Satellite Connectivity & Direct-to-Device

Kiatnakin Phatra Securities said in an analysis dated October 1, 2026, that over the next three to four years low-earth-orbit satellite services, especially Starlink, are unlikely to significantly affect the market share of ground-based telecommunications operators in ASEAN, due to network capacity constraints and prices that remain higher than terrestrial services. Starlink's monthly service fee in Malaysia is about 58% higher than comparable-speed ground broadband, and nearly four times higher in Vietnam. As for direct-to-device, or D2D, satellite-to-handset connectivity, Kiatnakin Phatra sees it serving more as a supplementary service than a replacement, with the potential to support average revenue per user, or ARPU, but over the longer term it will be necessary to watch competition from Starlink more closely, as network capacity will increase significantly by 2030 with the deployment of the Starship rocket and V3 satellites. Since SpaceX's initial public offering in mid-June 2026, about half of ASEAN telecom stocks under Bank of America's coverage have underperformed the market, which Kiatnakin Phatra attributes to factors other than concerns about LEO competition. Its top pick in the ASEAN communications sector is Advanced Info Service, or ADVANC, on the back of an appropriate dividend yield, alongside Globe Telecom, or GLO, Indosat-Hutchison, or ISAT, SingTel, and PT Telkom, or TLKM. Starlink currently operates in Indonesia, Malaysia, the Philippines, Singapore and Vietnam, but has not yet launched in Thailand because of a rule limiting foreign shareholding in entities granted rights to use ground stations to no more than 49%. OneWeb has already offered fixed broadband services in Thailand since 2025, and Amazon LEO plans to launch services in Indonesia and Thailand in the future.

Elon Musk mocked Delta Air Lines' in-flight internet on Tuesday, joking that the carrier's connectivity could serve as an artificial-intelligence containment system, after warning Delta could lose customers for choosing Amazon's Leo over Starlink. "Best way to sandbox an AI is to put it on a Delta flight – it will have no chance of accessing the Internet!" the SpaceX CEO wrote on X. The jab followed his public prediction that Delta CEO Ed Bastian would "lose his job" over reported remarks suggesting the airline rejected Starlink partly because it did not want to work with Musk, comments Delta has not confirmed. Delta chose Amazon Leo instead and will begin installing the service on 500 aircraft in 2028, integrating it with Delta Sync; Bastian called it "the fastest and most cost-effective technology available." Delta says its existing free Delta Sync Wi-Fi, presented by T-Mobile, reaches more than 1,200 aircraft and has logged more than 160 million customer sessions since launch, while American Airlines plans to install Starlink on more than 500 narrowbody aircraft beginning in 2027.

SES and Sky have signed a new multi-year agreement extending their long-standing partnership for direct-to-home satellite services across the United Kingdom and Republic of Ireland, running into the next decade. Under the deal, Sky will continue to use SES satellite capacity at the 28.2 degrees East orbital position to deliver television services to millions of households in the region. The renewal extends a partnership that dates to 1988 and reinforces satellite's ongoing role in delivering premium television experiences at scale. Sky Group Chief Operating Officer Nick Herm said satellite continues to play an important role in how the company delivers services to customers across the UK and Ireland, while SES President Media Vertical Deepak Mathur called the significant multi-year renewal a demonstration of the confidence leading broadcasters continue to place in satellite. SES is headquartered in Luxembourg and listed on the Paris and Luxembourg stock exchanges under the ticker SESG.

Tianyin Electromechanical has established a satellite testing service company. Qichacha app shows that Foshan Tianyin Satellite Testing Service Co., Ltd. was recently incorporated, with a business scope including satellite navigation services, satellite communication services, engineering and technical research and experimental development, and information system integration services. Qichacha equity penetration shows that the company is wholly owned by Tianyin Electromechanical.

Thaicom Public Company Limited, or THCOM, has announced its renaming to Gulf Space Technology Public Company Limited, with the name change effective from September 17, 2026. Its stock ticker on the Stock Exchange of Thailand will change from THCOM to GST starting September 28, 2026. The company said the renaming reflects its long-term business direction of expanding its role from a communications satellite service provider to a space technology service provider, in order to capture business opportunities in the modern space economy. Dr. Piyawat Jariyasetthapong, Chief Executive Officer of Gulf Space Technology Public Company Limited, said the company will build on its expertise in satellite communications to move into space data services and digital infrastructure, while developing its capabilities in line with the growth of the space industry and creating new long-term business opportunities. The company also aims to support Thailand in managing critical data domestically through Thai infrastructure and service providers efficiently. Those interested in further information can visit the company's new website at www.gulfspacetech.com

Iridium Communications stockholders voted overwhelmingly to approve the company's previously announced merger with Rocket Lab Corporation, clearing a key milestone in the deal. At a special meeting held today, approximately 99.6% of the votes cast were in favor of the transaction, representing approximately 81.0% of Iridium's outstanding shares of common stock entitled to vote. Under the terms of the agreement, Iridium stockholders will receive $27.00 in cash and a number of shares of Rocket Lab common stock calculated pursuant to an exchange ratio, subject to a collar, for each share of Iridium common stock outstanding at closing, giving the transaction a notional value of $54.00 per Iridium share. Iridium CEO Matt Desch called the vote an important milestone toward bringing together two companies with complementary capabilities, while Rocket Lab Founder and CEO Sir Peter Beck said it moves the pair closer to creating a next generation space powerhouse. The transaction is expected to be completed by mid-2027, subject to remaining required regulatory approvals and other customary closing conditions.

SES has commenced construction of a new satellite manufacturing facility in Kockelscheuer, Luxembourg, marking a major milestone in the company's vertical integration and business model evolution. The 16,000m² facility, expected to open in 2028, will include advanced engineering, manufacturing and testing facilities, office space and supporting infrastructure, with project CapEx covered under SES' CapEx guidance. It is being developed in collaboration with project partners CDCL Group and POUDRERIE de LUXEMBOURG (ParcLuxite) and sits at the center of Luxembourg's effort to build and scale a dedicated Space Campus. The site will support development of SES' next-generation medium Earth orbit network, meoSphere, and contribute to Europe's IRIS² program through payload development and satellite assembly, integration and testing. Luxembourg Prime Minister Luc Frieden called the facility a bold affirmation of the country's leadership in the space sector, while SES CEO Adel Al-Saleh said it builds on progress already made with the company's pilot line and R&D facility.

SpaceX's AI computing division has signed a string of major customer contracts worth a combined $3.4 billion per month, or $40.8 billion annually, after Michael Burry argued the company's IPO filing justified nothing close to a $1 trillion valuation. Anthropic agreed to pay SpaceX $1.25 billion per month for computing power, while Alphabet's Google signed a deal worth $920 million monthly, with Reflection AI and a still-unidentified customer adding another $150 million and $1.11 billion per month respectively. The contracts follow Burry's criticism of the company, which went public at $1.8 trillion in the largest debut in history, as a mix of a small space business, a niche telecom business, a struggling social media platform and "CoreWeave-light." SpaceX spent $15.8 billion on AI infrastructure in the second quarter alone and the division remains unprofitable, while the leases carry unusually short 90-day termination provisions that give customers an easy exit. Burry's broader argument that AI compute will eventually be commoditized still stands, and SpaceX's space launch business and Starlink must also succeed to justify its current $2 trillion price tag.

Cathie Wood's ARK Invest bought 359,612 shares of Rocket Lab across three exchange-traded funds for about $25.1 million, while selling 16,422 shares of Alphabet valued at roughly $5.8 million through two funds, in trades disclosed Tuesday. The Rocket Lab buying follows the company's recently completed $1.944 billion share offering to finance its planned acquisition of Iridium, which is targeted to close in mid-2027. Rocket Lab is also approaching the expected debut of its larger Neutron rocket, and the Iridium deal would add satellite communications operations and recurring revenue streams as the company expands beyond launch services. Alphabet shares fell more than 1% Tuesday, while Rocket Lab climbed nearly 3%. The trades do not explain ARK's reasoning and show a continued increase in its Rocket Lab exposure alongside a smaller reduction in Alphabet.

After market close on September 23, Sunwave Communications disclosed its 2026 plan to issue A-shares to specific investors, aiming to raise no more than 992 million yuan in total. The offering targets up to 35 specific investors, with the issue price no lower than 80% of the average trading price of the company's A-shares over the twenty trading days before the pricing base date, and the number of shares issued not exceeding 30% of the company's total share capital before the issuance. The plan still requires approval from the shareholders' meeting, review by the Shenzhen Stock Exchange, and registration consent from the China Securities Regulatory Commission before implementation. After deducting issuance expenses, all proceeds are planned for three projects. The satellite-terrestrial integrated communications system project has a total investment of 699 million yuan, with 600 million yuan of raised funds allocated, accounting for about 60% of the total proceeds and becoming the core highlight of this offering. The next-generation communications technology research and development project has a total investment of 107 million yuan, with 95 million yuan of raised funds planned. An additional 297 million yuan of raised funds is earmarked for replenishing working capital and repaying interest-bearing debt. The satellite-terrestrial integrated communications system project has a construction period of three years, with Sunwave Communications as the implementing entity, located at 581 Huoju Avenue, Binjiang District, Hangzhou, Zhejiang Province. Equipment investment totals 600 million yuan, covering base stations and radio frequency equipment, core network and software platforms, satellite backhaul terminals, WiFi access and terminal equipment, among others. The company's net cash flow from operating activities in 2025 was negative 136 million yuan, short-term borrowings rose 285.33% year-on-year to 596 million yuan, and as of June 30, 2026, its asset-liability ratio stood at 54.52%.

On the evening of September 23, multiple listed companies on the Shanghai and Shenzhen stock exchanges issued important announcements covering major project investments, private placements, overseas contract wins, and shareholder stake increases. Southeast Space Frame announced that its subsidiary Shanghai Southeast Haoxue Culture and Sports Development Company will serve as the main entity to invest in and build the Shanghai Songjiang ice and snow sports complex, with a total investment of approximately 3 billion yuan. Once completed, it is expected to become the preferred international-level event hosting base in Shanghai and the broader Yangtze River Delta, filling the gap in Shanghai's ice and snow event venues. Sanxing Electric's wholly owned subsidiary Ningbo Aux Intelligent Technology Company won the bid for a U.S. data center energy storage oil transformer project, with a total contract value of 132 million U.S. dollars, equivalent to approximately 885 million yuan, accounting for 6.16 percent of the company's audited operating revenue for 2025. Sunwave Communications plans to raise no more than 992 million yuan through a private placement for a satellite-terrestrial integrated communication system project, next-generation communication technology research and development, working capital replenishment, and repayment of interest-bearing debt. Xinhua Chemical plans to issue convertible bonds to raise no more than 900 million yuan for projects including the expansion of 50,000 tonnes of isopropanol, 3,500 tonnes of isopropyl ether, and a 200-tonne propane technical upgrade. In addition, Shandong Road and Bridge's controlling shareholder Shandong Hi-Speed Group and its concert parties plan to increase their shareholding in the company within six months, with a total increase of no less than 450 million yuan and no more than 900 million yuan. Hangyang Company plans to invest 50 million yuan to participate in the investment of Xinghuan Juneng, acquiring a 0.66 percent equity stake and substantively participating in the field of controllable nuclear fusion.

Sidike announced on the evening of September 23 that it plans to invest 1.652 billion yuan to build an expansion project with annual capacity of 103,000 tonnes of high-end functional BOPET base film, with products mainly suited to microelectronics MLCC manufacturing and other fields. On the same day, Sunwave Communications plans to raise no more than 992 million yuan through a private placement for projects including an integrated satellite-terrestrial communication system; Hangyang plans to invest 50 million yuan in Xinghuan Juneng; and Sanxing Electric's subsidiary won a 132 million US dollar contract for a US data centre energy storage oil-immersed transformer project. Shandong Hi-Speed Road and Bridge Group's controlling shareholder and persons acting in concert plan to increase their shareholding by 450 million to 900 million yuan, Anges' actual controller proposed a share buyback of 35 million to 70 million yuan, and ST Yilianzhong will have its other risk warning removed from September 28 and will suspend trading for one day on September 24. On that day, institutional research reports issued a total of 21 buy-type rating records covering 21 stocks, of which 5 stocks have upside potential exceeding 20 percent, with TCL Technology having the highest upside potential at 62.27 percent.

Rocket Lab has secured $1.94 billion through an at-the-market share sale to fund its planned Iridium acquisition, replacing a planned $3.6 billion bridge facility and reducing its need for debt financing at the cost of a higher share count. The company also added to its order pipeline with a $190 million award for 20 HASTE hypersonic test flights and a separate $266 million Space Force contract covering at least 12 suborbital missions, and it was selected by Viasat to provide a satellite bus for a protected communications program. Rocket Lab has completed 96 Electron launches, including 17 missions this year. Raymond James initiated coverage with an $80 price target, citing growth opportunities and a potential path toward positive EBITDA and free cash flow by 2027 or 2028, though the company still reports negative free cash flow and operating losses. Shares climbed about 2% Tuesday as investors weighed the defense awards, satellite work and financing progress.

Wall Street analysts expect SpaceX's artificial intelligence business to generate $275 billion in annual revenue by 2030, up from an annual run rate of about $10.2 billion after the segment posted $2.6 billion in the quarter ended June 30. That AI figure is a sub-component of the company's overall revenue, which SpaceX aims to lift to a $100 billion annualized run rate by the end of this year; by 2027, analysts forecast AI revenue alone will top $67 billion. For now, the connectivity segment that includes Starlink remains the largest piece of the business at $4.3 billion last quarter, while the space business generated $962 million. SpaceX, which went public a few months ago and carries a valuation of around $2 trillion, remains unprofitable, posting a net loss of $541 million last quarter, an improvement from the $1 billion loss a year earlier. CEO Elon Musk has previously projected the company could generate as much as $1 trillion by 2030, a target that appears unlikely unless AI or the other units grow faster than analysts expect.

Industry analysts are discussing a potential merger between Space Exploration Technologies and Tesla that could combine the two groups under one entity. Commentary from these experts points to rising confidence that a deal could be structured to pool Tesla's AI and manufacturing with SpaceX's launch and satellite operations, including Starlink. If completed, the proposed tie up is being framed as capable of creating the world's largest listed company by market value. Space Exploration Technologies runs a global satellite-based broadband network, so any tie up with an electric vehicle and AI powerhouse would potentially link a US$2.1 trillion telecom operator directly with automotive, energy and software demand for high bandwidth connectivity. The key proof point from here is execution on joint AI and connectivity projects that both sides are already talking about, including orbital data centers and direct Tesla demand for Starlink and compute capacity, together with any concrete merger terms that clarify how capital, debt and governance would work inside a single structure.

Raymond James launched coverage of Rocket Lab Corporation on September 11 with an Outperform rating and an $80 price target, implying roughly 29% upside from current levels. Analyst Brian Gesuale framed Rocket Lab as an emerging, vertically integrated space platform spanning launch, spacecraft, components, payloads and optical communications, and projected a path to positive adjusted EBITDA and free cash flow by 2027-2028. The firm flagged two upside drivers beyond the core launch business: Neutron, Rocket Lab's medium-lift reusable rocket, which is now under testing with launch pad delivery scheduled for the fourth quarter and is expected to expand its addressable market in 2027, and its push into satellite operations and optical communications through its completed $155.3 million purchase of Mynaric in April 2026 and its pending roughly $8 billion acquisition of Iridium Communications, which would bring Iridium's operating satellite network, L-band spectrum and more than 2.55 million billable subscribers. Raymond James also cited substantial execution risk, including aggressive Street gross-margin assumptions, the complexity of transitioning Neutron from development to commercialization, and the integration risk of absorbing both Iridium and Mynaric, with the Iridium deal still seeking regulatory approval. On the launch side, Rocket Lab completed its 16th Electron mission of 2026 on September 11, launching an Earth-observation satellite into a 500-kilometer low-Earth orbit for a confidential customer from Launch Complex 1 in New Zealand, and added another Electron mission on September 19 to reach 96 total launches, closing in on its annual record of 21 set in 2025. Institutional ownership rose from 43 funds in the first quarter to 52 in the second for Rocket Lab, and from 31 to 37 for Iridium.

Elon Musk declined to rule out a merger of Tesla and SpaceX when asked at the All-In Summit in Los Angeles on September 14 why the two companies remain separate, saying "who can imagine what action one might take when there's so much close collaboration in so many areas," and shares of Tesla, Inc. (NASDAQ:TSLA) and Space Exploration Technologies Corp. (NASDAQ:SPCX) rose overnight ahead of the September 15 session. It was at least the second such non-answer in two months, after Musk said on Tesla's second-quarter results call in July that the companies have "more and more overlap" and that any combination "has to be done with the appropriate process." Wall Street has engaged with the idea: Jefferies calculated Musk would retain approximately 55.3% voting control in a deal finalized without a merger premium, and JPMorgan called the acquisition "strategically coherent on paper." The overlap is concrete, including Terafab, a joint semiconductor venture between Tesla, SpaceX, xAI and Intel whose public filings contemplate up to approximately $119 billion of investment across four phases, plus Grok integration into Tesla vehicles and Starlink connectivity in the Cybercab. Skeptics note both stocks fell nearly 2% on September 14 before the overnight rally, and that Musk has yet to confirm any mechanism, timeline or formal process, with no sign either board has begun to act.