Globalstar Defies Space Sector Selloff with Near-3% July Gain

In July, one space stock bucked the trend and rose nearly 3%, outperforming its peers. Globalstar (GSAT) was the standout performer among AST SpaceMobile, Rocket Lab, SpaceX, and others, which saw their values plummet by more than a third.

The company's resilience can be attributed to Amazon's $11.6 billion takeover agreement in April. This deal gave Globalstar a clear reference value and provided a significant boost to the stock's price.

Amazon's plans to use Globalstar's licensed spectrum for its 5,105-satellite direct-to-device network further solidified the company's position. The acquisition would grant Amazon control over Globalstar's spectrum, satellites, ground infrastructure, and direct-to-device experience.