gets used.

That shift isn’t always obvious in the moment. For a while, it’s easy to miss. Then it becomes difficult to ignore.

Cloud followed that pattern. So did mobile.

There’s a strong case that AI is doing the same thing now.

Because while Amazon and SpaceX are racing to control where compute lives, a different question is starting to matter more: Who controls what runs on top of it?

Right now, one company sits closer to that position than anything else.

OpenAI.

The challenge is that it’s still private. Which means most investors will only encounter it later, when access is easy and expectations are already set.

We’ve spent some time looking at how that transition could play out – and what it means to get in front of it.

Here’s what we’ve found.

New On The Block • Amazon.com shares are trending higher. What’s pushing AMZN stock higher?

Updates From The BlockOpenAI acquired personal finance startup Hiro Finance. Terms of the transaction were not disclosed. Hiro founder Ethan Bloch announced the acquisition on LinkedIn, stating the company would be shutting down its operations on April 20.

The Mark Anthony Group of Companies, the maker of White Claw Hard Seltzer and Mike's Hard Lemonade, will acquire The Finnish Long Drink, a canned gin-based sparkling cocktail. Terms of the transaction were not disclosed. The deal will be finalized in the coming weeks.

Hillman Solutions Corp. acquired Delaney Hardware, a U.S.-based supplier of door and builders’ hardware used in both residential and commercial construction. Financial terms of the deal were not disclosed. Hillman expects to recognize over $10 million in net sales during its 2026 fiscal year as a result of the acquisition.

Off The BlockHorizon Technology Finance Corp. completed its merger with Monroe Capital Corp. The merger adds $141 million in cash and $471 million of pro forma net assets, which Horizon plans to use to repay debt and originate new loans under its existing strategy.

Bankruptcy BlockFour Seasons Outdoor Services filed for Chapter 11 bankruptcy. The New Hampshire-based company listed its liabilities between $1 million and $10 million.

Cumulus Media received a judge's approval for a bankruptcy restructuring that will cut the radio station's debt by $592 million and give control of the company to its lenders, Reuters reported. The company filed for bankruptcy in March, citing $697 million in debt after losses due to digital audio and streaming platform competition, as well as the decline in the number of radio audiences.

QVC Group announced its plans to file for Chapter 11 bankruptcy to address its more than $5 billion in debt. The online and TV retailer has entered into a restructuring deal with plans to emerge from bankruptcy in 90 days. The company plans to continue operating as normal during the process. 

Mississippi-based hospital Greenwood Leflore Hospital has filed for Chapter 9 bankruptcy. The hospital has been experiencing financial struggles and plans to negotiate a deal with the University of Mississippi Medical Center.

Spirit Airlines is on the brink of shutting down as the airline struggles to recover from its second bankruptcy filing and rising fuel costs, which could make it harder to reach agreements with creditors.

For the previous edition of Deal Dispatch, click here.

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📌 Top story -- scroll down for more updates

Tim Cook Steps Aside – What’s Next for Apple 5:26 pm

It’s not a complete surprise, but Apple (AAPL 1.88%) has announced a major leadership transition: CEO Tim Cook will step aside, with hardware chief Jon Ternus set to take the helm in September.

In this episode, the team discusses Cook’s legacy, what comes next for Apple, and the biggest challenges and opportunities facing its new leader.

Tyler Crowe, Matt Frankel, and Jon Quast discuss:

Tim Cook’s accomplishments at Apple What Apple’s next CEO faces Whether the S&P 500 could include SpaceX after it goes public AST SpaceMobile (ASTS 14.03%) and its opportunity 🎧 The Motley Fool Money podcast drops daily after the bell! Listen on Apple Podcasts, Spotify, or other podcast platforms—or check out the Fool's podcast feed.

Amazon’s Bet Pays Off for Astera 4:24 pm — ALAB +9.20% today

Astera Labs (ALAB +1.88%) was up more than 9% Tuesday—and you won’t find the reason in any Astera press release. Monday’s blockbuster deal between Amazon (AMZN 2.12%) and Anthropic is doing the heavy lifting: Anthropic committed to spending over $100 billion on Amazon’s Trainium chips over ten years, with Amazon investing $5 billion in Anthropic. Astera just happens to make the interconnect technology that links those chips together inside Amazon’s data centers.

One Fool’s take: Motley Fool analyst Asit Sharma has praised Astera as "a high-margin, intellectual property-driven business that will scale cash flow as it takes more market share." This deal suggests that market share just got a lot bigger. Worth watching: ALAB trades at 50x forward earnings, and three customers accounted for 71% of 2024 revenue, concentration that cuts both ways when one of them just landed a $100 billion windfall.

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Closing Bell 4:05 pm

Stocks fell Tuesday as hopes for a U.S.-Iran peace deal faded before Wednesday’s ceasefire deadline. VP JD Vance’s trip to join negotiations was paused after Tehran showed insufficient commitment. Oil reversed recent losses sharply, with WTI futures rising 2.81% to $92.13 and Brent advancing 3.14% to $98.48. The S&P 500 and Nasdaq each declined 0.6%; the Dow shed 293 points. Energy was a rare bright spot, gaining 1.1%.

Silver lining for bulls: UnitedHealth (UNH +0.57%) beat Q1 estimates and raised its outlook, sending shares up more than 8%. Amazon (AMZN 2.12%) added more than 1% after agreeing to invest up to $25 billion in AI startup Anthropic. Strait talk: Analysts still expect Strait of Hormuz concerns to resolve by week’s end — and point to strong Q1 earnings and double-digit profit growth as reasons to stay optimistic. Amazon's GLP-1 Move Rattles Rivals 3:43 pm — AMZN +0.56%

Amazon (AMZN 2.12%) is coming for the GLP-1 market. Its One Medical arm launched a weight loss program Tuesday combining virtual care, prescription management, and pharmacy delivery, with insured pricing starting at $25 per month. Amazon plans same-day drug delivery in 4,500 cities by year-end.

Who’s sweating: Shares of Hims & Hers Health (HIMS 7.34%), Viking Therapeutics (VKTX +1.57%), Amgen (AMGN 0.16%), and Septerna (SEPN +3.97%) all fell on the news. Amazon’s logistics muscle poses a threat few can match. The drugs on offer: Novo Nordisk’s (NVO +0.59%) Wegovy, Eli Lilly’s (LLY 1.70%) Zepbound, and oral GLP-1 options are all available through the program.

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3M Beats, but the Drama Is Elsewhere 3:04 pm — MMM -2.15%

By Seth Jayson
Team Rule Breakers

Earnings day for the Post-it people, and 3M’s (MMM +0.61%) quarter was pretty much what you’d expect from a 120-year-old company in the middle of a self-improvement project — profits better than expected, revenue a hair short. They beat on the bottom line by a decent margin, reiterated their full-year numbers, and the stock didn’t do much. Meanwhile, the interesting stuff is happening in the background: a fire-and-rescue joint venture, an optical connectivity bet on AI data centers, and PFAS litigation that just keeps on keeping on.

UPS Bets Big on Your Buyer’s Remorse 2:43 pm

UPS (UPS 1.25%) is deliberately shrinking its Amazon delivery business — cutting volumes by more than 50% in 2026 — while doubling down on returns. Its Happy Returns subsidiary is adding 1,700 locations, bringing its network to 10,000 drop-off points covering 79% of Americans within 5 miles.

The margin math: Returns are more profitable than cheap e-commerce deliveries because aggregation lets UPS consolidate many items into single shipments — fewer stops, better economics. The competition: FedEx (FDX 0.31%) launched its own rival returns service in March 2025 with 3,000+ locations. Amazon’s returns network already tops 10,000 points. The race is on. NY Calls Coinbase’s Bets Illegal 2:14 pm — COIN -5.93%

New York Attorney General Letitia James sued Coinbase (COIN 0.17%) and Gemini over their prediction market platforms, accusing them of running illegal gambling operations — including letting under-21s bet and taking wagers on New York college teams. NY raked in over $1 billion in mobile gambling taxes in 2024, and James wants a piece of what she says these crypto exchanges owe.

Why Kalshi and Polymarket got off easy: The bigger prediction-market players were conspicuously left out of the suits, meaning NY may be using Coinbase and Gemini as legal guinea pigs before going after the heavy hitters. The bill could be steep: New York wants triple profits, customer restitution, and $100,000 for every unauthorized sports wagering offer. That adds up fast. Alaska Air Faces Turbulence, But Remains on Course 1:10 pm — ALK -3.1%

By Lou Whiteman
Team Hidden Gems

Alaska Air Group (ALK +2.69%) is currently flying through some rough air. But turbulence is to be expected in aviation, and the good news for investors is that Alaska remains on course to reach its destination.

Alaska lost $1.68 per share in its most recent quarter, in line with expectations, on revenue of $3.3 billion. But the stock appears headed for a down day post-earnings due to higher-than-expected costs and the company's decision to suspend guidance amid uncertainty about fuel prices. Alaska had other issues outside its control that impacted earnings, namely flooding in Hawaii and civil unrest in Mexico.

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Today's Lunchtime News 1:15 pm -- TSCO -10.5%

Tractor Supply (TSCO 0.32%) shares fell 10% today after Q1 2026 companion animal sales dropped 11%. Consumers are pulling back on discretionary pet spending as inflation worries persist. Overall comparable sales grew just 0.5%, trailing the 1.6% Wall Street expected.

Mixed segment results: Four of five product categories posted positive performance, with double-digit growth in livestock and seasonal & recreation. The pet unit, which spans treats, collars, chew toys, and services was the lone drag. Guidance held: CEO Hal Lawton said the company is taking decisive action to fix the companion animal segment. Tractor Supply reiterated its fiscal 2026 net income forecast of $1.11 billion to $1.17 billion. Carriers File for Massive Tariff Refunds 12:25 pm -- UPS -1.1%, FDX flat

United Parcel Service (UPS 1.25%) and FedEx (FDX 0.31%) have begun filing for potentially billions in tariff refunds following a February Supreme Court ruling that struck down duties imposed under the International Emergency Economic Powers Act. U.S. Customs and Border Protection (CBP) opened its "CAPE" portal Monday to process claims for roughly $166 billion in invalidated levies. Both carriers, along with DHL, are automatically filing on behalf of customers where they acted as the importer of record. While the process provides a significant administrative win for the logistics giants, actual cash may take up to three months to reach the shippers who originally bore the costs.

High-Stakes Compliance: President Trump recently noted he would "remember" companies that fail to seek these refunds, adding a layer of political pressure to the technical filing process. Limited Scope: The current refund window applies only to IEEPA-specific tariffs, leaving Section 232 and Section 301 duties — affecting steel and many Chinese goods — firmly in place for now. UPS performance

Today -1.1%

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1 Year +91.9%

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Microsoft Cuts Xbox Game Pass Prices 12:10 pm — MSFT +1.9%

Microsoft (MSFT 0.80%) is slashing Xbox Game Pass Ultimate prices from $29.99 to $22.99 per month, reversing a steep October hike. Under new Gaming CEO Asha Sharma, the tech giant is pivoting toward user acquisition as hardware competitors like Sony (SONY 2.79%) and Nintendo (NTDOY 0.26%) raise prices amid tariff pressures and memory shortages. However, the discount comes with a major trade-off: "Call of Duty" titles will no longer debut on the service on launch day, arriving instead about a year later. This shift signals a tactical retreat from the "day-one" subscription model for Microsoft’s most expensive acquisitions in favor of protecting high-margin retail sales.

Divergent Hardware Strategies: While Microsoft lowers service barriers, Sony recently hiked the five-year-old PlayStation 5 by $100, creating a massive valuation gap between the two ecosystems. Margin Preservation Play: By delaying "Call of Duty" on Game Pass, Microsoft aims to capture premium $70–$80 individual sales from its largest franchise before shifting players into its recurring revenue funnel.

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Tesla Fires Back at Chinese EV Rivals 11:15 am — TSLA -0.3%

Tesla (TSLA +0.73%) officially registered its generative AI-powered voice assistant with Shanghai authorities Tuesday, a critical regulatory step to enhance its competitiveness in the world’s largest auto market. The filing covers one of 158 AI applications approved by Chinese regulators to ensure local data compliance. To better appeal to tech-centric consumers, Tesla is reportedly integrating ByteDance’s Doubao and DeepSeek’s conversational models — hosted on the Volcano Engine cloud — rather than its U.S.-based Grok AI. This localization push is vital as Tesla’s Full Self-Driving software still awaits full delivery approval in China, leaving the automaker reliant on infotainment and "intelligent assistant" features to fend off aggressive local rivals like BYD (BYDDF +0.25%).

Strategic Local Partnerships: By leveraging ByteDance and DeepSeek, Tesla bypasses strict cross-border data transfer rules that have historically delayed the rollout of its most advanced software features in China. FSD Regulatory Update: Although full regulatory approval remains pending, Tesla recently concluded an "Intelligent Assisted Driving" trial in China, signaling a phased approach to monetizing its software stack abroad. Can New Codex Labs Beat Anthropic? 11:10 am

OpenAI is enlisting global consulting powerhouses like Accenture (ACN +1.80%) and Cognizant (CTSH +1.26%) to accelerate the corporate rollout of Codex, its AI software development tool. This strategic pivot includes the launch of Codex Labs, an initiative embedding specialists directly within client organizations to integrate AI into legacy workflows. By focusing resources on core products and scaling back experimental projects like Sora, OpenAI aims to defend its enterprise territory against rising competition from Anthropic and big tech rivals. Weekly active developers using Codex recently surged to 4 million, up 33% in just one month, signaling massive momentum in AI-automated coding.

Strategic Resource Realignment: OpenAI is reportedly shuttering smaller initiatives to prioritize high-margin enterprise tools, a move that mirror's Microsoft's (MSFT 0.80%) focus on commercial utility over novelty. Global Integration Network: Additional partners including Infosys (INFY +1.77%) and CGI (GIB 0.21%) provide the boots-on-the-ground support necessary to displace manual coding in massive, complex software ecosystems. Amazon Plugs In 75 New EV Rigs 10:15 am — AMZN +1.9%

Amazon (AMZN 2.12%) is accelerating its freight decarbonization by adding 75 heavy-duty electric trucks from Swedish startup Einride to its Amazon Relay middle-mile network. These rigs are projected to cover 3 million miles annually, hauling loads between fulfillment centers and sort hubs. While Amazon already partners with Rivian (RIVN +5.92%) and Volvo (VLVLY +0.10%) for delivery vans and port trucks, this expansion targets the difficult "middle-mile" segment of the supply chain. The move reinforces Amazon’s goal to build an end-to-end green logistics powerhouse that rivals traditional carriers.

IPO On The Horizon: Einride plans to go public via a merger with Legato Merger Corp. III (LEGT +0.00%) by mid-2026, a deal expected to raise $300 million following this major Amazon validation. Autonomous Ambitions: Beyond manual EVs, Einride is securing U.S. regulatory approvals for driverless operations, signaling a future where Amazon’s proprietary AI software manages fully autonomous freight corridors.

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Opening Bell 9:35 am

The Dow climbed 270 points Tuesday following President Trump’s optimistic CNBC interview regarding a potential "great deal" with Iran. While the S&P 500 edged up 0.2%, energy markets remained volatile as West Texas Intermediate crude dipped below $90 per barrel. Despite the geopolitical tension, UnitedHealth (UNH +0.57%) provided a significant boost to the blue-chip index, surging 7% after delivering a beat-and-raise quarterly report.

Profit Engine Ignites: UnitedHealth’s earnings beat and improved guidance suggest the insurance titan is navigating rising costs more effectively than analysts anticipated. Bullish Horizon Ahead: Some sstrategists maintain a 7,300 price target for the S&P 500 by July, betting on continued economic resilience through the summer. Market indexes

S&P 500

0.05%

Nasdaq

0.04%

Dow

0.47%

Top of the Morning 9:45 am -- GE -2.0%

By Morning Show host Bill Barker

GE Aerospace (GE +0.42%) released its first-quarter 2026 earnings report this morning, posting results that exceeded Wall Street estimates and offered a few signals about the broader industrial sector. The company reported adjusted earnings per share of $1.86, clearing consensus analyst estimates of $1.60, representing a 25% year-over-year increase. GAAP revenue reached $12.4 billion, a 25% increase compared to the prior year.

Particularly notable from the report was the volume of incoming demand. Total orders grew 87% year-over-year to $23.0 billion, bringing the company's total Remaining Performance Obligation to $211.3 billion and providing comforting revenue visibility for years ahead.

SpaceX Eyes $1.75T IPO as Space Boom Accelerates 8:05 am

The space economy is reaching escape velocity as global investment surged to a record $7.95 billion in Q1 2026. This "risk-on" appetite is largely fueled by Alphabet (GOOG +0.83%)-backed SpaceX, which begins a three-day analyst tour today at its Texas Starbase to pitch a staggering $1.75 trillion IPO valuation. While SpaceX seeks to set a public benchmark, Amazon (AMZN 2.12%) is aggressively scaling its own "Amazon Leo" constellation, recently announcing an $11.6 billion acquisition of Globalstar (GSAT 0.18%) to bridge the connectivity gap. With 70% of funding concentrated in North America, the sector is rapidly evolving beyond simple communications into high-margin in-space infrastructure and autonomous maritime defense.

The $90 Payout: Amazon's deal offers Globalstar stockholders $90 per share in cash or stock, a massive win for Apple (AAPL 1.88%) which previously held a 20% stake in the satellite operator. Autonomous Alpha: Maritime tech leader Saronic closed a $1.75 billion Series D this quarter, highlighting how defense spending is shifting toward AI-driven autonomous ships and "physical AI" factories. Netflix: The Streaming Story Is Far From Over 8:00 am -- NFLX +0.20% in pre-market trading

By David Meier
Team Rule Breakers

Netflix (NFLX 0.60%) talked about the long-term opportunity for growth that's still ahead for the company. And it's still huge. That's why the stock remains an excellent long-term investment opportunity for shareholders.

One thing I always appreciate from Netflix's management is how they frame the long-term opportunity. It's about engagement and time spent on their platform. And here's what management said this quarter in their most recent Letter to Shareholders:

"In such a fast-changing industry, and with so many consumer options, we strive to be a "must have service" -- the first place people go for entertainment and the last they cancel. We've come a long way since we started streaming in 2007 (we're now entertaining an audience approaching 1 billion people), but we're also still incredibly small; we account for an estimated ~5% of TV view share globally, and as of the end of 2025 we penetrated less than 45% of our Total Addressable Market (TAM) of broadband households. We're optimistic about the future of entertainment and our long runway for growth, and are focused on three areas to achieve our ambition."

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This Morning's Breakfast News 7:30 am -- UNH +5.89% in pre-market trading

UnitedHealth Group (UNH +0.57%) popped over 5% higher ahead of the opening bell thanks to results showing profits higher than analysts expected, along with revenue ticking higher from $109.58 billion in the prior year to $111.72 billion.

Higher operating cost ratio noted: The ratio jumped from 12.4% in 2025 to 13.8%, although investors seemed unconcerned as this "reflected incremental investments in people, processes and technology, including artificial intelligence." Full-year 2026 profit outlook increased: Thanks to increased government payments for its insurance business and better management of medical costs, the previous guidance of $17.75 per share was increased to more than $18.25.

JPMorgan Takes $1.5T Security Plan to Europe 7:25 am -- JPM +0.12% in pre-market trading

JPMorgan Chase (JPM +2.05%) is taking its massive "Security and Resilience" initiative global, expanding a 10-year, $1.5 trillion investment plan into Europe and the UK. Initially launched to bolster U.S. national security, the program targets critical sectors like defense, quantum computing, and AI to reduce Western reliance on "unpredictable resources." CEO Jamie Dimon's strategy involves matching private capital with urgent infrastructure needs as the transatlantic alliance faces heightened pressure from the ongoing Iran war and lingering energy vulnerabilities. To steer the expansion, the bank is tapping high-level talent, including an advisory council featuring Amazon (AMZN 2.12%) founder Jeff Bezos.

Strategic Self-Reliance: The initiative aims to help Europe "stand on its own two feet" by facilitating defense spending and securing supply chains without total reliance on the U.S. taxpayer. The $10 Billion Anchor: While JPMorgan acts primarily as a facilitator for the $1.5 trillion in total funding, it has committed $10 billion of its own capital to anchor the project's most critical domestic and allied security efforts.

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ICYMI: Monday's Scoreboard 6:30 am -- RSG unchanged in pre-market trading

Republic Services (RSG +0.40%) was the subject of the latest Scoreboard video.

Uber Boosts Lucid Bet to $500M for 35K Taxis 6:00 am -- UBER +0.48%, LCID +2.67% in pre-market trading

Uber (UBER 1.90%) has aggressively ramped up its position in Lucid (LCID 1.26%), nearly tripling its stake to 11.5% as it prepares for a commercial autonomous launch later this year. The ride-hailing giant increased its investment to $500 million to secure 35,000 custom robotaxis, a significant jump from its initial 20,000-vehicle commitment. This "opportunistic" expansion, supported by a fresh $550 million influx from Saudi Arabia's Public Investment Fund, utilizes Nuro's self-driving technology within the Lucid Gravity and upcoming "Midsize" platforms. The news sent Lucid shares up 1.2% in after-hours trading as investors weigh Uber's move against Tesla (TSLA +0.73%), which recently debuted unsupervised rides in Dallas and Houston.

The Midsize Pivot: Lucid's future sub-$50,000 platform is designed specifically for Uber's network to optimize unit economics and compete with low-cost autonomous rivals. Tesla's Counter-Move: While Uber builds its hardware partnerships, Tesla is scaling its own internal software, launching fully driverless Model Y rides in two new Texas cities just days before its Q1 earnings report.

Semiconductor Index Hits All-Time Highs 5:15 am

The Philadelphia Semiconductor Sector Index (SOX) is enjoying its largest rally since 2002, jumping 30% in the past 13 days, as positive earnings momentum and sentiment around AI helps to elevate the sector.

No cracks appearing in AI demand: Q1 revenue for Taiwan Semiconductor (TSM +0.66%) passed the trillion-dollar threshold in local currency for the first time ever, acting as a positive early barometer ahead of sector giants such as Nvidia (NVDA 0.18%) and Broadcom (AVGO 1.36%). Ominous history lesson worth noting: The only time the sector index saw a similar move to a new high was in March 2000, which marked the peak of the dot-com bubble. Before the Opening Bell 5:00 am

Wall Street is processing a historic changing of the guard at Apple (AAPL 1.88%) after the company announced Tim Cook will transition to Executive Chairman this September, handing the CEO reins to hardware chief John Ternus. The leadership pivot comes at a volatile moment as investors also track a fragile ceasefire between the U.S. and Iran. President Trump signaled it is "highly unlikely" the two-week truce will be extended past Wednesday's deadline, a move that could keep the Strait of Hormuz blocked and maintain Brent crude prices near $120 per barrel. While Apple shares saw a measured response to the succession news, the broader market remains on edge ahead of critical March retail data.

Continuity at Cupertino: John Ternus, a 25-year veteran and architect of the Mac's silicon transition, is expected to accelerate Apple's push into generative AI and foldable hardware to regain the "world's most valuable firm" title from Nvidia (NVDA 0.18%). Energy Supply Shock: The potential expiration of the truce threatens to prolong a jet fuel shortage that has already seen prices double, placing extreme margin pressure on non-hedged carriers like United Airlines (UAL +2.14%).

📌 Top story -- scroll down for more updates

Closing Bell 4:05 pm

Oil jumped nearly 3% to $108 a barrel after President Trump pulled U.S. envoys from Iran peace talks, rattling markets. Major indexes wavered before recovering, with the Nasdaq and S&P 500 on pace to extend Friday’s records.

The earnings gauntlet begins: Alphabet (GOOG +0.83%), Microsoft (MSFT 0.80%), Amazon (AMZN 2.12%), and Meta (META 0.33%) report Wednesday; Apple (AAPL 1.88%) follows Thursday. This week roughly a fifth of S&P 500 companies report results. Central banks in focus: The Fed, ECB, Bank of Japan, and Bank of England all issue policy decisions this week, with the Fed widely expected to hold rates steady at 3.50–3.75%. No Deal: United Walks Away From AAL 3:15 pm — UAL -1.40%, AAL -2.85%

United Airlines (UAL +2.14%) CEO Scott Kirby confirmed Monday that merger talks with American Airlines (AAL +1.95%) are finished after American refused to engage. Kirby argued the deal would have expanded international routes, added economy seats, and created tens of thousands of jobs, but American’s CEO called the combination "anticompetitive" and said it was never happening.

The stock divergence tells the story: AAL shares have dropped more than 40% over five years; UAL has climbed over 70% in the same stretch, a gap that likely fueled United’s interest in the first place. Washington weighed in early: When the merger pitch leaked this month, Trump said he wasn’t a fan, and lawmakers quickly raised concerns, giving American political cover to reject the deal.

New CEO Scores Early Win for Verizon 2:42 pm — VZ +2.16%

Verizon (VZ +2.54%) added a net 55,000 postpaid phone connections in Q1, its first positive Q1 net adds since 2013, beating Wall Street expectations. New CEO Dan Schulman credited customer-friendly pricing and reduced friction. A January network outage weighed on results; revenue rose 2.9% to $34.4 billion, slightly missing estimates. Verizon raised full-year EPS growth guidance to 5%–6%.

First win, but not last? Schulman raised guidance and, for 2026, expects postpaid phone net adds in the upper half of the 750,000–1,000,000 range. Broadband building: Verizon added 341,000 net broadband connections, ending the quarter with 16.8 million total, a contrast to Charter’s (CHTR +2.83%) broadband losses reported Friday.

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Lilly Buys Ajax for Up to $2.3B 2:26 pm — LLY -0.85%

Eli Lilly (LLY 1.70%) apparently isn’t done shopping. The drugmaker agreed to buy private biotech Ajax Therapeutics for up to $2.3 billion, targeting a drug that could help blood-cancer patients whose bodies have stopped responding to existing treatments.

Not your average acquisition spree: This is Lilly’s fifth deal of 2026 alone — totaling over $19 billion in potential value — all bankrolled by those GLP-1 weight-loss drug billions rolling in the door. The fine print: Five acquisitions. $19B in potential deals. One year. Motley Fool co-founder and CEO Tom Gardner and contributing analyst Rachel Warren said in a recent special report that Lilly is "in a league of its own" financially. This latest blood-cancer bet suggests it intends to stay there.

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Amazon Wins Exclusive Oprah Deal 1:10 pm — AMZN -0.5%

Amazon (AMZN 2.12%) signed a multi-year deal with Oprah Winfrey’s Harpo Entertainment, securing exclusive distribution and advertising rights for "The Oprah Podcast" via its Wondery unit. The agreement, spanning audio and video, integrates Winfrey’s massive brand—including her legendary show library and "Oprah's Book Club"—directly into Amazon’s retail and Prime Video ecosystems. Starting in July, the show will double its output to two episodes weekly, as Amazon intensifies its battle against Spotify (SPOT +0.05%) and Alphabet (GOOG +0.83%) for dominance in the high-margin on-demand media market. By tethering Winfrey's cultural influence to its advertising engine, Amazon aims to convert listeners into high-frequency shoppers and streaming subscribers.

E-Commerce Synergy: The inclusion of "Oprah's Favorite Things" provides a direct pipeline to Amazon’s storefront, allowing for seamless "shoppable" content integrations that rivals currently lack. Aggressive Talent Accumulation: This deal follows recent major acquisitions like the "New Heights" podcast, signaling Amazon’s willingness to spend heavily to secure established audiences in a fragmented digital landscape. J&J's AI Cuts Drug Lead Times by 50% 1:20 pm — JNJ -0.8%

Johnson & Johnson (JNJ +0.92%) is leveraging artificial intelligence to cut lead generation times for new drugs by 50%. While fully AI-discovered drugs remain on the horizon, CIO Jim Swanson confirmed at the Reuters Momentum AI event that the firm is actively using the technology to screen the "potential universe" for promising compounds and biologics. Beyond the lab, the healthcare giant is deploying AI to optimize solvent application in manufacturing and automate regulatory filings. A process that traditionally required up to 900 hours of manual labor for clinical trial reports now takes just 15 minutes. This efficiency drive underscores J&J's pivot toward high-impact digital tools as it targets long-term growth in oncology and immunology.

Workforce Upskilling: J&J’s 4,000 IT professionals are being retrained to treat AI as a "co-pilot," expanding roles in software engineering rather than replacing headcount. Supply Chain Precision: Predictive algorithms now monitor temperature and solvent levels in real-time, reducing waste and ensuring higher yields during complex chemical synthesis.

Qualcomm Jumps 7% on OpenAI Chip Rumor 12:25 pm — QCOM +0.4%

Qualcomm (QCOM +4.46%) shares briefly surged by 7% Monday following reports of a strategic partnership with OpenAI to develop custom smartphone processing chips. Working alongside MediaTek and manufacturer Luxshare, Qualcomm aims to provide the hardware foundation for OpenAI’s ambitious "AI agent" mobile device, slated for mass production in 2028. Analysts suggest that controlling the silicon and operating system is essential for real-time AI inference, allowing OpenAI to capture a user's full state. For Qualcomm, this deal represents a critical diversification beyond standard Snapdragon modems as the mobile industry pivots toward hardware designed specifically for autonomous digital agents.

Ecosystem Evolution: OpenAI may bypass traditional app stores by bundling hardware with subscriptions, creating a closed loop that challenges the current dominance of Apple (AAPL 1.88%) and Google (GOOG +0.83%). Silicon Synergy: The project builds on OpenAI's $6.4 billion acquisition of Jony Ive’s startup, io, merging elite industrial design with Qualcomm's wireless expertise to produce a device rumored to feel less like a phone and more like a personal digital sanctuary. Microsoft Loses OpenAI Exclusivity 12:10 pm — SPOT -1.4%, PTON +2.7%

Microsoft (MSFT 0.80%) shares slipped Monday after announcing a major restructuring of its partnership with OpenAI. The amended agreement eliminates Microsoft's exclusive access to OpenAI’s models and intellectual property, effectively allowing the startup to license its technology to rivals like Amazon (AMZN 2.12%) Web Services. While Azure remains OpenAI's primary cloud provider and retains first-look rights to new products, the previous "AGI clause" is gone. Financially, Microsoft will stop paying revenue shares to OpenAI, though the startup must continue payments to Microsoft through 2030. This pivot suggests a strategic decoupling as Microsoft prepares for its Wednesday earnings report amid intensifying cloud competition.

Cash Flow Reversal: The cessation of revenue-share payments to OpenAI may bolster Microsoft’s margins in the short term as it faces ballooning capital expenditures for AI infrastructure. Competitive Leveling: By opening its doors to other cloud providers, OpenAI is now free to pursue a broader enterprise strategy, potentially turning Microsoft’s once-exclusive advantage into a commodity service available to the highest bidder.

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Spotify Plunges Into Global Fitness 11:15 am — SPOT -1.4%, PTON +2.7%

Spotify (SPOT +0.05%) is broadening its lifestyle footprint through a global partnership with Peloton Interactive (PTON 1.33%), launching a fitness hub containing over 1,400 classes. Available to Premium subscribers, the integration includes yoga, meditation, and strength training, leveraging Spotify’s 150 million existing workout playlists to drive deeper platform engagement. For Peloton, this move accelerates CEO Peter Stern’s strategy to transform the company from a hardware-dependent manufacturer into a scalable content powerhouse. By bypassing the need for proprietary equipment, Peloton gains immediate exposure to hundreds of millions of potential users, while Spotify unlocks new monetization avenues beyond its maturing music and podcast segments.

Monetization Muscles: Spotify is courting independent creators like Yoga With Kassandra to build a diversified wellness ecosystem that mirrors its successful podcast partner program. Global Footprint Expansion: The deal allows Peloton to bypass international logistics hurdles, using Spotify's infrastructure to scale instruction across major markets in North America, Europe, and Asia.

Top of the Morning 10:10 am -- GOOG -1.5%, AMZN -0.9%, META -0.4%, MSFT -1.0% 

By Nick Sciple
Team Rule Breakers

If you've been waiting for earnings season to get interesting, this is your week.

Five of the Magnificent Seven report between Wednesday and Thursday. The whole group is roughly a third of the S&P 500 by market cap, so the next 72 hours will tell us a lot about whether the bull market has the earnings underneath it to keep going.

The lineup: Alphabet (GOOG +0.83%), Amazon (AMZN 2.12%), Meta (META 0.33%), and Microsoft (MSFT 0.80%) all report after the bell Wednesday. Apple follows Thursday. These are the first full quarterly results from most of Big Tech since the war in Iran started rattling global markets in late February, and the question everybody's asking is the same one it's been all year. Is the AI spending boom still justified?

The honest answer is that the companies aren't even aligned on the strategy.

9:45 am -- REAX -23.1%, RMAX +22.6%

By Jim Gillies

It's a Merger Monday, this one with a bit of a personal connection. First, the details:

The Real Brokerage (REAX +0.63%), a "leading technology-powered real estate brokerage," announced this morning that they are acquiring real estate brokerage franchisor RE/MAX Holdings (RMAX +1.11%) in a cash and stock offering. The price being paid is ... modestly confusing. RE/MAX shareholders will have the right to receive either 5.15 shares of Real or $13.80 in cash for every RE/MAX share held. RE/MAX closed just a penny shy of $8 on Friday, so this would seem, superficially at least, to be about a 72.5% premium; good deal.

REAX performance

Today -23.1%

1 Year -54.8%

5 Years +8.4%

RMAX performance

Today +22.6%

1 Year +30.7%

5 Years -73.3%

Opening Bell 9:35 am

The S&P 500 dipped Monday as stalled diplomacy in the Middle East sent Brent crude futures above $107 per barrel. President Trump scrapped a high-level envoy trip to Pakistan, insisting future negotiations occur by phone, while Tehran claimed no meetings are currently scheduled. Despite the geopolitical friction, the Nasdaq enters a high-stakes week with 15% month-to-date gains as five "Magnificent Seven" tech giants prepare to report. Investors are also bracing for Wednesday’s Federal Reserve decision, which may be the final session for Chair Jerome Powell before Kevin Warsh assumes leadership in May following the resolution of a Department of Justice probe.

Market indexes

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OpenAI Taps Qualcomm for AI Agent Phone 8:15am -- QCOM up 12.01% in pre-market trading

The AI arms race is moving into the palm of your hand, as reports from TF International Securities analyst Ming-Chi Kuo indicate OpenAI is collaborating with Qualcomm (QCOM +4.46%) and MediaTek to develop custom smartphone processors. Shares of Qualcomm surged on the news, which positions the chipmaker at the heart of OpenAI's "AI agent phone"--a device designed to replace traditional apps with task-driven automation. With mass production slated for 2028, the project utilizes Luxshare as its exclusive manufacturing partner, aiming to seize a high-end smartphone market that ships up to 400 million units annually. By controlling both the hardware and its leading AI models, OpenAI hopes to redefine mobile interfaces, shifting computations between on-device small models and its massive cloud infrastructure.

Vertical Integration: Analyst Kuo notes that OpenAI's goal is total control over the operating system and hardware, allowing the device to understand real-time user context better than existing platforms from Apple (AAPL 1.88%) or Alphabet (GOOG +0.83%). The Subscription Pivot: Beyond hardware sales, the tech giant reportedly plans to bundle its premium AI subscriptions with the device, creating a closed-loop ecosystem for developers building "agent-first" software.

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Meta Signs Deal to Beam Solar Power From Orbit 8:00 am -- META unchanged in pre-market trading

Meta (META 0.33%) is looking to the heavens to solve its terrestrial energy crunch, signing a landmark deal with start-up Overview Energy to beam solar power from orbit. The agreement grants the social media giant early access to 1 gigawatt of capacity--roughly the output of a nuclear reactor--to fuel its massive AI infrastructure. Overview plans to launch a demonstration in 2028, with commercial delivery by 2030 using "invisible" beams to power ground facilities 24/7. This orbital pivot comes as Meta scales its "Hyperion" project in Louisiana, a rural data center campus that President Donald Trump noted will cost $50 billion and rival the footprint of Manhattan.

Nuclear-Grade Ambition: Beyond the stars, Meta is aggressively diversifying its grid, partnering with Vistra (VST +1.69%) and small modular reactor developer Oklo (OKLO 0.97%) to secure carbon-free baseload power. Financing the Future: To fund the $50 billion Hyperion build-out, Meta has reportedly tapped PIMCO and Blue Owl Capital for a $29 billion financing package, highlighting the immense capital required to maintain the AI arms race.

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This Morning's Breakfast News 7:30am

Breakfast News on Mondays always looks to preview what's coming up. This week, the continuation of Magnificent 7 first-quarter earnings season makes the headlines. Amazon (AMZN 2.12%) – in fifth place in April's Stock Advisor rankings – is one of four reporting Wednesday. As Senior Vice President of the Rule Breakers franchise Brian Richards noted this month, Amazon is acquiring Globalstar (GSAT 0.18%), in "a move aimed squarely at competing with Starlink's 10,000+ active satellites."

Ramping up AI competition on all fronts: Alphabet (GOOG +0.83%) is also due to post a Q1 update Wednesday, after last week revealing plans to invest up to $40 billion in AI start-up Anthropic. Combined with its new AI tensor processing units revealed last week, Alphabet is challenging Nvidia's (NVDA 0.01%) dominance too. The rest of the best: Meta (META 0.33%) also reports the same day, as does Microsoft (MSFT 0.80%) – currently a defendant in Elon Musk's legal case against OpenAI, which opens today in the U.S. District Court for the Northern District of California. Apple (AAPL 1.88%) concludes the Mag7 week Thursday, after having named John Ternus as new CEO to replace Tim Cook on Sept, 1.

Meta Loses Manus to China's AI Crackdown 6:00 am -- META -0.33% in pre-market trading

Meta (META 0.33%) faces a significant hurdle in its autonomous AI roadmap after China's National Development and Reform Commission ordered the tech giant to unwind its $2 billion acquisition of Singapore-based start-up Manus. Beijing cited national security and illegal tech transfer concerns, effectively prohibiting foreign investment in the "agentic AI" leader, which was founded in Wuhan before relocating to Singapore. The intervention underscores a narrowing path for "Singapore-washing"--where Chinese start-ups move offshore to dodge geopolitical scrutiny--and leaves Meta searching for alternatives to Manus's highly touted autonomous agents, which had reportedly reached $100 million in annual recurring revenue before the deal.

Tech Drain Crackdown: The block follows reports that Chinese authorities restricted Manus's co-founders from leaving the country, highlighting Beijing's aggressive new stance against the hollowing out of its domestic AI talent pool. Autonomous Ambitions Stalled: Manus's tech is central to Meta's goal of moving beyond chatbots to AI "agents" that execute complex tasks; without it, Meta may fall behind in a race currently led by Microsoft (MSFT 0.80%) and Alphabet (GOOG +0.83%). Organon Agrees to $11.75B Sun Pharma Takeover 5:45 am -- OGN +14.74% in pre-market trading

Sun Pharmaceutical Industries has entered a definitive agreement to acquire Organon (OGN +0.00%) in an all-cash deal valued at $11.75 billion, including debt. The $14-per-share offer represents a 24% premium over Organon's Friday close and aims to transform Sun Pharma into a global top-10 player in both women's health and biosimilars. Spun off from Merck (MRK 0.97%) in 2021, Organon brings a massive portfolio spanning 140 countries, which Sun Pharma expects will push combined annual revenues to approximately $12.4 billion. While the deal significantly increases Sun Pharma's exposure to developed markets, the firm must now manage a pro forma net debt-to-EBITDA ratio of 2.3x while integrating a sprawling global manufacturing footprint.

Biosimilar Breakthrough: The acquisition serves as a strategic entry point for Sun Pharma into the high-growth biosimilars market, targeting a segment currently seeing increased demand as major biological patents expire. Leverage and Scale: Sun Pharma will fund the $11.75 billion enterprise value through cash and bank financing, betting that Organon's $1.9 billion in adjusted EBITDA will provide the cash flow necessary for rapid deleveraging.

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Bold Prediction: The First to a $10 Trillion Market Cap 5:00 am

At a recent Motley Fool One member event, Fool analyst Matt Argersinger shared a bold prediction for the next decade amid laughter and wows from the crowd. Agree or disagree with Matt's take? Let us know in the comments!

By Matt Argersinger
Team Rule Breakers

About 10 years ago, at one of these events, I remember being on a panel, and I think Tim Hanson was on the panel as well. And the question was: What's going to be the first U.S. company to hit a $1 trillion market capitalization?

Apple (AAPL 1.88%) was definitely the leader in the clubhouse. I went with Amazon (AMZN 2.12%)...

I was wrong. A few years later, Apple hit $1 trillion. And I said, you know what, I think Amazon is going to be the first to hit $2 trillion.

But nope. Apple did that as well. [laughter] Apple also hit the $3 trillion mark. And then Nvidia (NVDA 0.01%) hit the $4 trillion mark, and I think it hit $5 trillion last October.

So I'm here with a new prediction. [laughter]

Amazon is going to be the first to $10 trillion market capitalization. And I think it gets there within 10 years. But even if I'm wrong, Amazon will get there eventually. So, I feel good about making this call no matter what.

Before the Opening Bell 4:00am

Stock futures stalled Monday morning as investors weighed a breakthrough report from Axios that Tehran has proposed a two-stage plan to reopen the Strait of Hormuz and end the naval blockade. The offer, delivered via Pakistani mediators, seeks to prioritize maritime de-escalation while postponing nuclear negotiations--a move that would test President Trump's "no leverage" stance on uranium enrichment. Markets are entering a pivotal "Magnificent Seven" earnings week, with Microsoft (MSFT 0.80%), Alphabet (GOOG +0.83%), Meta (META 0.33%), and Amazon (AMZN 2.12%) all set to report on April 29. These results will serve as a critical gauge of whether AI infrastructure returns can sustain the S&P 500's recent climb to 7,137, especially as the Federal Reserve prepares for its penultimate meeting under Chair Jerome Powell before the transition to Kevin Warsh.

The Nuclear Standoff: While the proposal offers immediate relief to global energy supply, the U.S. continues to demand a 10-year suspension of uranium enrichment, a sticking point that crashed previous weekend negotiations in Islamabad. Tech Capex Under the Lens: Hyperscalers are projected to spend $645 billion on AI in 2026; Wednesday's deluge of reports will determine if Apple (AAPL 1.88%) and its peers can translate massive infrastructure investments into durable margin growth.

COVINGTON, La.--(BUSINESS WIRE)--Globalstar, Inc. (Nasdaq: GSAT) (“Globalstar” or the “Company”) today announced its financial results for the first quarter ended March 31, 2026.

“We delivered strong operational and financial results in the first quarter, continuing the momentum we built entering 2026,” said Dr. Paul E. Jacobs, CEO of Globalstar. “Demand is growing across our government, defense, and private wireless businesses, reflecting the market's need for scalable, integrated solutions across both satellite and terrestrial based connectivity. Subsequent to the quarter end, we announced our entry into a merger agreement with Amazon, which we believe marks a significant milestone — one that validates the long-term strategy Globalstar has pursued for more than 30 years and positions us to deliver on the vision of connecting users and devices anywhere and anytime. Finally, Globalstar greatly appreciates the recent decision of the FCC’s Space Bureau regarding the exclusive nature of our licensed MSS spectrum.”

RECENT OPERATIONAL HIGHLIGHTS

Pending Mergers with Amazon.com, Inc.: On April 13, 2026, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Amazon.com, Inc. (“Amazon”), pursuant to which Amazon intends to acquire the Company, subject to the satisfaction of certain conditions (collectively, the “Mergers”). Globalstar satellites, radio frequency spectrum, and operational expertise will enable Amazon Leo to add direct-to-device services to future generations of its low Earth orbit satellite network. Globalstar stockholders will elect to receive for each share of Globalstar common stock they own either (i) $90.00 in cash or (ii) 0.3210 shares of Amazon common stock with a value capped at $90.00 per share. This consideration is subject to a proration mechanism that caps aggregate cash elections to a maximum of 40% of total outstanding Globalstar shares at the applicable effective time, and is subject to a downward adjustment of a maximum $110 million in the event Globalstar does not achieve certain operational milestones. Globalstar's majority stockholder and certain of its affiliated entities have approved the transaction by written consent. The Mergers are expected to close in 2027, subject to the satisfaction of certain closing conditions under the Merger Agreement, including required regulatory approvals.

Next-Generation Satellite Network Development: Complementing the replacement satellites for our second-generation constellation expected to be launched this year, our third-generation, or C-3, constellation comprised of over 50 satellites is designed to expand network capacity, enhance service durability, and position Globalstar to deliver reliable connectivity across its global footprint and support increasing demand for direct-to-device, IoT and enterprise applications. The regulatory foundation for Globalstar's expanding MSS was further strengthened in April, when the FCC's Space Bureau reaffirmed Globalstar's exclusive MSS operating rights in the Big LEO spectrum band, rejecting with prejudice requests by multiple satellite operators to share its licensed spectrum.

XCOM RAN Ecosystem Progress: Advanced the commercial momentum of XCOM RAN through the launch of an end-to-end 5G private network solution, including radios with Band n53 support, a core network, a management and orchestration module, and 5G supported routers.

Government and Defense Market Expansion: Expanded engagement across government and defense sectors, aligned with a broader market shift toward low size, weight, power, and cost (SWaP-C) technologies and significant IoT deployments. Globalstar’s satellite network and connectivity solutions are well suited to support distributed sensing, asset tracking, and autonomous systems operating in infrastructure-limited environments.

Market Alignment with Physical AI and Next-Generation Applications: Continued to align its technology portfolio with emerging trends in physical AI, where real-time data processing, automation, and intelligent systems require reliable, low-latency connectivity. Globalstar’s integrated satellite and private wireless capabilities position the Company to support these evolving use cases across industrial, enterprise, and government environments.

FIRST QUARTER FINANCIAL REVIEW

Revenue

Total revenue for the first quarter of 2026 was $70.1 million, including $66.7 million of service revenue and $3.4 million of revenue generated from subscriber equipment sales.

Service revenue increased $9.6 million, or 17%, primarily due to increased wholesale capacity services revenue, and revenue from subscriber equipment sales increased $0.4 million, or 13%, each compared to the prior year's first quarter.

The increase in service revenue associated with wholesale capacity services was primarily due to additional service fees associated with the reimbursement of network-related costs. Additionally, Commercial IoT service revenue increased due to growth in the subscriber base and favorable customer pricing, and government and other services revenue increased due to higher revenue associated with our service agreement with Parsons Corporation as we moved beyond the proof of concept phase in 2025 and into the first year of service.

The increase in revenue from subscriber equipment sales benefited from a higher volume of Commercial IoT and SPOT device sales.

Partially offsetting the increases discussed above were declines in Duplex and SPOT service revenue due to subscriber churn over the last twelve months.

Income (Loss) from Operations

Income from operations was $8.2 million during the first quarter of 2026, compared to loss from operations of $8.5 million during the prior year's first quarter. This improvement was due to higher revenue (discussed above) as well as a decrease in total operating expenses.

The decrease in operating expenses was due to a noncash disposal of assets recognized during the first quarter of 2025 that did not recur in 2026 as well as lower stock-based compensation and depreciation expense. Partially offsetting these decreases were higher cost of services and marketing, general and administrative (“MG&A”) expenses. Higher cost of services resulted primarily from network operating costs to support the build out of our next-generation ground network infrastructure, a significant portion of which are reimbursed to us and recognized as revenue. MG&A expenses were higher than the prior year's first quarter due primarily to personnel costs and increased legal fees due to transaction costs related to the Mergers. Also contributing to the increase in cost of services and MG&A expenses was the recognition of employee retention credits received in the first quarter of 2025 that did not recur in 2026.

Net Loss

Net loss was $17.4 million for the first quarter of 2026, compared to $17.3 million for the prior year's first quarter. The slight increase was due to higher interest expense resulting from our recognition of non-cash imputed interest related to the 2024 Prepayment Agreement (as defined in our periodic reports) as well as net foreign currency losses due to the remeasurement of intercompany balances, offset partially by a favorable change in income from operations (discussed above).

Adjusted EBITDA

Adjusted EBITDA was $33.5 million during the first quarter of 2026 compared to $30.4 million during the prior year's first quarter. Higher revenue was partially offset by an increase in operating expenses (excluding adjustments for non-cash or non-recurring items) due to investment in growth opportunities. Specifically, while we continue to enhance and develop our XCOM RAN product and service offerings, we incur costs, primarily for personnel, in advance of significant revenue.

Adjusted EBITDA is a non-GAAP financial measure. For more information, refer to “Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA.”

Liquidity

As of March 31, 2026, we held cash and cash equivalents of $358.4 million, compared to $447.5 million as of December 31, 2025.

During the first quarter of 2026, net cash flows generated from operations were $35.2 million, capital expenditures were $116.4 million and net cash flows used in financing activities were $8.0 million. Cash and cash equivalents were also positively impacted by a $0.2 million effect of exchange rate changes. Operating cash flows included cash flows generated from the business and a $7.5 million accelerated service fee payment from the Customer pursuant to the Updated Services Agreements. Capital expenditures were primarily associated with our commitments under the Updated Services Agreements related to the deployment of the replacement satellites and Extended MSS Network.

Adjusted free cash flow during the first quarter of 2026 was $28.9 million compared to $47.6 million during the same period in 2025. This decrease was primarily due to the timing of cash receipts pursuant to the Updated Services Agreements — $7.5 million in accelerated service fees were paid to us during the first quarter of 2026 compared to $22.5 million during the first quarter of 2025. Adjusted free cash flow is a non-GAAP financial measure. For more information, refer to “Reconciliation of Non-GAAP Adjusted Free Cash Flow.”

The principal amount of our debt was $403.8 million at March 31, 2026, compared to $410.0 million at December 31, 2025. This decrease was due to the final recoupment of $6.3 million under the 2021 Funding Agreement.

In connection with the Merger Agreement, the Company and Customer entered into an amendment to the 2024 Prepayment Agreement, pursuant to which the parties increased the maximum amount of the High Power Infrastructure Prepayment Balance (as defined in the 2024 Prepayment Agreement) by approximately $468 million to an aggregate maximum Infrastructure Prepayment amount of approximately $1.6 billion.

Capitalized terms not defined herein have the meaning given to such terms in our periodic reports.

SUSPENSION OF FINANCIAL OUTLOOK AND CONFERENCE CALLS

In connection with the pending Mergers with Amazon.com, Inc., Globalstar does not intend to hold future earnings conference calls or provide updates to forward-looking guidance.

About Globalstar, Inc.

Globalstar is a global telecommunications provider connecting what matters most. Through our industry-leading low Earth orbit (LEO) satellite constellation and licensed Band 53/n53 spectrum, we deliver reliable satellite and terrestrial connectivity solutions that empower customers worldwide to connect, transmit, and communicate smarter.

Our comprehensive connectivity ecosystem includes software-defined, purpose-built private wireless network platform, coupled with Globalstar Band 53™ in XCOM RAN™ and trusted GPS messengers Saved by SPOT™ for safety and personal communication for business and enterprise applications.

Serving business, enterprise, and consumer markets across the globe, Globalstar supports applications that track and protect assets, enable automation, enhance operational efficiency, and safeguard lives. With unmatched reach and a relentless focus on innovation, and mission-critical performance, we're redefining what's possible for global connectivity.

Note that all SPOT products described in this press release are the products of SPOT LLC, which is not affiliated in any manner with Spot Image of Toulouse, France or Spot Image Corporation of Chantilly, Virginia.

For more information, visit www.globalstar.com.

Cautionary Statement About Forward-Looking Statements

Certain statements contained in this press release other than purely historical information, including, but not limited to, estimates, projections or statements relating to regarding the Mergers, future revenue, financial performance, financial condition, liquidity, adjusted free cash flow, projections, estimates and guidance, statements relating to our business plans, objectives and expected operating results, our anticipated financial resources, our expectations about the future operational performance of our satellites (including their projected operational lives) and the completion and launch of new satellites, our expectations regarding the outcomes of regulatory and licensing proceedings, the expected growth prospects of our existing customers and the markets that we serve, our expectations relating to the impact of trade policies (including tariffs), our expectations about our ability to integrate the licensed technology into our current line of business, the expected benefits of the updated services agreements, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words “believe,” “project,” "might," "could," “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Risks and uncertainties that could cause or contribute to such differences include, without limitation, our ability to complete the Mergers on the anticipated terms and timing, or at all, including obtaining required regulatory approvals and the satisfaction of other conditions to the completion of the Mergers, potential litigation relating to the Mergers, including the effects of any outcomes related thereto, the risk that disruptions from the Mergers (such as the ability of certain of our customers to terminate or amend contracts upon a change of control, or to withhold consent to such change of control) will harm our business, including current plans and operations, our ability to retain and hire key personnel, the diversion of management’s time and attention from ordinary course business operations, potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Mergers, contractual provisions that may impact our ability to pursue certain business opportunities or strategic transactions during the pendency, and/or following the completion of, the Mergers, the occurrence of any event, change, or other circumstance that could give rise to the termination of the Mergers, including in circumstances requiring us to pay a termination fee under the Merger Agreement, our ability to meet our obligations to attain the anticipated benefits under the Updated Services Agreements (as defined herein) and avoid the potential adjustment of the Merger Consideration (as defined herein) if we fail to meet certain milestones based on the Company's agreements with the Customer, and those described under Item 1A. Risk Factors of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and as updated in the Company’s other filings with the SEC. The Company undertakes no obligation to update any of the forward-looking statements after the date of this press release to reflect actual results, future events or circumstances or changes in our assumptions, business plans or other changes.

This press release contains measures such as EBITDA, Adjusted EBITDA, and Adjusted free cash flow, which are not recognized under U.S. generally accepted accounting principles (GAAP). Reconciliations of these non-GAAP measures to amounts reported in the Company’s consolidated financial statements are provided in this press release. For forward-looking Adjusted EBITDA margin, the Company is unable to provide a reconciliation to the most comparable GAAP measure without unreasonable effort because estimating such GAAP measures and providing a meaningful reconciliation is extremely difficult and requires a level of precision that is unavailable for these future periods and the information needed to reconcile these measures is dependent upon future events, many of which are outside of our control as described above. Forward-looking non-GAAP measures are estimated consistent with the relevant definitions and assumptions.

GLOBALSTAR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

  Three Months Ended

March 31,

2026

2025

Revenue:

Service revenue

$

66,701

$

57,067

Subscriber equipment sales

3,363

2,965

Total revenue

70,064

60,032

Operating expenses:

Cost of services (exclusive of depreciation, amortization, and accretion shown separately below)

23,433

18,625

Cost of subscriber equipment sales

2,467

2,047

Marketing, general and administrative

14,828

11,589

Stock-based compensation

2,705

6,957

Reduction in the value and disposal of long-lived assets

64

7,038

Depreciation, amortization, and accretion

18,397

22,277

Total operating expenses

61,894

68,533

Income (loss) from operations

8,170

(8,501

)

Other income (expense):

Interest income and expense, net of amounts capitalized

(19,814

)

(7,945

)

Foreign currency (loss) gain

(1,621

)

4,106

Derivative loss and other (expense) income

(2,558

)

(413

)

Total other expense

(23,993

)

(4,252

)

Loss before income taxes

(15,823

)

(12,753

)

Income tax expense

1,597

4,578

Net loss

$

(17,420

)

$

(17,331

)

Net loss attributable to common shareholders

(20,035

)

(19,946

)

Net loss per common share:

Basic (1)

$

(0.16

)

$

(0.16

)

Diluted (1)

(0.16

)

(0.16

)

Weighted-average shares outstanding:

Basic (1)

128,417

126,476

Diluted (1)

128,417

126,476

GLOBALSTAR, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and share data)

(Unaudited)

  March 31, 2026

December 31, 2025

ASSETS

Current assets:

Cash and cash equivalents

$

358,448

$

447,471

Accounts receivable, net of allowance for credit losses of $1,244 and $1,468, respectively

19,762

19,976

Inventory

10,078

9,614

Prepaid expenses and other current assets

18,257

19,667

Total current assets

406,545

496,728

Property and equipment, net

1,428,703

1,305,458

Operating lease right of use assets, net

67,005

66,698

Prepaid network costs

217,836

198,375

Derivative asset

111,859

114,461

Intangible and other assets, net of accumulated amortization of $14,128 and $12,511, respectively

145,519

144,545

Total assets

$

2,377,467

$

2,326,265

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Current portion of long-term debt

$

42,400

$

31,835

Accounts payable and accrued expenses

72,586

56,022

Accrued network construction costs

84,328

55,218

Payables to affiliates

176

391

Deferred revenue, net

54,016

62,020

Total current liabilities

253,506

205,486

Long-term debt

432,161

451,953

Operating lease liabilities

54,315

54,549

Deferred revenue, net

837,654

806,930

Other non-current liabilities

457,015

451,618

Total non-current liabilities

1,781,145

1,765,050

Total liabilities

2,034,651

1,970,536

Stockholders’ equity:

Series A Perpetual Preferred Stock of $0.0001 par value; 300,000 shares authorized and 149,425 issued and outstanding at March 31, 2026 and December 31, 2025, respectively

—

—

Voting Common Stock of $0.0001 par value; 143,333,334 shares authorized; 128,591,126 and 128,050,400 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

13

13

Additional paid-in capital

2,491,695

2,489,227

Accumulated other comprehensive income

5,325

3,286

Retained deficit

(2,154,217

)

(2,136,797

)

Total stockholders’ equity

342,816

355,729

Total liabilities and stockholders’ equity

$

2,377,467

$

2,326,265

GLOBALSTAR, INC.

RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP ADJUSTED EBITDA

(In thousands)

(Unaudited)

  Three Months Ended

March 31,

2026

2025

Net loss

$

(17,420

)

$

(17,331

)

Interest income and expense, net

19,814

7,945

Derivative loss

2,602

427

Income tax expense

1,597

4,578

Depreciation, amortization, and accretion

18,397

22,277

EBITDA (1)

24,990

17,896

Non-cash compensation

2,705

6,957

Foreign exchange and other

1,576

(4,120

)

Reduction in the value and disposal of long-lived assets

64

7,038

Non-cash expenses associated with the License Agreement (2)

920

1,879

Transaction costs

3,237

702

Adjusted EBITDA (1)

$

33,492

$

30,352

GLOBALSTAR, INC.

SCHEDULE OF SELECTED OPERATING METRICS

(In thousands, except subscriber and ARPU data)

(Unaudited)

  Three Months Ended

March 31, 2026

March 31, 2025

Service revenue:

Wholesale capacity services

$

46,267

$

36,709

Subscriber services

Commercial IoT

7,450

6,580

SPOT

8,655

9,371

Duplex

2,576

3,452

Government and other services

1,753

955

Total service revenue

66,701

57,067

Subscriber equipment sales

3,363

2,965

Total revenue

$

70,064

$

60,032

Three Months Ended

March 31, 2026

March 31, 2025

Average subscribers

Commercial IoT

565,844

523,349

SPOT

211,115

229,512

Duplex

16,786

23,189

Other

204

249

Total

793,949

776,299

ARPU (1)

Commercial IoT

$

4.39

$

4.19

SPOT

13.67

13.61

Duplex

51.15

49.62

GLOBALSTAR, INC.

RECONCILIATION OF NON-GAAP ADJUSTED FREE CASH FLOW

(In thousands)

(Unaudited)

  Three Months Ended

March 31,
2026

March 31,
2025

Net cash provided by operating activities (1)

$

35,227

$

51,864

Less: capital expenditures, excluding reimbursable network purchases (2)

(6,285

)

(4,304

)

Adjusted free cash flow (3)

$

28,942

$

47,560

More News From Globalstar, Inc.

-

The mission will support Globalstar’s current-generation LEO constellation; live launch coverage available online

COVINGTON, La.--(BUSINESS WIRE)--Globalstar (NASDAQ: GSAT), a next-generation telecommunications infrastructure and technology provider, today announced that Globalstar’s HIBLEO-4 replenishment satellites will launch on a SpaceX Falcon 9 rocket on Sunday, May 17 during a 14-minute window that opens at 8:50 a.m. ET, from Cape Canaveral Space Force Station in Florida.

The satellites are designed to help replenish Globalstar’s existing low Earth orbit constellation, supporting continued network resilience and service reliability across the company’s satellite communications offerings.

The launch is part of Globalstar’s ongoing investment in its current-generation satellite infrastructure as the company continues advancing its broader network roadmap.

“This launch represents another important step in sustaining and strengthening the infrastructure our customers rely on every day,” said Dr. Paul E. Jacobs, Chief Executive Officer, Globalstar. “As we continue executing our long-term strategy, replenishing our existing constellation remains a critical part of delivering resilient satellite services around the world.”

Additional launch updates will be shared as they become available. A live mission webcast will be available on spacex.com/launches beginning approximately 15 minutes before liftoff.

About Globalstar, Inc.
Globalstar is a global telecommunications provider connecting what matters most. Through our industry-leading low Earth orbit (LEO) satellite constellation and licensed Band 53/n53 spectrum, we deliver reliable satellite and terrestrial connectivity solutions that empower customers worldwide to connect, transmit, and communicate smarter.

Our comprehensive connectivity ecosystem includes software-defined, purpose-built private wireless network platform, coupled with Globalstar Band 53 in XCOM RAN™ and trusted GPS messengers Saved by SPOT™ for safety and personal communication for business and enterprise applications.

Serving business, enterprise, and consumer markets across the globe, Globalstar supports applications that track and protect assets, enable automation, enhance operational efficiency, and safeguard lives. With unmatched reach and a relentless focus on innovation, and mission-critical performance, we're redefining what's possible for global connectivity.

To learn more, visit www.globalstar.com.

More News From Globalstar, Inc.

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Prediction market traders on Polymarket now assign a 92% probability that SpaceX completes its IPO by June 30, 2026, with a $1.5 trillion-plus valuation in play. That puts the Procure Space ETF (NYSEARCA:UFO) in an unusual spot for a $749 million niche fund. UFO is the cleanest publicly listed expression of the space economy that does not stuff large defense primes into the basket to dilute the pure plays, and the market has noticed. Shares are up 130% over the trailing year and 45% year-to-date.

The thesis is straightforward. SpaceX functions as the sector anchor the way leading AI chipmakers did for AI infrastructure. When the benchmark name prints a public valuation, the comparables get repriced whether they deserve it or not.

The fund and what it owns UFO tracks the S-Network Space Index and concentrates at least 80% of weight in companies that derive most of their revenue from space-related industries. Top positions include Planet Labs (NYSE:PL) at 6.16%, Viasat (NASDAQ:VSAT) at 5.9%, and Globalstar (NASDAQ:GSAT) at 5.28%. Satellite communications, GPS, and connectivity providers round out the top ten. Space stocks in the “Industrials” sector constitute 47% of the fund, with 34.6% in the “Communication” sector. UFO has 71% US exposure and meaningful slices in Japan, Canada, and Luxembourg. The structure was a little different by  the end of last year, but what matters is that UFO is as pure-play as it gets to a space startup ETF.

The defense conglomerate ballast is missing here. Most thematic space funds smuggle in large aerospace primes, which dampens upside if a SpaceX listing ignites the pure plays. UFO leaves that exposure out, which is the entire reason to own it over a generic aerospace fund.

Does it deliver Recent performance argues yes. But step back and the picture is less flattering. The five-year return is 117%, which trails the S&P 500 over the same window before you account for dividends. So for most of its existence, UFO was a worse way to own the market than just owning the market. The story changed in the past twelve months when SpaceX IPO speculation actually became actionable, with the company filing its confidential S-1 in early April 2026.

Retail sentiment confirms the rotation. One top holding’s Reddit sentiment score sits at 70.20, with an r/wallstreetbets post titled “Up 1.2 million. Still holding. Still buying. $RKLB” drawing nearly 800 upvotes. Another satellite-connectivity name’s FCC commercial approval for its 248-satellite constellation kept sentiment in the bullish range for weeks.

The tradeoffs Expense drag. The 0.94% expense ratio is steep for a thematic fund. Broad sector ETFs run a fraction of that, and you pay UFO‘s fee on holdings that already trade at growth multiples. But again, the growth this ETF gives you outweighs that drag massively. I’d be comfortable paying a near-1% expense ratio if it meant that I didn’t have to juggle dozens of AI holdings. Volatility you have to stomach. Several top holdings have logged five 40-55% drawdowns since January 2025 by the community’s own count. UFO’s small AUM means liquidity thins out in panic windows. The catalyst is partly priced in. Polymarket gives near-certain odds of a SpaceX listing by year-end, and UFO has already moved 50% this year on that anticipation. Buying for an event the crowd has identified is buying after the easier money. Who this fits UFO fits investors who want concentrated exposure to small and mid-cap space operators going into the SpaceX listing and accept this is a thematic vehicle, not a core holding. A 3-5% sleeve makes sense if you buy the argument that a SpaceX benchmark valuation drags the fund’s pure-play holdings higher with it. Investors who want diversified aerospace with defense ballast should look at a broad aerospace and defense ETF. And anyone counting on the catalyst firing on a specific date should remember the prediction markets are already there, which means the easy 142% has been claimed. Shares are $57 today. The next leg depends on whether a publicly traded SpaceX really does rerate the comparables, or whether retail has already done that work for them.