Core Insights - The satellite communications industry is experiencing significant transformation driven by mobile satellite services, direct-to-cell connectivity, and IoT expansion, with the global market projected to grow at a CAGR of 10.2% from 2025 to 2030, reaching $159.6 billion [1]. Globalstar (GSAT) - Globalstar is poised to benefit from innovations like the RM200 two-way module and XCOM RAN, which are gaining traction in sectors such as oil & gas and defense, with over 50 partners testing the RM200 module [3]. - The company is expanding its footprint through strategic collaborations, including a partnership with Conekt.ai to integrate its Band 53 spectrum and XCOM RAN technology [4]. - Globalstar is upgrading its infrastructure with a global ground infrastructure program for the next-generation Extended MSS Network, adding approximately 90 antennas across 35 ground stations in 25 countries [5]. - The company is collaborating with SpaceX to deploy nine new satellites, expected to launch between late 2025 and 2026, aiming for 2025 revenues between $260 million and $285 million with adjusted EBITDA margins around 50% [6]. - Despite growth prospects, Globalstar faces macroeconomic uncertainties and competition, along with execution risks related to new product rollouts [7]. Viasat (VSAT) - Viasat has expanded its global coverage through the acquisition of Inmarsat, enhancing its Ka-band fleet to 13 satellites and increasing its oceanic and polar reach [8]. - The upcoming launch of the ViaSat-3 Flight 2 satellite is expected to double bandwidth capacity, with each satellite designed to provide more capacity than the entire existing fleet [10]. - The Defense and Advanced Technologies segment reported revenues of $344 million, up 15% year-over-year, with strong growth in information security and cyber defense [11]. - The Aviation segment is also growing, supported by an increase in commercial aircraft and a large backlog of 1,580 aircraft [12]. - Viasat's challenges include a heavy debt load of $5.6 billion as of June 30, 2025, and anticipated capital expenditures of approximately $1.2 billion for fiscal 2026 [13]. Share Performance - Over the past month, GSAT shares have increased by 20.5%, while VSAT shares have risen by 37.7% [16]. Valuation - GSAT's shares are trading at a forward 12-month price/sales ratio of 17.62X, significantly higher than VSAT's 1.1X [19]. Consensus Estimates - Analysts have maintained earnings estimates for both GSAT and VSAT for the current year, with GSAT's estimates showing no revisions [20][21]. Investment Outlook - Globalstar's innovations and government traction position it for long-term growth, while Viasat must manage its heavy debt and capital-intensive satellite rollout. For investors seeking potential upside in the satellite market, Globalstar appears to be the more favorable option [23].