The satellite industry is mid-wave in a consolidation cycle with two distinct logics that look similar (M&A) but point opposite directions strategically: SCALE plays (same-layer roll-ups chasing spectrum/subscriber mass — Amazon- Globalstar) and VERTICALIZATION plays (cross-layer integration collapsing launch+manufacturing+operations into one balance sheet — Rocket Lab-Iridium, MDA Space's chip-to-bus-to-data-product build-out, SpaceX's own stack).
SES's own Intelsat acquisition was the scale logic. The wave is not over: the market is actively pricing Viasat as the next target ("the last major global satellite spectrum play"). Which logic wins more often is itself a signal about where the industry's real bottleneck sits: spectrum scarcity favors scale bets, while a launch/manufacturing bottleneck favors verticalization.
(a) a wave of scale-only roll-ups with no verticalizing acquirer for 2+ consecutive quarters
Rocket Lab-Iridium cleared HSR and filed its S-4 (Aug 12-13), closing most of the regulatory-pace gap this dossier flagged against Amazon-Globalstar — while Telesat's own Q2 print reverses this dossier's prior read that the DND Arctic win de-risked its Dec 2026 GEO maturity: a legacy-GEO liquidity story distinct from, and no evidence against, the verticalization thesis itself
| Segment | SES | Intelsat | Eutelsat | Viasat | Telesat |
|---|---|---|---|---|---|
| Government | +17.1% (+7.2%) | -0.9% (+5.5%) | +26.2% (+25.1%) | +9.2% | — |
| Networks | +10.3% (+2.9%) | +0.2% (-5.2%) | +2.7% (+43.2%) | -2.1% (-2.1%) | -32.4% (-25.5%) |
| Mobility | +9.5% (+5%) | +14% (-12.1%) | -4.7% (+45.9%) | +4.1% | — |
| Fixed Data | -4% (-7.4%) | -18.8% (-3.7%) | -8% (+57.1%) | -16.4% | — |
| Video / Media | -12.1% (-5.5%) | -6% (-3.1%) | -6.4% (-6.2%) | — | -37.2% (-15.2%) |
Globalstar's own Aug 16 release said "All 8," implying complete; Rocket Lab's own release — the satellites' manufacturer, under a named $143M MDA-Space subcontract — called the same 8 satellites "the first batch in a constellation of 17 platforms." Globalstar's Aug 18 DEFM14C narrows the second launch to Q3 2026 and confirms no shareholder vote is needed; 2027 close reiterated — mechanics in TRACKED SERIES.
Plan mechanics are known — DBS notes reinstate at par under the RSA, a Claims Trust routes the $8.8B DNC claim to 2028/2029 noteholders, EchoStar remains the $300M stalking-horse bidder — TRACKED SERIES. Crown Castle ($3.5B) and American Tower (~$2B) won discovery, resolving the multi-cycle "unreported outcome" gap this dossier had carried. Separately, Ergen's CONX is acquiring a controlling MobileX stake (~$200M) — a third MVNO alongside Boost — while EchoStar still declines to fund a Hughes rescue.
(S-4 not yet effective, vote date unset), but Rocket Lab's own Q2 print — record $234M revenue, $2.36B backlog — closed two further acquisitions (Mynaric, Motiv) alongside GEOST's Heimdall payload feeding a new USSF GEO contract, a serial-M&A pattern paralleling MDA's own. MDA-BCT CFIUS clearance remains unconfirmed. Telesat, Hughes, Eutelsat, Viasat/Equatys, and Bromo are otherwise unchanged from 08-14.
Threads: "Satellite consolidation wave" (renamed from "GEO consolidation wave" 2026-07-05), "Rocket Lab / Iridium (post-acquisition)" and "O3b mPOWER sovereign pipeline" (gov-pipeline competitor read-across), "2 GHz MSS / COM(2026)311 final" (SpaceConnect concentration, EchoStar/Hughes bid- credibility — full detail in the mss-2ghz-spectrum dossier).
Every SES assumption about "who else can credibly serve government SATCOM" needs updating each time this wave adds a vertically-integrated competitor; this run adds two read-across points at once.
MDA's defense-prime footprint makes it a credible, growing multi-domain government-SATCOM competitor across Canada/US/Japan, relevant to SES/GovSat's own sovereign-defense positioning beyond the Telesat-Lightspeed read-across.
Telesat is now two distinct read-across points that must not be conflated: the Lightspeed/DND side strengthens a competitor's sovereign-defense franchise, while the GEO legacy side shows the same acute liquidity gap this desk has tracked at Hughes and DISH DBS.
The UHF/X-band MEO piece specifically is weaker evidence for SES's own multi-band meoSphere case than this dossier previously carried — a sovereign demand signal, not validated competitive capability.
EchoStar's post-AT&T recapitalization still strengthens its 2 GHz bid on paper, but the DISH Wireless stalking-horse posture adds a governance/capital-allocation data point for any counterparty weighing bid credibility. A recapitalized Eutelsat is a healthier direct competitor than the distress narrative implied six months ago. Viasat's break-up decision reads as still 1-2 quarters out, not imminent. MDA's CLS acquisition sharpens the overlap with SES's own O3b mPOWER data-adjacency ambitions — track alongside "Space-data / multi-mission platform."
Trust 8-K/SEC-filed and company-own-IR deal terms over analyst framing on valuation and rationale; the "last spectrum play" framing on Viasat is market narrative, not a confirmed event. Standing lesson from 07-23, logged in SUPERSEDED: when a brief relays a balance-sheet figure, whose balance sheet it is belongs in the claim. New form this run — currency, not just entity: MDA's Aug 7 call restated the March-priced CLS equity offering (per TRACKED SERIES) as a larger CAD figure for the identical raise; the two reconcile cleanly at the CAD/USD rate, not a second raise — a number that would have looked contradictory on a less careful read.
New: MDA's own BCT revenue-contribution and pipeline-addition figures shifted between two primary disclosures seven weeks apart without reconciliation. Both are MDA's own numbers, not secondary drift — a named open item; watch the Q4 2026 close disclosure for which figure MDA finalizes.
The Viasat Equatys data point is a second instance of a pattern first named 08-07 — Hughes' lease/dividend figures, per TRACKED SERIES: a DEMOTED-tier, single-effectively-sourced claim (Aug 5-6 Space Intel Report/@pbdes) turning out directionally correct once a primary document (Viasat's own Aug 4 call) appeared. Lesson: hold a DEMOTED-sourced claim as a live lead worth chasing to primary confirmation, not noise to discount — two-for-two now.
New, and the sharpest lesson this run: this dossier's own 08-07 claim that Telesat's DND contract "materially de-risk[ed] the $1.7B Dec 2026 GEO wall" was superseded — a self-inflicted instance of the "whose balance sheet" error, one level subtler — not attributing a figure to the wrong entity, but conflating future backlog revenue (LEO/Lightspeed silo) with present cash against a near-dated maturity (GEO silo, non-guarantor-insulated from LEO, a separation this dossier had documented since 07-18). A large contract announcement is evidence of franchise value, never near-term liquidity, for any operator running silo'd debt — check the cash/backlog distinction before crediting a new contract against an existing maturity.
Counsel-retention stories deserve caution: "Hughes bondholders retained Jones Day" was re-reported as fresh news despite likely dating to 2024.
New: on the HIBLEO-4 satellite-count dispute, the manufacturer's own release (Rocket Lab, under a named dollar contract) proved more reliable than the operator's own "All 8" framing (Globalstar) — the operator's language read as complete but wasn't addressing a merger closing condition at all, while the manufacturer's framing matched the program-total figure this dossier had carried since the original pre-launch coverage. When a component count from two primary sources conflicts, weight the party under contract to build the stated total, not the party whose release reads as a completion announcement.
Bromo/Space42 sourcing and Farrar/Rayal calibration are unchanged. The regulatory-pace comparator seeded 08-09 resolved fast: deal-structure complexity, not which logic wins, drove the earlier HSR/S-4 gap.
New: the DISH Wireless confirmation-hearing gap that sat "unreported" across four brief cycles (08-17 through 08-20) wasn't a docket lag — EDGAR, CourtListener, and bondoro.com's own mirror genuinely had nothing new because the news was in bankruptcy trade press (Inside Towers, broadbandbreakfast, Octus), not the docket itself, which a WebSearch this run reached directly. Lesson: a "clean negative" from the docket mirrors on an actively-contested Chapter 11 doesn't mean nothing happened — check trade press covering the specific court/beat before calling a live adversarial proceeding unmoved.
Which of Farrar's four Viasat/Equatys scenarios plays out (self-fund, AST L-band tie-up, Ligado-style lease-with-clawback, or sale to AST)? Dankberg is still "holding up for" an undated funding announcement.
Resolves whenthe funding announcement, or a DAT-separation decision.
[NARROWED] With HSR/FCC-transfer/S-4-filing all cleared, does Rocket Lab-Iridium close by the 2027-06-28 outside date? Open: S-4 effectiveness and a stockholder-vote date (neither set), whether the $1.94B ATM substitutes for the bridge loan's cash draw, and Iridium's EMSS renewal (by March 2027).
Resolves whenS-4 effectiveness notice, vote-date proxy, ATM drawdown disclosure, EMSS award.
Does SpaceConnect issue any statement on the Iridium transfer or adjust its WRC-27 posture as membership concentrates? Still silent.
Resolves whena SpaceConnect statement, or a changed WRC-27 filing.
Is there a further scale-vs-verticalization data point brewing beyond Viasat? Farrar's unconfirmed Jul 18-19 AST launch-company speculation remains intent-language only.
Resolves whena named rumor/approach in comms-constellation M&A.
[NARROWED] Does Hughes' Chapter 11 trigger the EC material-change disclosure on EchoStar's EU 2 GHz MSS application? Unchanged — EchoStar Corp/EchoStar Global (SIRION-1) remain non-filing entities.
Resolves whenEchoStar's EU filings; any EC statement.
Does Hughes' Chapter 11 produce a reorganization plan confirming the stated enterprise/government/defense pivot? No DIP order or RSA on the docket.
Resolves whendocket 26-90739; EchoStar 8-Ks.
Does Bromo's EU review escalate to Phase 2, and does the H2-2027-or-later timeline hold once formally filed? No movement.
Resolves whenEU Commission notification date, Phase 1/2 designation.
Does Telesat reach a consensual GEO refinancing before the Dec 2026 maturity, or does the process the CEO denied (Chapter 11) become live? Includes the still-unidentified July 27 court filing.
Resolves whenQ3 2026 call, the $120M term loan's terms, any RSA/court filing.
Does the Special Committee (Horton, Buenzow, Kirkland & Ellis) produce an actual fraudulent-transfer/fiduciary-duty claim against EchoStar or named individuals (incl. Ergen)? No docket movement.
Resolves whendocket 26-90739 filings; EchoStar 8-Ks.
Does MDA's BCT acquisition clear CFIUS before the targeted year-end close? STRUCTURAL DYNAMICS has process detail; no clearance confirmed.
Resolves whenCFIUS clearance/notice, MDA 8-K.
[NARROWED 2026-08-23] With confirmation now targeted for Nov 12 or Dec 2 (TRACKED SERIES), does the tower-claims dispute (Crown Castle $3.5B, American Tower ~$2B) litigate first — pushing to the later date — and does EchoStar's $300M stalking-horse bid survive that fight unchallenged?
Resolves whenthe court's tower-claims scheduling order, or the confirmation hearing itself.
Does CONX's ~$200M MobileX acquisition close, and does a three-carrier-network MVNO footprint (Boost + MobileX) change Ergen's calculus on funding a Hughes rescue or the DISH Wireless bid?
Resolves whenCONX/EchoStar 8-K, deal-closing announcement.
Complete append-only series — 116 readings, 14 Feb 2025 → 17 Aug 2026. Rows never change once added; the time series is the evidence base. Each row number is a permanent link — click it to copy a link straight to that reading.
| # | Date | Metric | Value | Source |
|---|---|---|---|---|
| 1 | 2026-04 | Amazon-Globalstar deal value | $11.6B | brief 2026-06-30 |
| 2 | 2026-06-29 | Rocket Lab-Iridium deal value | $8.0B | brief 2026-06-30 (8-K) |
| 3 | 2026-06-29 | Rocket Lab-Iridium expected close | mid-2027 | brief 2026-06-30 |
| 4 | 2026-06-29 | VSAT price reaction | +24% same-day | brief 2026-06-30 |
| 5 | 2026-06-24 | SpaceConnect founding members | 4 (Amazon, Iridium, Telesat, Globalstar) | brief 2026-06-25/26 |
| 6 | 2027 (est) | SpaceConnect post-close balance sheets | ~3 (Telesat, Amazon+Globalstar, RocketLab+Iridium) | brief 2026-06-30, projected |
| 7 | 2026-06-29 | Rocket Lab-Iridium consideration | $27.00 cash + 0.2400-0.4000 RKLB shares/Iridium share (collar $67.50-$112.50 RKLB) | 8-K 0001104659-26-078482 (dossier run 2026-07-12) |
| 8 | 2026-06-29 | Rocket Lab-Iridium termination fee | $223.62M | 8-K 0001104659-26-078482 (dossier run 2026-07-12) |
| 9 | 2026-06-29 | Rocket Lab-Iridium outside date | 2027-06-28, extendable to 2027-09-28 then 2027-12-28 | 8-K 0001104659-26-078482 (dossier run 2026-07-12) |
| 10 | 2026-07-02 | Iridium acquires remaining 61% of Aireon | $366.7M (50% cash/50% interest-free 1yr seller note secured on Aireon equity) + assumed $154.7M Aireon credit facility (SOFR+6.25%) | 8-K 0001104659-26-081335, filed 2026-07-07 (dossier run 2026-07-12) |
| 11 | 2026-07-06 | Iridium exec retention bonuses (Rocket Lab-close-contingent) | CFO O'Neill $409,999.98; CLO Morgan $873,036.32; 60%/40% vesting at close/+6mo | 8-K 0001104659-26-081335 (dossier run 2026-07-12) |
| 12 | 2026-07-07 | EchoStar: Akhavan resigns all EchoStar/Hughes posts; Ergen takes direct Hughes control | 8-K items 5.02+8.01, accession 0001104659-26-080994 | brief 2026-07-09 |
| 13 | 2026-08-01 (NET) | Hughes Network Systems senior secured notes maturity | $1.5B due; ~$102M EchoStar group cash on hand; Jones Day retained by bondholders | brief 2026-07-07/08/09 |
| 14 | 2026-07-08 | Telesat-Canadian Armed Forces ESCP-P Arctic Mil-Ka | agreement in principle (definitive contract pending, value undisclosed); coverage 65-90°N; Lightspeed global service reaffirmed on track Q1 2028 | 6-K 0001213900-26-076187 (dossier run 2026-07-12) |
| 15 | 2026-07-09 | Telesat board change | Ralph "Cody" Kittle (MHR Fund Management nominee) replaces ~19yr director Michael Targoff | 6-K 0001213900-26-076539 (dossier run 2026-07-12) |
| 16 | 2026-07-09 | MDA Space acquires CLS (French EO/ocean-data analytics, Copernicus contracts) | deal value undisclosed in sweep | brief 2026-07-11 (SpaceNews) |
| 17 | 2025-10-23 | Project Bromo MoU signed (Airbus DS/Thales Alenia/Leonardo Space) | ownership Airbus 35% / Thales 32.5% / Leonardo 32.5%; ~€6.5bn combined 2024 revenue; ~25,000 employees; excludes launch vehicles (ArianeGroup) | dossier run 2026-07-18 (SpaceNews, europeanspaceflight.com) |
| 18 | 2026-06-22 | OHB SE capital raise (Bromo-adjacent competitive response) | target up to €510.7M upsized to ~€900M; €300/share, subscription period to 2026-07-08; reduces KKR (Orchid Lux HoldCo) stake; proceeds incl. "strategic M&A and partnerships" + launch-vehicle/infrastructure investment | OHB SE ad-hoc announcement 2026-06-22 (dossier run 2026-07-18) |
| 19 | 2026-06-25 (as of) | Project Bromo EU antitrust filing status | not yet formally notified to the Commission; companies' own execs estimate clearance "up to two years," decision not expected before H2 2027 | dossier run 2026-07-18, MEDIUM confidence (grosswald.org 2026-06-25, partially corroborated by SpaceNews exec quote and europeanspaceflight.com) |
| 20 | 2026-07-06 | Eutelsat "Next" NGSO filing (WorldVu Satellites Ltd, FCC) | 528 satellites, 22 sats × 24 planes, 1,220km altitude (matches OneWeb), Ku-band ISLs + Ka-band gateway links; additive to existing 440-sat Airbus OneWeb replenishment order | dossier run 2026-07-18 (fcc.report IBFS record; Advanced Television, DataCenterDynamics) |
| 21 | 2026-07-09 | MDA Space-CLS transaction, priced | ~70% stake for ~€567M cash (~C$920M); ~€1B implied enterprise value; CNES retains ~30%; +€198M contingent if CLS debt unrefinanced at closing; funded via upsized $819M (23M sh @ $35.60) MDA equity offering; targeted close late 2026/early 2027 | dossier run 2026-07-18 (MDA Space press release, Bloomberg, stocktitan) |
| 22 | 2026-06-29 | Rocket Lab-Iridium bridge financing | $3.6B, 364-day senior secured bridge term loan committed by Deutsche Bank + Wells Fargo, to fund cash consideration pending permanent debt/equity financing | SEC Form 425 (dossier run 2026-07-18) |
| 23 | FY2025 | Combined Iridium + Rocket Lab government-revenue mix (derived) | Iridium $871M rev (29% govt ≈ $253M) + Rocket Lab $601.8M rev (~47% federal ≈ $283M) = ~$1.47B combined rev, ~$536M (~36%) government/federal-sourced | dossier run 2026-07-18, derived (Washington Technology, company FY2025 disclosures) |
| 24 | 2026-07-17 | Hughes/EchoStar Aug 1 maturity status, T-15d | still unresolved; Jones Day retained by bondholders (confirmed 07-06/07); Hughes Satellite Systems explicitly NOT part of the separate DISH DBS Chapter 11 (filed 2026-06-30, S.D. Texas 26-90627) | dossier run 2026-07-18 (SpaceNews, Seeking Alpha, gurufocus) |
| 25 | 2026 Q1 | Telesat GEO debt classified as current liability | ~$2.4B (Term Loan B + 2026 Senior Secured Notes); refinancing talks with lenders' advisors ongoing, "no assurance" of success; LEO/Lightspeed entities are non-guarantors of this GEO debt | dossier run 2026-07-18 (Telesat 20-F/6-K via stocktitan) |
| 26 | 2026 Q1 | Telesat Lightspeed cumulative capex | ~$2.7B to date ($171M invested in Q1 2026) | dossier run 2026-07-18 (Telesat Q1 2026 results) |
| 27 | 2026-03-31 (as of) | HSSC cash vs Aug 1 maturity (primary composition) | $102M cash + marketable securities is HSSC's OWN "Cash on Hand" (not an EchoStar-group figure) vs $1.5B due Aug 1 = $750M 5.25% senior secured + $750M 6.625% senior unsecured notes; going-concern substantial doubt disclosed; "EchoStar may or may not provide additional liquidity" | PRIMARYHSSC 10-Q (CIK 1533758), filed 2026-05-13, read direct (dossier run 2026-07-23) |
| 28 | 2026-07-21 | Hughes bondholder process signal | bondholders retained Jones Day ahead of the Aug 1 maturity; 2-outlet secondary cluster; the engagement may date to the 2024 exchange saga rather than July 2026 (see ANALYTIC STANCE) | brief 2026-07-21T2111Z (Seeking Alpha #4611767, SatNews) |
| 29 | 2026-07-20 | Ergen EchoStar SCHEDULE 13D/A, Amendment No. 68 | 5,000,000 Class B shares contributed to new "Ergen Two-Year July 2026 ECHO GRAT" (expires 2028-07-20; Cantey Ergen trustee; trustee may not dispose unless a Change of Control Event occurs); estate planning, not a sale or pledge; Ergen beneficial ownership ~50.9% of Class A | PRIMARYSCHEDULE 13D/A accession 0001104659-26-085813, filed 2026-07-22, read direct (dossier run 2026-07-23) |
| 30 | 2026 Q2 | Iridium quarterly results (first under deal quiet period) | revenue $225.2M (+4% y/y); net income $9.7M vs $22.0M y/y (transaction costs); OEBITDA $119.1M; 2,627,000 billable subscribers (+6% y/y); net debt $1.6B (3.3x OEBITDA); no conference calls or guidance while the Rocket Lab transaction pends | PRIMARYIridium 8-K accession 0001418819-26-000046 + Q2 press release, filed 2026-07-22, read direct (dossier run 2026-07-23) |
| 31 | 2026-07-22 | Iridium EMSS renewal timing vs Rocket Lab close | EMSS contract renewal with U.S. Space Force expected "by March 2027" — before the mid-2027 close; U.S. government = 17% of service revenue, largest single customer | Iridium Q2 press release, 8-K accession 0001418819-26-000046 (dossier run 2026-07-23) |
| 32 | 2026-07-02 | Aireon contribution guidance + funding detail | expected to add ≥$100M service revenue and $30M OEBITDA annualized; $100M drawn on Iridium's revolver toward the cash half of the $366.7M price | Iridium Q2 press release, 8-K accession 0001418819-26-000046 (dossier run 2026-07-23) |
| 33 | 2026-03-17 | Telesat GEO debt due Dec 2026 (primary correction) | "the need to refinance USD 1.7 billion of debt at Telesat Canada coming due in December 2026"; Telesat GEO maturities span "2026 and 2027"; subsidiary renamed Telesat GEO Inc. April 2026 | [INBOX] Telesat Corporation_Earnings Call_2026-03-17_English.pdf (CFO Tremblay); rename per [INBOX] Telesat Corporation_Earnings Call_2026-05-05_English.pdf |
| 34 | FY2025 | Telesat FY2025 results | revenue $418M; adj. EBITDA $213M (incl. $33M equity-distribution/refinancing expense); net loss $530M (incl. GEO goodwill impairment); cash $510M; capex $708M accrued, nearly all Lightspeed | [INBOX] Telesat Corporation_Earnings Call_2026-03-17_English.pdf |
| 35 | 2025-09 | Telesat Lightspeed equity distribution (insulation mechanism) | 62% of Lightspeed equity distributed to a wholly-owned Telesat Corporation subsidiary "to provide us with more flexibility to raise capital in the future" — the concrete mechanism behind LEO non-guarantor insulation | [INBOX] Telesat Corporation_Earnings Call_2025-11-04_English.pdf, reconfirmed 2026-03-17 call |
| 36 | 2026-03-17 | Telesat Lightspeed Mil-Ka dedication | 500 MHz = 25% of total Lightspeed spectrum to Mil-Ka on the user link (gateway link unaffected); cost ~USD 25M, "less than 0.5% of the total program cost for the first 156 satellites"; no schedule impact claimed; Golden Dome "U.S. Shield" IDIQ received; Hanwha Systems MOU (Korea) | [INBOX] Telesat Corporation_Earnings Call_2026-03-17_English.pdf |
| 37 | 2026-03-17 | Telesat Lightspeed full-service date | slipped ~1 quarter: "around end-2027" → "around end-Q1 2028," attributed to SatixFy/MDA onboard-processor ASIC readiness; first launch still 2026 | [INBOX] Telesat Corporation_Earnings Call_2026-03-17_English.pdf (also brief 2026-07-21T0443Z D3) |
| 38 | 2026-05-05 | Telesat Q1 2026 + ESCP-P timing | consolidated revenue $87M; adj. EBITDA $35M; net loss $151M (noncash GEO goodwill impairment); ESCP-P definitive contract expected "later this year," to be followed by an investor call updating financial projections; CEO explicitly decouples Canada's >$2B Lightspeed lending from future CAF business | [INBOX] Telesat Corporation_Earnings Call_2026-05-05_English.pdf |
| 39 | 2025-02-14 | Eutelsat-EQT ground-infra sale-leaseback, binding terms | EQT to acquire 80% of carved-out passive ground infrastructure; EV €790M; ~€500M net proceeds; close targeted H1 CY2026 | [INBOX] Eutelsat Communications S.A._Earnings Call_2025-02-14_English.pdf |
| 40 | 2026-01 | Eutelsat-EQT deal collapse (French-state block) | "this transaction will not proceed as all the condition precedents have not been satisfied... the condition precedent was the approval of the French state"; management framing: avoids €75-80M/yr future lease payments | [INBOX] Eutelsat Communications S.A._Earnings Call_2026-02-13_English.pdf |
| 41 | 2026-02-13 | Eutelsat FlexSat Americas GEO program canceled | "we didn't see a viable business case, or at least the return was going much further down the years, 2030s" — cited more LEO constellations coming online; >€100M future capex freed | [INBOX] Eutelsat Communications S.A._Earnings Call_2026-02-13_English.pdf (capex figure per brief 2026-07-20T1351Z D2 read of same call) |
| 42 | 2026-05-12 | Eutelsat capital-repair program completed | €1.5B senior-note closing was "the final milestone in the group's comprehensive EUR 5 billion equity and debt refinancing strategy"; net debt/EBITDA guided ~2.7x by FY-end vs 3.88x a year earlier | [INBOX] Eutelsat Communications S.A._Sales or Trading Statement Call_2026-05-12_English.pdf |
| 43 | 2026-05 | Viasat-Carronade cooperation agreement | ~1yr activist engagement resolved; Shekar Ayyar + Jinhy Yoon added to board, both seated on the Strategic Review Committee; Yoon was "a member of Intelsat's Board through the completion of its sale to SES" | [INBOX] Viasat Inc._Earnings Call_2026-05-28_English.pdf |
| 44 | FY2026 (ended 2026-03) | Viasat FY2026 results | revenue $4.6B; GAAP net loss $34M; adj. EBITDA $1.55B; record backlog ~$4.1B (+15%); $743M debt paid down (Ligado lump sum + Navarino sale proceeds); net debt $4.8B | [INBOX] Viasat Inc._Earnings Call_2026-05-28_English.pdf |
| 45 | 2026-07 (reported) | Space42 Equatys capex plan | ~$600M planned for the Equatys JV across 2026-2027 | Space Intel Report (DEMOTED source, single outlet — indicative only, dossier run 2026-07-23) |
| 46 | 2026-07-28 | EchoStar-AT&T spectrum sale, closed | $20.25B cash + $2.4B FCC-mandated Wireless Creditor Trust (~$23B total consideration); 3.45GHz + 600MHz nationwide licenses + 99-yr Hawaii spectrum-lease extension to AT&T Mobility II LLC | PRIMARYEchoStar 8-K accession 0001415404-26-000035, filed 2026-07-28, read direct (dossier run 2026-07-30) |
| 47 | 2026-07-28 | DISH DBS 7.75% Senior Notes due 2026-07-01 (the missed maturity that triggered the June 30 Chapter 11) | $2,000,000,000 principal + accrued interest, repaid in full from AT&T proceeds, court-authorized same day | EchoStar 8-K accession 0001415404-26-000035 |
| 48 | 2026-07-28 | DISH Network 11.75% Senior Secured Notes due 2027 | $3,686,000,000 (incl. early-redemption premium + accrued interest), redeemed in full at AT&T-closing | EchoStar 8-K accession 0001415404-26-000035 |
| 49 | 2026-07-28 | DISH DBS→DISH Network intercompany loan (dated 2021-11-26) | satisfied in full at AT&T-closing | EchoStar 8-K accession 0001415404-26-000035 |
| 50 | 2026-07-27 | Rocket Lab USSF Space Systems Command RSLP launch contract (new Kodiak, AK site) | $266M; 12 baseline suborbital missile-defense/hypersonic-test missions + 6 options; first flight NET end-2026, missions through 2028; company's largest launch contract to date | Rocket Lab press release 2026-07-27 (GlobeNewswire), corroborated SpaceNews/Air & Space Forces Magazine (dossier run 2026-07-30) |
| 51 | 2026-07-24 | FCC Upper C-band gross incentive allocation — Telesat/Eutelsat lines (DISTRESS-relevant slice; full mechanics dossiers/c-band-spectrum.md) | Telesat 3% / $189,000,000; Eutelsat 8% / $504,000,000; both contingent on certified 2030/2031 clearing — not usable against Telesat's Dec-2026 maturity | PRIMARYFCC 26-46 order text, released 2026-07-24 (docs.fcc.gov), read direct (dossier run 2026-07-30) |
| 52 | 2026-07-27 (reported) | Eutelsat/Telesat C-band satellite-order commitment status vs SES | both operators "assessing"/"yet to determine" whether new satellites are needed for clearing obligations; SES is "actively negotiating contracts for the satellites and launches" | SpaceNews 2026-07-27T2011Z, operator spokesperson quotes (dossier run 2026-07-30) |
| 53 | 2026-07-24 | Amazon Kuiper 5,105-sat D2D FCC filing — L-band claim overlapping Iridium's asset pre-close | requests 1618.725-1621.35 MHz outside the US "in any jurisdiction where Iridium is not authorized to operate," while conceding Iridium's exclusive US access; full filing detail dossiers/amazon-leo-kuiper.md, dossiers/mss-2ghz-spectrum.md | [INBOX] Amazon Leo D2D Application - Legal Narrative.md, FCC File No. SAT-LOA-20260601-00224, dated 2026-07-24 (dossier run 2026-07-30) |
| 54 | 2026-07-29 (reported, NOT YET FILED as of 2026-07-30) | Hughes Network Systems Chapter 11 preparation | reportedly imminent, potentially as soon as 2026-08-01/02, without a prenegotiated plan; advisors named as White & Case (company counsel) + FTI Consulting (financial advisor), updating July's Jones Day bondholder-side retention; no EDGAR or bankruptcy-court docket confirms an actual petition | [SECONDARY] Advanced Television 2026-07-29T02:03:59Z (Chris Forrester, WSJ-sourced), corroborated SatNews 2026-07-28 (dossier run 2026-07-30) |
| 55 | 2026-07-30 | FCC bars EchoStar from using AT&T/SpaceX-deal infrastructure trust fund to pay a DISH DBS-bondholder-linked intercompany claim | modifies the "Fund Claim" definition (Appendix B of the AT&T-EchoStar/SpaceX-EchoStar orders) to exclude any claim by EchoStar or its subsidiaries/affiliates/assignees, incl. the $8.8B claim (formerly a DISH Network Corp. intercompany loan, now assigned to a trust for DISH DBS senior noteholders) against the $2.4B trust created 2026-07-28 | PRIMARYFCC DA 26-797 (WT Docket 25-303/GN Docket 25-302), adopted/released 2026-07-30, read direct via docs.fcc.gov (dossier run 2026-08-04) |
| 56 | 2026-08-02 (filed) / 2026-08-03 (8-K accepted) | Hughes Satellite Systems Corp Chapter 11 | HSSC + 11 named US subsidiaries (EchoStar Orbital, EchoStar Government Services, EchoStar Satellite Services, Hughes Communications, Hughes Network Systems LLC, HNS-India VSAT, HNS License Sub, HNS Real Estate, HNS International Service Company, HNS Americas, HNS Americas II); Case No. 26-90739, S.D. Texas (Houston Div.); accelerates the 5.25% Senior Secured Notes due 2026 + 6.625% Senior Notes due 2026 ($1.5B); EchoStar Corp + Hughes' international subsidiaries NOT included; DISH TV/Sling TV/Boost Mobile unaffected; no DIP financing or restructuring support agreement disclosed; counsel White & Case, FA FTI Consulting | PRIMARYEchoStar 8-K + EX-99.1, accession 0001415404-26-000038, filed 2026-08-03, read direct from sec.gov/Archives (dossier run 2026-08-04) |
| 57 | 2026-08-02 (filed) | Hughes Chapter 11 stated rationale | to "address its maturing secured and unsecured debt, strengthen its capital structure, and accelerate its ongoing transformation into an enterprise, government, and defense-focused business" | EchoStar 8-K EX-99.1, accession 0001415404-26-000038 (dossier run 2026-08-04) |
| 58 | 2026-08-02 | HSSC petition-date cash and funded debt | ~$61.2M cash & cash equivalents (bank basis) vs ~$1.5B total funded debt (two Senior Notes series) | First Day Declaration of Robert Del Genio (HSSC CRO), *In re Hughes Satellite Systems Corp*, Case No. 26-90739 (S.D. Tex.), Doc. 4, filed 2026-08-02, ¶¶29,55, read in full via epiq11.com/HSQ docket (dossier run 2026-08-07) |
| 59 | 2026-08-02 | HSSC petition-date subscriber base | ~641,000 broadband subscribers, -21.7% y/y from ~819,000 at 2026-06-30 | First Day Declaration, Case 26-90739 Doc. 4, ¶¶23,38 (dossier run 2026-08-07) |
| 60 | 2026-07-24/07-28 | Hughes workforce reduction | ~400 of 1,275 US employees notified of termination Jul 24-28; contemplated termination dates mostly 2026-09-22 to 09-28 (60-day notice) | First Day Declaration, Case 26-90739 Doc. 4, ¶40 (dossier run 2026-08-07) |
| 61 | 2026-07-21 | Ad Hoc Group (holders of ~80% of Senior Notes principal) letter alleges fraudulent-transfer/breach-of-fiduciary-duty claims against EchoStar, its subsidiaries, and named D&Os incl. Charles Ergen, re: (a) above-market J3 Satellite Lease terms, (b) $1.029B dividends paid to EchoStar Feb/Mar 2024, (c) $196M income-tax reimbursements to EchoStar in 2024, (d) referral of Hughes' consumer subscribers to SpaceX tied to EchoStar's spectrum sale | HSSC does not concede the allegations, reserves all rights | First Day Declaration, Case 26-90739 Doc. 4, ¶44 (dossier run 2026-08-07) |
| 62 | 2026-07-28 | HSSC Special Committee formed | independent directors Anthony Horton + Michael Buenzow (full HSSC board = Horton/Buenzow/Ergen); retained Kirkland & Ellis; authority to investigate and to prosecute/settle/release claims against EchoStar | First Day Declaration, Case 26-90739 Doc. 4, ¶¶49-50 (dossier run 2026-08-07) |
| 63 | pre-petition (through 2026-08-02) | HSSC-Ad Hoc Group forbearance/standstill negotiations | term sheets exchanged, failed to reach agreement before the Aug 1 notes maturity | First Day Declaration ¶¶14,43-44; independently corroborated same disposition ("discussions failed to achieve an agreement") by EchoStar/HSSC 8-K, Item 7.01, accession 0001415404-26-000042, filed 2026-08-07 (dossier run 2026-08-07) |
| 64 | 2025-Q4 basis (disclosed 2026-08-07) | J3 Satellite Lease (EchoStar XXIV/Jupiter-3) annual payment | $191M/yr, charged to HSSC's "Allocated BSS" segment view, consistent across the 2025-2030 forecast | EchoStar/HSSC 8-K accession 0001415404-26-000042, Exhibit 99.2 ("HSSC Cleansing Material – Q4 2025 Model with allocated BSS"), filed 2026-08-07, read in full (dossier run 2026-08-07) |
| 65 | 2026-08-03 (release) | EchoStar Corp Q2 2026 parent-level cash and net income | parent cash $440M (down from $1.88B at 2025-12-31, pre-AT&T-close); Q2 net income $8.46B, almost entirely a one-time $9.73B non-cash deconsolidation gain tied to DISH DBS's separate Ch.11; excluding the gain, underlying net income ~$49.46M | PRIMARYEchoStar Q2 2026 earnings release (globenewswire.com, 2026-08-03) + 10-Q accession 0001104659-26-089370 (dossier run 2026-08-07, via brief 2026-08-04T0346Z primary read) |
| 66 | 2026-08-04 | Telesat 15-yr Canadian DND Arctic satcom contract (ESCP-P) | Telesat's own figure $2.3B (currency/scope not fully reconciled to a USD/CAD split); Lightspeed grows 156→225 satellites via 69 DIA-funded spacecraft, milestone payments from Q3 2026 | Telesat 6-K accession 0001213900-26-084907 + Telesat press release (telesat.com), corroborated MDA Space press release; reconciled via brief 2026-08-07T1156Z (dossier run 2026-08-07) |
| 67 | 2026-08-04 | MDA Space Lightspeed manufacturing-order increment | $474M for 27 additional satellites (198→225-unit build total) plus 500MHz military-Ka retrofit onto satellites already in production; confirmed as a manufacturing-only subset of Telesat's larger DND service contract, not a competing figure | MDA Space press release 2026-08-04 (prnewswire.com); reconciliation confirmed via brief 2026-08-07T1156Z (dossier run 2026-08-07) |
| 68 | 2026-08-04 | Rocket Lab USSF Space Systems Command SB-AMTI "Flatellites" task order | $397M individual award; $615M aggregate across 3 firms (Rocket Lab, Systems & Technology Research, one undisclosed) under a 9-firm April-2026 ID/IQ vehicle whose first tranche (May 2026) went 100% to SpaceX at $4.6B | Rocket Lab/Space Force press release 2026-08-04, corroborated Breaking Defense/Air & Space Forces Magazine (brief chain 2026-08-05/06, dossier run 2026-08-07) |
| 69 | 2026-08-05 (reported) | Viasat states it has not abandoned the ~2,800-sat Equatys D2D JV with Space42, still deciding on satellite financing | softens, does not resolve, the unverified "Equatys likely dead" inference (OPEN QUESTIONS #1) | Space Intel Report/@pbdes, single-effectively-sourced, DEMOTED-tier per priors.md (brief 2026-08-06T0918Z, dossier run 2026-08-07) |
| 70 | 2026-08-07 (checked) | DISH DBS Wireless-business sale process, live docket re-check | unchanged: bid deadline Aug 10, qualified bids designated following day, auction Aug 12 if competing bids emerge, sale/plan-confirmation hearing Aug 17, objections due Aug 14, closing within 80 days of petition | bondoro.com/dish-dbs-wireless/, live page content read 2026-08-07 (dossier run 2026-08-07) |
| 71 | 2026-06-19 | MDA Space acquires Blue Canyon Technologies (BCT) from RTX Corporation | $620M all-cash, purchase price = enterprise value; ~400 employees, Lafayette/Denver CO (140,000 sq ft, 2 facilities); 85+ spacecraft launched, 3,500+ products on orbit, 18yr flight heritage; DCSA facility security clearance; BCT 2026E revenue ~$160M, ~$3.5B pipeline addition (+~12% to MDA's total pipeline); FOCI-mitigated structure + CFIUS review required; targeted close Q4 2026 | [INBOX] Blue Canyon Technologies LLC_MA Call_2026-06-19_English.md (MDA/RTX M&A-announcement call) |
| 72 | 2026-07-08 | MDA-CLS transaction, additional detail | CLS 2025 revenue €203M (14% CAGR since 2023), 1,200 employees, top-20-client average retention 18yrs, top-100-client annual retention 99% | [INBOX] Collecte Localisation Satellites SA_MA Call_2026-07-08_English.md |
| 73 | 2026-08-07 | MDA BCT+CLS combined acquisition financing | ~CAD $2B combined transaction cost (incl. fees); financed via an upsized CAD $1.15B bought-deal equity offering (23M common shares, up from 20M — the same 23M-share count as the already-tracked $819M/USD print, reconciled as a CAD-vs-USD restatement of one raise) + CAD $600M upsized senior unsecured notes + existing cash/term loan for the balance; post-Q2, total gross proceeds raised reached $1.75B; leverage held to the stated 1.5-2.5x net-debt/adj.-EBITDA target on both acquisitions' close | [INBOX] MDA Space Ltd._Earnings Call_2026-08-07_English.md |
| 74 | 2026-08-07 | MDA BCT/CLS pro forma 2026 revenue contribution, updated (Q2 call) | BCT ~$225M + CLS ~$465M added to MDA's own $1.85B FY2026 guidance midpoint → $2.5B pro forma combined; ~50% pro forma growth guided into 2027; the BCT figure is a revision from the $160M disclosed at the June 19 acquisition-announcement call 7 weeks earlier — unreconciled (ANALYTIC STANCE) | [INBOX] MDA Space Ltd._Earnings Call_2026-08-07_English.md |
| 75 | 2026-08-07 | MDA Space Q2 2026 results | revenue $499M (+34% y/y); adj. EBITDA $96M (19.3% margin); H1 2026 revenue $963M (+33% y/y); backlog $4.0B end-Q2 (+~$300M q/q), book-to-bill 1.6x; pro forma backlog incl. Telesat expansion $4.4B; net cash $153M (vs. net debt $120M at 2025-12-31); FY2026 guidance raised to $1.8-1.9B revenue / $330-370M adj. EBITDA (from $1.7-1.9B / $320-370M) | [INBOX] MDA Space Ltd._Earnings Call_2026-08-07_English.md |
| 76 | 2026-08-07 | MDA-Telesat Lightspeed expansion, MDA revenue contribution (derived) | "in excess of $150M" added to MDA's 2027 revenue from the already-priced $474M/198→225-sat expansion (TRACKED SERIES 2026-08-04), "largely the same" in 2028, finalizing 2029 | [INBOX] MDA Space Ltd._Earnings Call_2026-08-07_English.md (CFO Guillaume Lavoie) |
| 77 | 2026-08-07 | MDA named prime for ESCP-P UHF/X-band segment (2nd, larger MEO workstream) | no dollar figure or award date yet, "still working through definition/approval"; CEO Greenley: "at least larger than what Telesat has announced this week... a very large contract" | [INBOX] MDA Space Ltd._Earnings Call_2026-08-07_English.md |
| 78 | 2026-08-07 | MDA Space files Canadian spectrum for SPACERAN sovereign D2D/IoT LEO network | consortium-led, built on the MDA AURORA bus; funded through partnerships, explicitly NOT a large MDA balance-sheet investment and NOT in MDA's own $40B pipeline; analyst-estimated (not confirmed by MDA) ~170 satellites, initial service 2029; Canadian government spectrum consultation ongoing | [INBOX] MDA Space Ltd._Earnings Call_2026-08-07_English.md |
| 79 | 2026-06-24 | MDA Space wins CSA RADARSAT Constellation Mission replenishment satellite (4th satellite) | >$600M follow-on contract; scope incl. SAR satellite, launch, ground-control enhancements, security/data-management systems; builds on the original RCM MDA designed/built/launched in 2019 | MDA Space press release 2026-06-24, corroborated [INBOX] MDA Space Ltd._Earnings Call_2026-08-07_English.md and brief 2026-08-09T0346Z (WebSearch cross-check) |
| 80 | 2026-06-02 | MDA Space selected by BAE Systems for USSF Space Systems Command EPOCH2 MEO missile-warning-constellation subcontract | antennas + antenna control electronics; continuation of MDA's EPOCH1/SDA Tranche 0-2 Transport-and-Tracking-Layer work; dollar terms undisclosed | brief 2026-08-09T0346Z (WebSearch cross-check of MDA's own press release), [INBOX] MDA Space Ltd._Earnings Call_2026-08-07_English.md |
| 81 | 2026-06-25 | Mitsubishi Electric (Japan MoD) contracts MDA Space for next-gen GEO defense-comms satellite digital payload | MDA UK: anti-jamming digital beam-forming payload; MDA Montreal: antenna manufacture/test; prime contract ¥123.5bn, MDA's own dollar share undisclosed | brief 2026-08-09T0346Z (WebSearch cross-check), [INBOX] MDA Space Ltd._Earnings Call_2026-08-07_English.md |
| 82 | 2026-07-31 (filed) | Amazon-Globalstar merger consideration structure, primary mechanics | Globalstar holders elect $90.00/share cash (capped at 40% of shares, excess prorated to stock) or Amazon stock at a VWAP-based exchange ratio (0.3210 sh baseline below a $280.38 Amazon reference price, capped at $90 value); no shareholder vote required — Thermo Funding II + affiliates' 57.6% written consent obtained 2026-04-13; expected close 2027 | PRIMARYAmazon Form S-4, accession 0001104659-26-089294, filed 2026-07-31, read direct (dossier run 2026-08-09) |
| 83 | 2026-07-31 (filed) | Globalstar-Apple C-3 System milestone penalty mechanism | up to ~$97M dollar-for-dollar reduction to the Amazon-merger per-share consideration if Globalstar misses C-3 operational milestones owed to Apple, as of the S-4's filing date | Amazon Form S-4, accession 0001104659-26-089294 (dossier run 2026-08-09) |
| 84 | 2026-07-17 | Amazon-Globalstar HSR waiting period expired | deal remains subject to FCC + international merger-control approvals; company statement: "actively engaged with remaining regulatory authorities" | PRIMARYGlobalstar Q2 2026 earnings release (EX-99.1), 8-K accession 0001366868-26-000037, filed 2026-08-06, read direct (dossier run 2026-08-09) |
| 85 | 2026-08 (reported) | HIBLEO-4 replacement-satellite launch, re-slipped | originally expected May 2026; Globalstar's Aug 6 Q2 print states launch of "its first set of replacement satellites" scheduled "later this month" (Aug 2026); Amazon's S-4 separately states Q3 2026 — consistent, remains a live merger closing-condition milestone | Globalstar 8-K + EX-99.1, accession 0001366868-26-000037; Amazon Form S-4 accession 0001104659-26-089294 (dossier run 2026-08-09) |
| 86 | 2026-08-06 | Globalstar Q2 2026 results | revenue $64.8M ($60.0M service + $4.8M equipment); net loss $26.5M (vs. net income $19.2M Q2 2025); cash $409.8M (down from $447.5M at 2025-12-31) | PRIMARYGlobalstar 8-K + EX-99.1, accession 0001366868-26-000037, filed 2026-08-06, read direct (dossier run 2026-08-09) |
| 87 | ongoing (petition 2026-06-30) | EchoStar's $300M cash stalking-horse bid for DISH Wireless (DWLLC) §363 asset sale | floor bid for substantially all remaining DISH Wireless assets (the decommissioned >$13B 5G buildout); DWLLC's own intercompany loan from DNC (the "$8.8B" claim already tracked via FCC DA 26-797) stood at $8.86B (principal + accrued interest) as of 2026-06-28, 11.50% PIK, maturing 2030-11-30, net of $5.0B DNC forgave as BoostCo Hybrid-MNO consideration; bid deadline Aug 10 unchanged | PRIMARYbondoro.com/dish-dbs-wireless/, live docket tracker read direct 2026-08-09, corroborated Light Reading "EchoStar tagged as stalking horse amid possible auction of Dish Wireless assets" (dossier run 2026-08-09) |
| 88 | 2026-06-30 (FYE) | Eutelsat FY2025-26 capital structure, final | net debt €1.46B (-€1.2B y/y); net debt/EBITDA 2.32x (vs. 3.9x June 2025, and better than the ~2.7x guided mid-year); avg. cost of debt after hedging 4.37%; avg. debt maturity extended to 4.2yrs (from 2.5yrs); liquidity €2.3B cash+undrawn credit lines + €690M undrawn ECA facility; FY26-27 CapEx guided ~€1.2B, cumulative €4B FY26-29 reconfirmed | [INBOX] Eutelsat Communications S.A._Earnings Call_2026-08-07T00_00_00_English.md |
| 89 | 2026-08-07 (disclosed) | Eutelsat-French MOD NEXUS framework, first call-off contract | >€350M, "the first major call-off contract" under the NEXUS framework agreement with the French procurement arm (DGA) — sovereign dual-supplier LEO demand data point, distinct from the FlexSat GEO cancellation | [INBOX] Eutelsat Communications S.A._Earnings Call_2026-08-07T00_00_00_English.md |
| 90 | 2026-08-04 (Q1 FY27) | Viasat Q1 FY2027 results | revenue $1.2B (-1% y/y); backlog $4.2B (+~19% y/y; DAT backlog +32%); net debt/EBITDA ~3.2x (-0.4x y/y); free cash flow $72M (+19% y/y); net loss $52M; additional $100M cash moved Inmarsat→Viasat this quarter, cumulative $450M moved to date | [INBOX] Viasat, Inc._Earnings Call_2026-08-04T00_00_00_English.md |
| 91 | 2026-08-04 | Viasat CEO on Equatys/DAT-separation status, primary-source (upgrades the 2026-08-05 DEMOTED-tier X-mirror data point) | Dankberg: "we're holding up for... the next announcement, which really would be about the Equatys' purchase of its initial satellite constellation... we just decided to wait for that," no date given; separately frames the "biggest factor" delaying the DAT/Communications separation decision as de-risking ViaSat-3 Flight 2/3 deployment and the Inmarsat debt-silo, not Equatys itself | [INBOX] Viasat, Inc._Earnings Call_2026-08-04T00_00_00_English.md, Q&A |
| 92 | 2026-07-31 (reported) | Project Bromo EU antitrust filing status, reconfirmed | still not formally filed; Leonardo CEO Lorenzo Mariani: companies working on "our filing to antitrust"; Commission decision still "not expected before H2 2027" — unchanged from the 2026-06-25 baseline | dossier run 2026-08-09 (WebSearch corroboration of Mariani's Jul 31 remarks, grosswald.org/wire cluster) |
| 93 | 2026-08-06 | Rocket Lab-Iridium S-4 registration, status check | not yet filed as of 2026-08-09 (confirmed via direct EDGAR check of both companies' filing histories); Aug 6 Form 425 employee-FAQ communication reconfirms unchanged deal terms ($27.00 cash + 0.2400-0.4000 collared RKLB shares/Iridium share) and restates the S-4 as "coming weeks" | SEC Form 425 accession 0001104659-26-092108, filed 2026-08-06; EDGAR direct check 2026-08-09 (dossier run 2026-08-09) |
| 94 | 2026-08-12 | Rocket Lab-Iridium HSR antitrust clearance | waiting period lapsed 11:59pm ET 2026-08-12 | PRIMARYRocket Lab 8-K accession 0001753926-26-001463 (Item 8.01, Exhibit 99.2 release), filed 2026-08-13, read direct from sec.gov/Archives (dossier run 2026-08-14) |
| 95 | 2026-08-13 (filed) | Rocket Lab-Iridium Form S-4, filed | registers merger-consideration securities and Iridium's proxy statement/prospectus; not yet effective, stockholder vote date not yet set | Rocket Lab Form S-4, accession 0001753926-26-001452, filed 2026-08-13 (dossier run 2026-08-14) |
| 96 | 2026-08-10 (filed) | Rocket Lab-Iridium FCC license-transfer application, filed | to transfer control of Iridium's FCC licenses to Rocket Lab | PRIMARYRocket Lab 8-K accession 0001753926-26-001463 disclosure of the Aug 10 filing (dossier run 2026-08-14) |
| 97 | 2026-08-13 | Rocket Lab $1.94B ATM equity-distribution program | up to $1,944,369,826 aggregate offering price of common stock, via Deutsche Bank Securities + Wells Fargo Securities as sales agents/forward sellers; company states intent to fund the Iridium deal's cash consideration and reduce the $3.6B bridge-loan draw | PRIMARYRocket Lab 8-K accession 0001753926-26-001463, Item 8.01, filed 2026-08-13, read direct from sec.gov/Archives (dossier run 2026-08-14) |
| 98 | 2026-08-13 | Telesat Q2 2026 results | consolidated revenue $79M; GEO segment revenue $78M (-26% y/y); net loss $559M, driven by a $475M non-cash fair-value increase in Lightspeed financing warrants (now valued >$1.3B) plus CAD-weakening FX on USD-denominated debt, not operating deterioration; GEO adj. EBITDA $43M in Q2 / $119M H1 ex-refinancing costs; GEO revenue/EBITDA guidance reiterated ($300-320M / $210-230M FY2026) | Telesat 6-K accession 0001213900-26-088683, filed 2026-08-13; [INBOX] Telesat Corporation_Earnings Call_2026-08-13T00_00_00_English.md (dossier run 2026-08-14) |
| 99 | 2026-08-13 | Telesat GEO liquidity vs. Dec 2026 $1.7B maturity, primary correction (reverses this dossier's 08-07 "materially de-risking" framing — see SUPERSEDED) | Telesat's own release: current cash resources insufficient to cover the maturity, company "will have to refinance or raise money"; GEO cash ~$160M at Q2-end + new USD $120M term loan (non-guarantor Telesat GEO subsidiary, rank/collateral/C-band linkage undisclosed) ≈ $280M combined vs. $1.7B due; CEO Goldberg denies Chapter 11 is under active consideration despite an analyst's reference to a July 27 court filing raising the possibility: "That's not the case at all... our focus is strongly on refinancing the debt prior to the maturities, achieving a consensual outcome" | Telesat 6-K accession 0001213900-26-088683; [INBOX] Telesat Corporation_Earnings Call_2026-08-13T00_00_00_English.md, CEO Goldberg Q&A (James Ratzer, New Street Research) (dossier run 2026-08-14) |
| 100 | 2026-08-13 | Telesat Lightspeed/ESCP-P backlog and capex, updated | Lightspeed backlog $5.6B (from the already-tracked $2.3B/$2.7B ESCP-P base); 2026 Lightspeed investment guidance raised to CAD $1.3-1.5B (from CAD $1.0-1.2B) on the 156→225-sat acceleration, incremental spend funded by DIA pre-service milestone payments; LEO cash >$200M + $1.6B Lightspeed-financing availability + USD $325M vendor financing + USD $1.5B ESCP-P milestones + USD $500M contingency stated to fully fund the program to Q1 2028 global commercial service | [INBOX] Telesat Corporation_Earnings Call_2026-08-13T00_00_00_English.md; Telesat 6-K accession 0001213900-26-088683 (dossier run 2026-08-14) |
| 101 | 2026-08-13 | Telesat CEO on UHF/X-band MEO ownership, primary correction (narrows, does not reverse, the 2026-08-07 MDA-prime framing) | "It's not my expectation that we're going to end up owning that MEO constellation... That is a constellation that will be primed by MDA, and Telesat will be a subcontractor to MDA... We've got a teaming agreement with MDA on that [but] contracts need to be in place... that work is going to take probably a couple of years to get in place" | [INBOX] Telesat Corporation_Earnings Call_2026-08-13T00_00_00_English.md, CEO Goldberg Q&A (Caleb Henry, Quilty Space) (dossier run 2026-08-14) |
| 102 | 2026-08-13 | Telesat 225-sat Lightspeed launch manifest | 15 Falcon 9 launches required; 14 already contracted with SpaceX, 1 additional secured this quarter ("they've agreed to make that rocket available to us... getting the launch services agreement in place"); all 225 satellites targeted for launch by end-2028; design/hardware for the first 225 satellites locked (no further band changes possible without delay) | [INBOX] Telesat Corporation_Earnings Call_2026-08-13T00_00_00_English.md, CEO Goldberg Q&A (Walter Piecyk, LightShed Partners) (dossier run 2026-08-14) |
| 103 | 2026-08 (as of, unresolved) | DISH DBS Wireless §363 sale, outcome status re-check | auction (Aug 12, if contested) result still unreported as of 2026-08-14 across four consecutive brief cycles; no CourtListener, bondoro.com, or EDGAR confirmation found; Aug 17 sale/plan-confirmation hearing is the next forcing date | brief chain 2026-08-11 through 2026-08-14T0828Z; WebSearch re-check 2026-08-14 (dossier run 2026-08-14) |
| 104 | 2026-08 (as of, unresolved) | MDA-BCT CFIUS review, status detail | still pending, no clearance confirmed via MDA press release or EDGAR; standard CFIUS process = 45-day review + possible 45-day investigation before a presidential decision; MDA "steering toward a year-end close on a regulatory clock rather than a financing one"; a Special Security Agreement (independent board of cleared US citizens + dedicated government security committee) likely required to preserve BCT's DCSA facility clearance post-close | Quilty Space, "Canada's MDA Space Secures its U.S. Beachhead with Blue Canyon Buyout" (quiltyspace.com), secondary analysis, WebFetch 2026-08-14 (dossier run 2026-08-14) |
| 105 | 2026-08 (as of, unresolved) | Amazon-Globalstar HIBLEO-4 replacement launch, status re-check | still not confirmed launched as of 2026-08-14 despite Globalstar's Aug 6 "later this month" (Aug 2026) guidance; no EDGAR filing or press confirmation of launch found | WebSearch re-check 2026-08-14; Globalstar 8-K accession 0001366868-26-000037 (prior guidance) (dossier run 2026-08-14) |
| 106 | 2026-08-16 | HIBLEO-4 first launch, satellite count contradiction | Globalstar's own release: "All 8 HIBLEO-4 Replacement Satellites," implying complete; Rocket Lab's own release (satellite manufacturer, under a named $143M MDA-Space subcontract), ~5hrs later: same 8 satellites are "the first batch in a constellation of 17 platforms" — unresolved as of this run, "17 total, 9 remain" is the operative read given the manufacturer's own framing | PRIMARYGlobalstar GlobeNewswire release 2026-08-16T13:20Z; Rocket Lab GlobeNewswire release 2026-08-16T18:31Z (both primary, read direct); planet4589 independently logs "eight" (dossier run 2026-08-20) |
| 107 | 2026-08-18 (filed) | Globalstar DEFM14C, primary | confirms no further shareholder vote needed (57.6% written consent secured 2026-04-13); narrows 2nd HIBLEO-4 launch tranche from "later this year" to "currently anticipated... third quarter of 2026"; reiterates "expect the mergers to be completed in 2027" | Globalstar DEFM14C, filed 2026-08-18, EDGAR (dossier run 2026-08-20) |
| 108 | 2026-08-10 | Rocket Lab Q2 2026 results | revenue $234M (record, +62% y/y, +$34M q/q); Space Systems segment $189.5M (+38.6% q/q); Launch segment $44.6M; backlog $2.36B (40% launch/60% Space Systems); $1.08B raised via a since-terminated ATM program during the quarter (predates the separate $1.94B ATM announced Aug 13); ending cash/marketable securities ~$2.4B; Iridium close still guided "mid-2027," stockholder vote and regulatory review still pending | [INBOX] Rocket Lab Corporation_Earnings Call_2026-08-10T00_00_00_English.md |
| 109 | 2026-08-10 (closed in Q2) | Rocket Lab's own serial-M&A pattern, alongside Iridium | Mynaric (optical inter-satellite links, Germany — "Rocket Lab Germany" established) and Motiv both closed in Q2 2026; GEOST's Heimdall payload already integrated into a new $160M+ two-contract USSF GEO space-domain-awareness win, Rocket Lab's first government GEO satellite work | [INBOX] Rocket Lab Corporation_Earnings Call_2026-08-10T00_00_00_English.md |
| 110 | 2026-08-17 | Charlie Ergen's CONX SPAC acquires controlling MobileX stake | ~$200M valuation; Verizon takes a minority stake in the same deal; MobileX CEO Adderton stays on; would give Ergen MVNOs spanning all three major US carrier networks (Boost on T-Mobile/AT&T, MobileX on Verizon) | WSJ (first report), corroborated Light Reading (Jeff Baumgartner), 2026-08-17T15:03Z (brief 2026-08-18) |
| 111 | 2026-08-17/18 (read direct) | DISH DBS Second Amended Plan (RSA) mechanics | DBS's five note series (Classes 1C-1G) reinstate/amend at par with cash for accrued interest; a DWLLC Claims Trust holds the already-tracked ~$8.8B DNC intercompany claim as a general unsecured claim against DWLLC for the benefit of 2028 Senior Secured/2028 Senior/2029 Senior noteholders, recovering only from Wireless-side value through an Article VI.E waterfall (Trust fees first, then a $300M cap pro rata for optional redemption, then par, then residual reverts to Reorganized DBS); Class 2E (DISH Wireless General Unsecured) is the sole impaired/voting Wireless class; EchoStar remains the $300M stalking-horse bidder for DWLLC's own §363 asset sale; plan also includes a DBS Cash Sweep (redeems 2028 Senior Secured at par from cash above $500M/quarter, starting Q1 2027) and a DirecTV-combination carve-out (leverage ≤2.75x at closing) | PRIMARYbondoro.com case-summary/docket-update page (mirrored sources/latest/bondoro-dish-dbs.html), read direct (dossier run 2026-08-20) |
| 112 | 2026-08-17 (as of, unresolved) | DISH Wireless §363 sale/plan-confirmation hearing, outcome re-check | unreported for a full week across EDGAR, bondoro.com, and CourtListener as of 2026-08-20; one secondary case-tracker source shows a conflicting Oct 13, 2026 confirmation-hearing date | brief chain 2026-08-17 through 2026-08-20 (dossier run 2026-08-20) |
| 113 | 2026-08-20 (reported) | DISH Wireless confirmation hearing delayed to Nov 12 or Dec 2, resolving the multi-cycle "unreported outcome" gap | Judge Christopher Lopez (S.D. Tex.): confirmation "wouldn't start until Dec. 2 if the tower claims were litigated beforehand... could start Nov. 12 otherwise," both later than the schedule set in July and later than DISH's own ask; Crown Castle (~$3.5B claim) and American Tower (~$2B) were granted discovery ahead of any auction | broadbandbreakfast.com, "Dish Wants Tower Claims Zeroed Out," 2026-08-20; corroborated Inside Towers, "Judge Slows DISH Bankruptcy, Giving Tower Companies Time to Press Claims"; TechTimes; Fierce Network; Octus (WebSearch cross-check, dossier run 2026-08-23) |
| 114 | 2026-07-02/07-23 (reported) | DISH Wireless bankruptcy timeline first slowed — origin of the delay pattern | Crown Castle argued Dish's expedited timeline would unfairly cap tower-company recovery claims "at 15%"; Judge Lopez approved first-day operational-continuity motions but deferred asset-auction decisions at the Jul 2 first-day hearing, with a second-day hearing set for Jul 23 — the same dispute that produced the Aug 20 delay to Nov/Dec | broadbandbreakfast.com, "Tower Companies Oppose Dish Wireless Bankruptcy Timeline" (WebSearch cross-check, dossier run 2026-08-23) |
| 115 | 2026-08-20 (reported) | Dish seeks to zero out or cap tower-company claims at 15% (~$7.5B total requested) | Dish argues the FCC's $2.4B trust fund (already tracked, FCC DA 26-797) should resolve tower claims before plan finalization; DBS bondholders reportedly considering separating their own process from DISH Wireless's | broadbandbreakfast.com, "Dish Wants Tower Claims Zeroed Out," 2026-08-20 (WebSearch cross-check, dossier run 2026-08-23) |
| 116 | 2026-08-29 (reported) | MDA SPACERAN reframed — it is an ITU advance-publication filing, not merely a "Canadian spectrum consultation" (corrects the 2026-08-07 row's framing above) | SpaceQ/Marc Boucher details the plan behind the ITU API that ISED filed on MDA's behalf 2026-07-13 (responding to ISED's 05-13 MSS L/S-band consultation): 170 sats now confirmed (was analyst-estimated); two-phase — Phase 1 96 sats in circular 750km orbits for full-Canada + partial-global by 2029, Phase 2 adds a 3rd plane → 170 worldwide; AWS-4 S-band 2000-2020/2180-2200 MHz; ITU bring-into-use deadline 2033-01-15. DETECTION LAG: the desk first caught this via MDA's 08-07 earnings call, 25 days after the ITU filing, and the full detail only 47 days after; the API has since aged out of ITU's ~10-day as-received rolling window (next surfaces at BR IFIC publication) | SpaceQ (Marc Boucher), "MDA Space makes a Direct-to-Device play with SpaceRAN constellation," 2026-08-29, https://spaceq.ca/mda-space-makes-a-direct-to-device-play-with-spaceran-constellation/ |
Earlier claims that evidence disproved — kept on record. 4 corrections documented.
Rocket Lab HQ / nationality (spectrum-transfer framing). Believed 2026-07-05 → 2026-07-12: this dossier (and the June 30 briefs it drew from) asserted Rocket Lab was "New Zealand-headquartered" and framed the Iridium L-band spectrum transfer as a foreign-ownership/CFIUS-adjacent spectrum-policy event on that basis. Overturned 2026-07-12: Rocket Lab Corp's own EDGAR filer record shows Delaware incorporation and Long Beach, CA headquarters (Nasdaq: RKLB) — a US-domiciled public company. Rocket Lab's NZ presence (Launch Complex 1, Mahia) is a launch-site relationship, not the entity's domicile. The regulatory read-across is corrected in POLITICAL & REGULATORY and OPEN QUESTIONS #2 above; the operative approval risk is USSF contractor-ownership continuity, not a foreign-takeover-of-spectrum question.
Hughes maturity cash cushion ("~$102M EchoStar group cash"). Believed 2026-07-07 → 2026-07-22 (STATE OF PLAY, the 2026-08-01 TRACKED SERIES row, and the brief chain from 07-07): the $1.5B Aug 1 maturity was framed against "~$102M EchoStar group cash on hand." Overturned 2026-07-23 by direct read of HSSC's Q1 10-Q (filed 2026-05-13): the $102M is Hughes Satellite Systems Corp's OWN "Cash on Hand" (cash + marketable investment securities as of 2026-03-31), not an EchoStar-group figure, and the same filing states EchoStar "may or may not provide additional liquidity." The correction makes the distress sharper, not milder: the entity facing the maturity holds only $102M and parent support is explicitly discretionary. (The stale framing also appeared in mss-2ghz-spectrum.md's 2026-07-13 row — flagged in a prior run's PR; that dossier's own 2026-07-31 deep-dive has since corrected the attribution per its own CHANGELOG, so no residual staleness remains as of this run.)
Telesat GEO "Dec 2026 maturity" amount (~$2.4B). Believed 2026-07-18 → 2026-07-22: this dossier stated Telesat's "~$2.4B GEO debt (Term Loan B + 2026 Senior Secured Notes, Dec 2026 maturity)" as the December 2026 wall. Overturned 2026-07-23 by the company's own 2026-03-17 earnings call ([INBOX] transcript, CFO Tremblay): "the need to refinance USD 1.7 billion of debt at Telesat Canada coming due in December 2026," with Telesat GEO maturities spanning "2026 and 2027." The ~$2.4B was the 20-F's current-liability classification, not the amount due in December 2026. priors.md already carried the correct $1.7B (retro 2026-07-21); this dossier was the stale copy.
Telesat DND Arctic contract "materially de-risking the $1.7B Dec 2026 GEO wall." Believed 2026-08-07 → 2026-08-14 (STATE OF PLAY, STRUCTURAL DYNAMICS, IMPLICATIONS FOR SES, and OPEN QUESTIONS #8, all as of the 2026-08-07/08-09 runs): this dossier framed the Aug 4 ESCP-P/DND Arctic contract as materially reducing the risk around Telesat's Dec 2026 GEO bond maturity. Overturned 2026-08-13 by Telesat's own Q2 2026 earnings release and call (6-K accession 0001213900-26-088683; [INBOX] transcript): the company's own words are that current cash resources are insufficient to cover the ~$1.7B maturity and it "will have to refinance or raise money," notwithstanding a new USD $120M GEO term loan. The DND/ESCP-P contract itself is unchanged and real — it is 2026-2028 Lightspeed backlog revenue — but Lightspeed is structurally non-guarantor-insulated from the Telesat GEO debt silo facing the December wall (a separation this dossier had itself documented since 07-18), so backlog growth on one side of that wall cannot de-risk a cash maturity on the other. This was an analytical conflation (future revenue vs. present liquidity), not a sourcing error — see ANALYTIC STANCE for the generalized lesson.