To The Moon

A Good Mystery Novel.

The relationship between $Apple(AAPL)$ and Starlink is a complex saga of :

• Strategic rivalry.

• Missed partnerships.

• Ever evolving satellite connectivity strategies.

The whole story is objectively summarized. Enjoy !

The Timeline

Satellite Ambitions (2015–2022):

Apple launched Project Eagle, an initiative to build its own satellite network, in partnership with $Boeing(BA)$.

Aim - to provide high-speed wireless internet directly to Apple devices, bypassing telecom providers.

The project faced significant regulatory hurdles and risked alienating key telecom partners like AT&T and Verizon.

Ultimately, Apple shelved the project and opted for a more cautious approach.

Musk’s August Proposal:

In the fall of 2022, as Apple prepared to launch its iPhone 14, Musk proposed a deal for Apple’s exclusive integrate with Starlink technology into its devices.

The Deal.

Musk’s offer was (1) a $5 billion upfront and (2) $1 billion annually after an 18-month exclusivity period.

“Fortunately”, Musk’s proposal came with a 72 hour ultimatum and a thinly veiled threat that if Apple refuses the deal, Musk will make Starlink, a direct competitor.

Sidetrack: The approach had Musk written all-over it, ie. self-centered, bullying and trying to ramp his way through.

Reminiscent of how he handled Twitter with reputation damage in the process and how DOGE disrupted regular working class citizens, firing them en-masse without regards.

The Decision.

Really it does not take much to deliberate, on a deal with red-flags written all over it.

Cook rejected the offer to:

• Maintain Apple’s independence.

• Avoid locking into reliance over a single provider.

Instead, Apple partnered with $Globalstar(GSAT)$ to provide limited satellite-based Emergency SOS features in its iPhone 14 launch.

The Partnership:

Apple partnered Globalstar for its satellite-based emergency SOS feature on iPhones, investing heavily in the latter’s network and infrastructure.

This was a safer, less disruptive alternative than (a) building its own satellite constellation or (b) integrating with ‘lunatic, temperamental” Musk.

Aggressive Reactions.

T-Mobile Partnership.

After Cook’s rejection, Musk swiftly partnered with $T-Mobile US(TMUS)$ to offer satellite-based SMS, calls, and internet to all smartphones, including iPhones on T-Mobile’s Band 25 spectrum.

The move made Starlink’s “Direct to Cell” technology available to iPhone users, but without:

• Apple-exclusive integration, (value elevation to brand Starlink)

• Direct payment from Apple to Starlink (data insight into Apple customers).

Strategically, the deal was inked right before iPhone 14’s official launch on 14 Sep 2022.

The tie up with T-Mobile directly challenged Apple's satellite strategy, offering broader connectivity (text, data, voice) vs Apple's limited emergency SOS feature.

Regulatory Sabotages.

Since 2022, SpaceX attempted several below-the-belt, vindictive tactics to undermine GSAT operation readiness, to get back or curtail Apple’s satellite connectivity ambitions.

(a) September 2022.

SpaceX filed for modifications to its license, to be able to make use of the 1.6GHz & 2.4GHz bands, that have already been allocated to GSAT and Iridium for satellite services.

GSAT opposed SpaceX’s requests, citing potential interference and defending its exclusive rights to the spectrum for Apple’s iPhone satellite features.

(b) Year 2024

• FCC rejects SpaceX’s bid: In March 2024, the FCC rejects SpaceX’s application to use the 1.6GHz and 2.4GHz bands, stating the bands are not available for new mobile satellite service (ie. Starlink) applications.

• Regulatory win: The decision supports Globalstar’s continued exclusive use of the spectrum, reinforcing its partnership with Apple

(c) Year 2025

SpaceX lobbies against Globalstar’s expansion:

In March 2025, SpaceX urges the FCC to block or delay Globalstar’s plans to launch a new satellite constellation (C3), claiming the application is premature and that the spectrum should be opened to all players.

SpaceX renews push :

On 11 June 2025, SpaceX re-filed new applications to the FCC for access to the 1.6GHz and 2.4GHz bands.

They argued the previous rejection was erroneous and that spectrum sharing would encourage competition.

The real reason for motion re-application was FCC’s regulatory environment has changed.

Brendan Carr has been promoted to chairman from commissioner, and he is a fan of SpaceX. This bias might give Starlink, an opening to gain access to the spectrum.

Carr has also talked up the need for the US to cement its leadership in satellite services, citing the threat of China. 

Regulatory battle rages on:

The FCC is considering and weighing options on opening the spectrum to more operators, while Globalstar defends its exclusive rights and warns against interference risks.

SpaceX pressured the FCC to block Apple's expansion of Globalstar-based satellite services, arguing Globalstar underutilized its spectrum licenses, a baseless allegation without supporting evidences.

This has delayed Apple's plans to move beyond emergency features to full internet services.

What’s Next.

The ball is in FCC’s court as the regulator deliberates over opening up the specific bandwidth to more operators.

It is worth pointing out that besides filing for entry into the “1.6GHz &2.4GHz bands“, Starlink is also suing for entry into $EchoStar(SATS)$ exclusive 2GHz spectrum access as well.

Monopoly in the making?

For the record, Starlink already have a lion’s share of the frequency bands.

These include:

• Ku-band (12–18 GHz): Used for traditional satellite-to-user communications.

• Ka-band (26.5–40 GHz): Used for higher-capacity data links.

• E-band (71–76 GHz and 81–86 GHz): Recently authorized by the FCC for use by SpaceX’s 2nd generation Starlink satellites, primarily for satellite-to-gateway (backhaul) communications.

• V-band (40–75 GHz): Planned for future use with next-generation satellites.

• W-band (75–110 GHz): Under consideration for future expansion.

Additionally, FCC has opened up significant new spectrum in the 17.3–17.8 GHz (17 GHz) band for non-geostationary satellites like Starlink, that is now being used for downlinking data from satellites to Earth, further increasing capacity and speed.

I wonder if US regulator - Federal Communications Commission (FCC) is consciously or unconsciously helping to create a Starlink monopoly?

This is definitely not what the role of a regulator should inch towards.

Stock Price Movement.

Over the past month, GSAT stock has surged from around $18.50 to over $23.40, reflecting strong upward momentum and significant gains.

However, it is still below its peak of $41.10 (re-calibrated peak after voluntary reverse stock split).

Technical Analysis - Moving average.

Looking at GSAT’s 20-day, 50-day & 200-day moving averages (MA):

• The stock is in a robust uptrend across all 3 moving averages horizon.

• Each MA currently acts as a support layer. Pullbacks toward the 20-day or 50-day MA may attract buyers, limiting downside risk

• With a 20/50-Day MA "Golden Cross Lite" crossover, suggests increasing momentum and usually precedes extended gains. (in principal theory, don’t quote me !)

• Above technical setup implies a high probability of near-term price appreciation.

The above is in lined with current market sentiments. Any change will have its corresponding effects.

GSAT - Indirect Benefits.

Despite Musk's pressure, Apple's reliance on Globalstar intensified:

Financial Investment:

• Since the partnership, Apple has committed $1.7 billion to Globalstar, including $1.1 billion for new satellites, to bolster its satellite network as a counter to Starlink.

Strategic Dependence:

• Regulatory hurdles from SpaceX's complaints forced Apple to deepen its partnership with Globalstar, accelerating deployment of their joint services.

Market Position:

• Globalstar gained leverage as Apple's sole satellite partner, with its stock emerging as a potential winner due to projected 9% revenue growth and insider confidence.

• In March 2025, GSAT’s director James Monroe purchased shares worth $7.4 million in the $21-$22.50 range.

• This followed a separate $6.8 million stock purchase by him, 3 months earlier in December 2024.

• Question is - where does this insider’s confidence stems from ?

When FCC’s decision is out it will either be the regulator preparedness to create a monopoly in Starlink OR accelerates GSAT’s services extension for Apple’s proprietary reach out to its customers.

It is a cat and mouse game, a dangerous one that FCC is threading on.

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• Do you think GSAT will continue to rise in July 2025 and the near term ?

• Do you think FCC will allow a monopoly to be borne out of Starlink OR will they execute their role of a regulator to the best of objective ability ?

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