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Globe says MDA adds $750M to Globalstar-Apple deal

2025-02-11 07:19 ET - In the News

See In the News (C-MDA) MDA Space Ltd

The Globe and Mail reports in its Tuesday, Feb. 11, edition that MDA Space has added $750-million to its contract to build satellites for Globalstar, a company backed by Apple, which is financing Globalstar's push into the telecom services sector. The Globe's Irene Galia writes that analysts anticipated the Monday announcement, as MDA had previously secured a $350-million contract for a first batch of satellites in 2022 and a new contract in 2023 from an undisclosed customer. That brings the total size of the contract to $1.1-billion. It will now manufacture more than 50 low Earth orbit satellites for Globalstar, a company competing with Elon Musk's Starlink for satellite-based services. Globalstar provides service for satellite phones, low-speed data transmission and Earth observation. Chief executive officer Mike Greenley says MDA Space is fully engaged in the growing satellite broadband and connected device markets. Mr. Greenley says the company has not yet seen any of its American buyers back off on deals in the pipeline, despite President Donald Trump's tariff threats. He adds, "All of our customer dialogue in the United States continues full steam ahead as this tariff conversation continues in the backroom."

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