Globalstar surges after report of Amazon in talks to buy satellite firm

Globalstar

02/04/2026 09:22

** Satellite telecom firm Globalstar's shares GSAT.O jump 12% to $76.8 premarket on takeover by Amazon AMZN.O  report

** AMZN in talks to acquire GSAT to build low-earth-orbit network competing with SpaceX's Starlink - Financial Times on Wednesday

** Companies still negotiating deal complexities after lengthy talks - FT

** GSAT did not immediately respond to Reuters' request for comment, AMZN declined to comment

** Amazon's network would be closest rival to Musk's Starlink, which operates 9,500 satellites

** News comes as SpaceX confidentially filed for U.S. IPO, potentially biggest stock listing ever

** Four analysts rate GSAT "buy" on average; median PT is $70.5 - data compiled by LSEG

** As of last close, stock up 12.27% YTD

(Reporting by Kanishka Ajmera in Bengaluru)

((mail to: Kanishka.Ajmera@thomsonreuters.com))