# Who are Globalstar's customers? Who does Globalstar earn revenue from?
Canonical: https://valuechain.wiki/globalstar · Facet: customers · Updated: 2026-07-12T03:38:39.704+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Globalstar's confirmed revenue counterparties include Apple plus 1 undisclosed/aggregate relationship. Per the valuechain.wiki graph: 2 revenue edges, backed by 3 dated sources, 2 of them primary filings (as of 2026-07-12).

### Apple (high)  → /apple.md
- metric: Revenue share 63% · FY2025 · Wholesale capacity revenue $172.7M (all Apple); Apple holds 20% of Globalstar SPE
- note: Apple is 'the Customer' under the Updated Services Agreements (amended Oct 2024); its wholesale capacity purchases generated $172.7M, or 63% of Globalstar's FY2025 revenue. Apple also holds a 20% ($400M) interest in the Globalstar SPE and prepays the Extended MSS Network capex.
- [confirms] ZDNet Korea (KO, news, published 2026-04-19) https://zdnet.co.kr/view/?no=20260419140328: "Globalstar provides satellite services on iPhone and Apple Watch through a reservation with Apple, which holds a 20% stake in the company. ... this deal accounts for two-thirds of Globalstar's revenue."
- [confirms] U.S. SEC (EDGAR) (EN, filing, published 2026-02-27) https://www.sec.gov/Archives/edgar/data/1366868/000136686826000012/gsat-20251231.htm: "Wholesale capacity services $ 172,731 63 % ... the Customer under the Updated Services Agreements was responsible for 63%, 58%, and 49%, respectively, of our total revenue. ... the Customer purchased 400,000 Class B Units in the Globalstar SPE ... for $ 400 million, representing a 20 % equity interest."

### 아마존 (high)  → /amazon.md
- metric: acquisition value $11.6B · 2026-04 합의(완료 전) · Amazon definitive merger agreement ($90.00/share)
- note: On April 14, 2026 Amazon announced a definitive merger agreement to acquire Globalstar at $90.00 per share in cash or 0.3210 Amazon shares (about $11.6 billion). On closing, Globalstar L- and S-band spectrum and satellite assets fold into Amazon Leo, which takes over the iPhone and Apple Watch satellite services.
- [confirms] ZDNet Korea (KO, news, published 2026-04-19) https://zdnet.co.kr/view/?no=20260419140328: "Amazon, bidding $11.6 billion for Globalstar, seized the D2D business in one stroke, securing its spectrum and satellite assets and inheriting the D2D service intact."
- [confirms] U.S. SEC (EDGAR) (EN, filing, published 2026-04-14) https://www.sec.gov/Archives/edgar/data/1366868/000114036126014528/ef20070409_ex99-1.htm: "Under the terms of the merger agreement, prior to closing, Globalstar stockholders will elect to receive for each share of Globalstar common stock they own either (i) $90.00 in cash or (ii) 0.3210 shares of Amazon common stock with a value capped at $90.00 per share."

### 상업 IoT·SPOT 고객 (mid)
- metric: Revenue share 10% · FY2025 · Commercial IoT service revenue $27.3M
- note: Subscriber base for SPOT/Commercial IoT devices. FY2025 Commercial IoT service revenue was $27.3M (10% of total), the second-largest revenue source after Apple, with average subscribers up 6% YoY. No single non-Apple customer exceeds 10%.
- [confirms] U.S. SEC (EDGAR) (EN, filing, published 2026-02-27) https://www.sec.gov/Archives/edgar/data/1366868/000136686826000012/gsat-20251231.htm: "Subscriber services Commercial IoT 27,263 10 % ... No other customer was responsible for more than 10% of our revenue during these years."
- [confirms] U.S. SEC (EDGAR) (EN, filing, published 2026-02-27) https://www.sec.gov/Archives/edgar/data/1366868/000136686826000009/gsat20251231-ex991.htm: "IoT Growth Momentum: Commercial IoT average subscribers increased 6% year-over-year, while IoT hardware sales ... Total revenue was $273.0 million during the twelve months ended December 31, 2025."

Reverse side: https://valuechain.wiki/globalstar/suppliers.md · Ripple: https://valuechain.wiki/globalstar/ripple.md

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