🚀 SpaceX Eyeing Globalstar?

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The Space Scoop

Week Ended 10.31.2025

Happy Friday! It was another jampacked news week and we have an earnings calendar that is filled to the brim. Lets dive in.

Market Max-Q

Top Stories

1) Voyager ($VOYG) acquired ExoTerra for an undisclosed amount.

• The recently public space holding company has added another acquisition to its portfolio. ExoTerra’s proprietary technology delivers precise maneuvering, extended lifetimes and high efficiency delta-V – essential for spacecraft across national defense architecture layers that must be able to reposition, avoid threats and sustain mission advantage.

• “We’re amplifying our collective mission capability with ExoTerra, accelerating delivery across defense and commercial markets," said Dylan Taylor, Chairman and CEO.

• Shares finished the week -8%.

2) Karman Space & Defense ($KRMN) acquired Five Axis Industries Inc. for ~$88M.

• The acquiree is a supplier of advanced engine subsystems, such as spun form nozzles, gaseous oxygen systems, and fluid control technologies, for major commercial space programs.

• “Five Axis is a unique asset within the space supply chain whose proven expertise and successful track record in proprietary engine products is a natural extension of the Karman platform," said Tony Koblinski, CEO of Karman.

• This is Karman's third acquisition since going public -- following Metal Technology Inc. and Industrial Solid Propulsion.

• The transaction consisted of $83M in cash and ~$5M of stock. To fund the acquisition, Karman increased the size of its existing $375M Term Loan B to $505M and paid off its revolving credit facility.

• Shares finished the week flat.

3) Globalstar ($GSAT) is reportedly up for sale, with SpaceX as a potential suitor.

• In a Thursday afternoon Bloomberg report, GSAT shares rallied +22% while MDA shares fell -17%. Why you ask? SpaceX and others are reportedly interested in acquiring the Company.

• As is with all rumors, Globalstar hasn't nor may not make any decision in pursuing a sale.

• The Information reported earlier that Globalstar Chair James Monroe told associates about potentially selling the company for more than $10B. Its rallied to $6.9B as of close for the week.

• Apple ($GSAT), which has a ~20% stake in the Company, following its $1.5B investment to up its infrastructure for its out of cellular range emergency text response.

• MDA issued a press release noting they are "monitoring fluctuations in our share price that appear to be the result of unconfirmed and speculative media reports related to mergers and acquisitions in our customer base."

  • Reminder: MDA and Globalstar signed a $1.1B LEO contract in February. 

 4) Boeing and Airbus were among the only to report earnings this week. Highlights include:

• $BA Defense, Space & Security

  • Revenue: $6.9B, +25% YoY

  • Oper Earnings: $114M vs. $(2.4)B YoY

  • Oper Margin: 1.7% vs. (43.1)% YoY

  • Backlog: $76B

  • Shares: -5%

• $AIR Defence & Space

  • Net Cash: €7.1B

  • Revenue: €8.9B, +17% YoY

  • Adj. EBIT: €420M vs. €(660)M YoY

  • Net Order Intake: €6.8B, -38% YoY

  • Shares: +2%

In Other News

Bexsar Emerges from Stealth (Co)Via an announcement of a launch deal with SpaceX, the startup focused on semiconductor manufacturing to orbit will launch its autonomous manufacturing pods called Fabships on 12 Falcon 9 missions starting as soon as this year.Endurosat Raises $104M in Funding (Co)The Bulgarian cubesat and nanosat manufacturer will use the funding to grow production capability to enable production of two ESPA-class satellites per day, which coincides with the official opening of their new Space Center in Sofia. The round included participation from Riot Ventures, Google Ventures, Lux Capital, European Innovation Council Fund, and Shrug Capital.Catalyx Space Raises $5.4M Seed Round (Inc)The San Francisco headquartered startup will use the capital will be used to develop a back-end infrastructure enabling upmass and downmass in orbital logistics. The round was led by Outlander VC, with participation from Arka Venture Labs, Lex Reddy, KDX Management LLC, Together, Higher Life Ventures, Nivesha Ventures, Prana Tech Ventures, Bria, HF0 Residency and Techstars.

Chart of the Week

October Performance: AST SpaceMobile ($ASTS) was the outperformer this month, rallying +64% followed up by Rocket Lab ($RKLB) in second place at +32%. The underperformer was Firefly ($FLY) at -17% which continues to see post-IPO weakness. 

Links

• SpaceX Surpasses 2024 Orbital Launch Record with 135th Launch• Iridium ($IRDM) Unveils Revolutionary Global GPS Device Protection on a Chip• Sidus ($SIDU) Finalizes Commercial Pathfinder Mission Agreement with Lonestar• Redwire’s ($RDW) Edge Autonomy Partners with UXV Technologies To Advance European Defense UAS Capabilities• AST SpaceMobile ($ASTS) and stc Group Announce 10-Year Commercial Agreement• American Towers ($AMT) Sues Dish Over Contracts Worth $210M• Momentus ($MNTS) Partner with DPhi Space To Fly Edge Computing Payload on Next Vigoride Mission• Rendezvous Robotics & Starcloud Partner To Enable Gigawatt-Scale Orbital Power and Data Infrastructure• Intuitive Machines ($LUNR) Secures $8.2M AFRL Contract Extension To Advance In-Space Nuclear Power Technology• Blue Origin Completes New Glenn Static Fire Test

Opinion

• Orbit Saturation: Still Centuries Away• Investors See Opportunity in Space Defense• Recent Interest-Rate Cut Could Fuel Further Investment in the Space Industry• US Government Shutdown Could Slow Preparations for Artemis 2• Making Sense of $ASTS $27B Market Cap

Earnings Calendar

• $TSAT: Nov 4 - Before Market Open• $VOYG: Nov 4 - Before Market Open• $RDW: Nov 5 - After Market Close• $BKSY: Nov 6 - Before Market Open• $SATS: Nov 6 - Before Market Open• $KRMN: Nov 6 - After Market Close• $GSAT: Nov 6 - After Market Close• $VSAT: Nov 7 - After Market Close• $ASTS: Nov 10 - After Market Close• $RKLB: Nov 10 - After Market Close• $FLY: Nov 12 - After Market Close• $SPCE: Nov 13 - After Market Close• $GILT: Nov 14 - Before Market Open• $MDA: Nov 14 - Before Market Open*Company confirmed dates only.