Not SpaceX: The Forgotten Satellite Stocks Quietly Plugging Into the Future of Space That Are Investible Today

© Courtesy of AST SpaceMobile While Starlink soaks up every space headline, two publicly traded satellite operators have quietly turned niche networks into real businesses. I’ve been tracking these names for years, and the setup in 2026 is the most interesting it has ever been: one is being acquired by Amazon (NASDAQ:AMZN | AMZN Price Prediction), the other is up triple digits year to date and barely talked about. Here’s how I’m thinking about the investable case for both. The backdrop matters. Global IoT connected devices were roughly 22 billion in 2025 and are forecasted to reach 47 billion by 2031, and the U.S. Space Force alone is putting $9.8 billion into Satellite Communication inside a $59.7 billion FY2027 space budget. Mega-constellations grab the spotlight, but specialized operators with licensed spectrum and defense ties are the picks-and-shovels layer underneath. Iridium: The Profitable L-Band Quiet Compounder Iridium Communications (NASDAQ:IRDM) runs the global L-band network that powers defense radios, aviation safety, maritime IoT, and now PNT services through its 2024 Satelles acquisition. The stock is up 200% year to date to $51.78, yet it still trades at a forward P/E of 47 on $876 million in trailing revenue. The story is government plus IoT. Engineering and Support for Government rose 10% in Q1 2026 to $39.47 million on Space Development Agency work, and commercial IoT data climbed 5% with the total subscriber base reaching 2.56 million. CEO Matt Desch said “we continue to invest in key areas of differentiation… including IoT, PNT, national security missions and aviation safety services.” You’d want to own Iridium if you believe defense spectrum and machine-to-machine connectivity become more valuable as constellations multiply. If you think mega-constellations commoditize satellite voice and data, the thesis weakens. Globalstar: Apple’s Silent Partner, Now Amazon’s Target Globalstar (NASDAQ:GSAT) is the satellite layer behind Apple (NASDAQ:AAPL)’s iPhone emergency SOS. In April 2026, Amazon announced a definitive merger at $90.00 per share, folding Globalstar into Amazon Leo’s direct-to-device ambitions. Shares closed at $84.21, up 350% over one year. The operating picture supports the premium. Q1 2026 revenue rose 17% to $70 million, with wholesale capacity services climbing to $46 million from $37 million and operating income up 196% to $8.17 million. CEO Paul Jacobs said the deal “validates the long-term strategy Globalstar has pursued for more than 30 years.” The risk is real: up to $110 million of merger consideration can be clawed back if operational milestones slip, and the spread to $90 is the trade. The Quiet Trade Behind the Loud One Starlink owns the narrative. Iridium and Globalstar own licensed spectrum, defense contracts, and embedded customer relationships that mega-constellations cannot replicate overnight. One is a cash-generative compounder; the other is a near-term arbitrage with optionality on Amazon’s roadmap. Both are publicly tradeable ways to plug a portfolio into space without paying the Starlink premium that does not yet exist on a ticker.