🚀 The Week of Space Mergers

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The Space Scoop

Week Ended 10.24.2025

Happy Friday! What a week. We have a long one for you today.

Market Max-Q

Top Stories

1) Q3 earnings season kicked off with primes and Iridium reporting. Highlights include:

• $NOC Space Systems

  • Sales: $2.7B, -6% YoY

  • Oper Income: $298M, -14% YoY

  • Oper Margin: 11.0% vs. 12.0%

  • Shares: -1%

• $LMT Space

  • Net Sales: $3.4B, +9% YoY

  • Oper Profit: $331M, +22% YoY

  • Oper Margin: 9.9% vs. 8.8% YoY

  • Total Equity Earnings (ULA): $5M

  • Shares: -3%

• $GD Aerospace

  • Revenue: $3.2B, +30% YoY

  • Oper Earnings: $430M, +41% YoY

  • Oper Margin: 13.3% vs. 12.3%

  • Total Backlog: $20.6B

  • Shares: +3%

• $HON Aerospace

  • Sales: $4.5B, +15% YoY

  • Oper. Profit: $1.2B, +9% YoY

  • Oper. Margin: 26.1% vs. 27.7%

  • Spinoff planned for H2 2026

  • Shares: +7%

• $IRDM

  • Cash & Equivalents: $89M

  • Revenue: $227M, +7% YoY

  • Net Income: $37M, +52% YoY

  • Oper. EBITDA: $137M, +10% YoY

  • Billable Subs: 2.542M, +2% YoY

  • Withdrew 2030 guidance..

  • Shares: -8%

2) Lynk and Omnispace announced merger plans for an undisclosed amount.

• Lynk Global, the satellite operator with a constellation of D2D and IoT-enabled satellites, plans to merge with telecom firm Omnispace to expand their business across both commercial and government lines.

• This news follows as Lynk's SPAC with SLAM Corp. originally announced in December 2023, fell through in July 2025.

• The combined entity will leverage Omnispace’s 60 MHz of globally coordinated S-band spectrum and its high-priority filings with the International Telecommunication Union, optimized for D2D services. 

• SES, a current investor in both companies, will become the major shareholder. The transaction is expected to close late this year or early next year.

3) Hughes ($SATS) announced the acquisition of Anderson Connectivity.

• On Wednesday, Hughes Network Systems announced it will acquire Anderson Connectivity, an aerospace design, engineering, and manufacturing services firm for an undisclosed amount.

• This acquisition significantly expands Hughes capabilities, adding key technology & engineering talent and product solutions while positioning the company for accelerated growth in the global aviation, space, and defense markets.

4) Thales, Leonardo and Airbus finalized an MOU to merge their satellite and space business lines into a single yet to be named company.

• The companies noted the JV would develop and build “a comprehensive portfolio of complementary technologies and end-to-end solutions, from space infrastructure to services.”

• To better compete in the global market (aka try to keep up with SpaceX), the future entity will include the Space Systems and Space Digital businesses from Airbus Defence and Space; the Space Division of Leonardo, including shares in Telespazio and Thales Alenia Space); and Thales’ shares in Thales Alenia Space, Telespazio and optics company Thales SESO.

• Airbus have 35% ownership of the JV, while Leonardo and Thales will hold 32.5% each. If the deal is approved, the venture aims to come online as early as 2027, employing 25k workers with annual revenue of ~€6.5B.

• Will there be a large impact on the broader European space industry? Time will tell.

5) Globalstar ($GSAT) shares rose on reports that the Company could be up for sale.

• Shares rose as high as +8% on Thursday following rumors that chairman, James Monroe, discussed the possibility of selling the firm for more than $10B with associates. The potential sale price would represent a ~100% premium over current market cap of $5.5B.

• Globalstar currently provides satellite connectivity for Apple’s ($AAPL) iPhone emergency services and has invested ~$2B in Globalstar over the past three years.

• The Information reported that such a deal could indicate Globalstar and its major customer Apple might be seeking greater independence from each other.

• The report also revealed that SpaceX has added support in its new Starlink designs for the same radio spectrum Apple currently uses for its iPhone satellite features, potentially allowing for Starlink to deliver satellite communications to existing Apple devices when its next-generation satellite constellation goes live.

In Other News

AST SpaceMobile Raises $1B Convertible Notes (Co)$ASTS priced the convertible senior notes due 2036, in an increase from $850M, in a private offering to qualified institutional buyers. The Notes have an initial conversion price of $96.30 per share, which is a 22.5% premium to last sale price on October 21st.Lockheed Martin Ventures Invests in Venus Aerospace (WT)The Houston-based rocket propulsion startup is focused on development of a rotating detonation rocket engine. Funding was received from "major Pentagon contractors", including $LMT, as effort intensify to accelerate hypersonic missile development. Terms were not disclosed.Nxgsat Raises €1.2M in Funding (BNA)The capital will be used to support further development and future international rollout of its 5G satellite modem. The round was led by PMV and the imec.istart future fund.TraderETFs Launches 2x Long Firefly ETF (Co)Launched on Thursday, the fund "seeks two times daily performance" of $FLY. Despite its -60% move since IPO, ETF providers are drunk right now giving out 2x on every single stock  they can. Trade at your own risk!

Chart of the Week

$KRMN: Outshining its flashier 2025 IPO class mates Firefly and Voyager, Karman is proving itself the quiet winner, up +180% since its February 13th debut. Do you own any?

Links

• Globalstar ($GSAT) Announces Construction of New Ground Station in Alaska• Iridium ($IRDM) Awarded Phase II of U.S. Dept of Transportation CPNT Contract• Globalstar ($GSAT) Announces Commercial Rollout of RM200M Two-Way Satellite IoT Module• Rocket Lab ($RKLB) Completes Spacecraft for Cryogenic Fueling Mission With Eta Space and NASA• Orion Spacecraft Completes Major Stacking Milestone Ahead of Artemis II Mission• Momentus ($MNTS) Files To Sell 43.99M Shares Common Stock

Opinion

• Chinese Space Financing Goes Mainstream• $UFO: Why the Space Trade May Face Turbulence Amid a Broader Uptrend• DTC Phone Hardware Shift: $ASTS Wins Early, Starlink Wins Big• Rocket Lab ($RKLB) Doubled, but the Real Lift-Off Is Ahead

Earnings Calendar

• $BA: Oct 29 - Before Market Open• $VOYG: Nov 4 - Before Market Open• $BKSY: Nov 6 - Before Market Open• $KRMN: Nov 6 - After Market Close• $RKLB: Nov 10 - 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.