Capital Flows into Direct-to-Device, 2022–2026
How much money has gone into direct-to-device, from whom and in what form?
Chapter summary
Well over $50 billion of value has changed hands or been committed since 2022 if spectrum transactions are included.
Key takeaways
- 1
The largest items are spectrum: EchoStar's sales to AT&T (~$23 billion) and SpaceX (~$17 billion), and Amazon's purchase of Globalstar (~$11.6 billion).
- 2
Purpose-built networks have been financed mainly through public equity and convertible debt (AST SpaceMobile) and strategic investment by operators, device makers and satellite incumbents (Apple's investment in Globalstar, operators' stakes in AST, SES in Elveo, Viasat and Space42's equity in Equatys).
- 3
SpaceX finances its system internally from Starlink cash flows.
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Financing a Purpose-Built Constellation: AST SpaceMobile's Accounts
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