The company's network of more than 200 satellites is dwarfed by SpaceX, which has about 10,000 units in orbit via Starlink.

Apple tie-up underscores a deeper shift in satellite communications — towards spectrum control, full stack vertical integration and alliances that could redraw both global markets and India's telecom

Amazon plans to acquire Globalstar to boost its satellite network, challenge Starlink, and enable direct-to-device connectivity for future smartphones.

Amazon's deal for Globalstar brings scale, spectrum, and services to its Leo proposition; the firm has also extended an airtime deal with Apple, and got back into private 5G.

Oil and gas producer HighPeak Energy (NASDAQ:HPK) fell by 6.3% on Tuesday after renewed hopes for a U.S.-Iran ceasefire triggered a massive "relief rally" in broader markets, prompting investors to rotate out of energy hedges.

Amazon.com (NASDAQ:AMZN | AMZN Price Prediction) announced it is acquiring satellite company Globalstar (NASDAQ:GSAT) for $11.6 billion, and the market delivered an immediate verdict. Amazon shares rose 5% on the news,

Globalstar stock was leaping on Tuesday as Amazon.com closed a deal for the satellite company.

Recent gains in Globalstar (GSAT) have drawn fresh attention to this satellite communications stock. The share price has risen over the past week, month and past 3 months, alongside double digit annual revenue and net income growth.