Satellite Broadband & Connectivity
Infrastructure · Active
· Communication Services
Latest report
2026-05-01 14:14
Companies building, operating, or supplying components for low-earth-orbit (LEO) or other satellite constellations providing broadband internet connectivity, competing with or complementing terrestrial networks. Includes satellite operators, launch customers, and chip/component suppliers to satellite programs.
Pool
84
Industries
6
Cohort
13
Cohort MCap
110.2B
Layers
5
Topology Rationale
The satellite broadband theme is organized around operators that own or market space-based connectivity, the hardware and launch stack needed to build and access those networks, semiconductor inputs that enable payloads and terminals, and telecom/distribution channels that buy, bundle, or extend satellite capacity to end users. Layers therefore separate core satellite service providers from upstream infrastructure suppliers, adjacent connectivity enablers, and downstream terrestrial operators or distributors.
Value-Chain Layers
1
Satellite Broadband Network Operators & Capacity Owners
Companies in this layer operate, own, or directly commercialize satellite connectivity networks and broadband capacity across consumer, enterprise, mobility, or government markets.
6 companies
| Company | Role | Market Cap | Revenue ($M) | Service Revenue ($M) | Capex ($M) | Cash ($M) | Operating Margin (%) |
|---|---|---|---|---|---|---|---|
|
EchoStar Corporation
SATS
Q4-FY2025
|
Owns satellite and wireless connectivity assets via EchoStar/Hughes
Communication Services
|
34.6B | 3,796 | — | — | — | -20.5% |
|
Globalstar, Inc. Common Stock
GSAT
FY2025
|
Operates LEO satellite mobile and data services
Communication Services
|
10.5B | 273 | 257 | 550 | 448 | — |
|
Ast Spacemobile Inc
ASTS
FY2025
|
Building space-based cellular broadband constellation
Technology
|
27.1B | 71 | 27 | 1,065 | 2,336 | — |
|
Iridium Communications Inc
IRDM
Q1-2026
|
Runs global satellite voice and broadband network
Communication Services
|
3.8B | 219 | 158 | 30 | 112 | — |
|
ViaSat Inc
VSAT
Q3-FY2026
|
Provides satellite broadband and mobility services
Technology
|
8.1B | 1,157 | — | — | — | 2.3% |
|
Telesat Corp
|
Satellite operator developing broadband constellation capacity
Technology
|
2.3B | — | — | — | — | — |
2
Launch, Space Systems, Ground Segment & Satellite Access Equipment
This layer supplies the physical infrastructure required to deploy and use satellite broadband networks, including launch services, spacecraft systems, terminals, antennas, gateways, and networking equipment.
13 companies
| Company | Role | Market Cap | Revenue ($M) | Gross Margin (%) | Operating Margin (%) | Capex ($M) | Operating Cash Flow ($M) |
|---|---|---|---|---|---|---|---|
|
Rocket Lab USA Inc.
RKLB
FY2025
|
Launch and space systems supplier to satellite programs
Industrials
|
44.5B | 602 | 34.4% | — | 156 | -166 |
|
Gilat Satellite Networks Ltd
|
Makes satellite ground systems and VSAT terminals
Technology
|
1.3B | — | — | — | — | — |
|
Cisco Systems Inc
CSCO
Q2-FY2026
|
Supplies routing and networking gear for ground networks
Technology
|
353.8B | 15,349 | 65.0% | 24.6% | 283 | 1,822 |
|
Arista Networks
ANET
FY2025
|
Provides high-performance network equipment for gateways/backhaul
Technology
|
212.4B | 9,006 | 64.1% | 42.8% | 120 | 4,372 |
|
Motorola Solutions Inc
MSI
FY2025
|
Communications systems and integration for mission-critical networks
Technology
|
71.3B | 11,682 | — | 25.6% | 265 | 2,837 |
|
Nokia Corp ADR
|
Telecom infrastructure vendor for satellite-terrestrial integration
Technology
|
69.6B | — | — | — | — | — |
|
Ciena Corp
CIEN
Q1-2026
|
Optical transport and software for backbone/backhaul links
Technology
|
67.2B | 1,427 | 43.8% | 13.3% | 74 | 228 |
|
Ubiquiti Networks Inc
UI
Q2-FY2026
|
Wireless broadband equipment used in access and service provider networks
Technology
|
58.8B | 815 | 45.9% | 35.9% | — | — |
|
Telefonaktiebolaget LM Ericsson B ADR
|
Mobile network equipment vendor enabling NTN integration
Technology
|
38.1B | — | — | — | — | — |
|
F5 Networks Inc
FFIV
Q2-FY2026
|
Application/network traffic management for service delivery
Technology
|
18.5B | 812 | 81.4% | 22.1% | 28 | 525 |
|
Applied Opt
AAOI
FY2025
|
Optical components for telecom and data transport links
Technology
|
12.2B | 456 | 30.0% | — | — | — |
|
Ondas Holdings Inc.
ONDS
Q4-2025
|
Wireless networking and airborne communications hardware exposure
Technology
|
4.6B | 27 | — | — | — | — |
|
CommScope Holding Co Inc
|
Network infrastructure and antenna systems supplier
Technology
|
4.3B | — | — | — | — | — |
3
Satellite Silicon, RF, Power & Electronics Supply Chain
These companies provide the chips, foundry capacity, packaging, RF, analog, power, timing, and interconnect technologies embedded in satellites, gateways, and user terminals.
28 companies
| Company | Role | Market Cap | Revenue ($M) | Gross Margin (%) | Operating Cash Flow ($M) | Capex ($M) | Operating Margin (%) |
|---|---|---|---|---|---|---|---|
|
NVIDIA Corporation
NVDA
FY2026
|
Processing silicon potentially used in network and edge systems
Technology
|
5.1T | 215,938 | 71.1% | 102,718 | 6,042 | — |
|
Taiwan Semiconductor Manufacturing
|
Foundry capacity for satellite and communications chips
Technology
|
2.0T | — | — | — | — | — |
|
Broadcom Inc
AVGO
Q1-2026
|
Communications semiconductor supplier with RF/networking exposure
Technology
|
1.9T | 19,311 | 68.1% | 8,260 | 250 | 44.3% |
|
Micron Technology Inc
MU
Q2-2026
|
Memory supplier for communications and space systems electronics
Technology
|
584.7B | 23,860 | 74.4% | 11,903 | 5,004 | 67.6% |
|
Advanced Micro Devices Inc
AMD
FY2025
|
Compute and embedded processors for network equipment
Technology
|
549.6B | 34,639 | 50.0% | 7,709 | 974 | 11.0% |
|
Intel Corporation
INTC
Q1-2026
|
Network and embedded processing plus foundry services
Technology
|
474.9B | 13,577 | 39.4% | 1,096 | 4,963 | -23.1% |
|
Texas Instruments Incorporated
TXN
Q1-2026
|
Analog and embedded chips used in comms hardware
Technology
|
245.0B | 4,825 | — | 1,520 | 676 | — |
|
Arm Holdings plc American Depositary Shares
|
CPU IP architecture used across communications devices
Technology
|
214.2B | — | — | — | — | — |
|
Analog Devices Inc
ADI
Q1-2026
|
RF and analog components for communications systems
Technology
|
190.1B | 3,160 | 64.7% | 1,369 | 109 | 31.5% |
|
Qualcomm Incorporated
QCOM
Q2-FY2026
|
Wireless and modem silicon relevant to NTN devices
Technology
|
166.6B | 10,599 | 53.8% | 7,414 | 1,082 | — |
|
Marvell Technology Group Ltd
MRVL
FY2026
|
Communications and data infrastructure semiconductor supplier
Technology
|
136.9B | 2,219 | 51.7% | 374 | 114 | 18.2% |
|
Monolithic Power Systems Inc
MPWR
Q1-2026
|
Power management chips for communications equipment
Technology
|
75.0B | 804 | 55.3% | 250 | — | 30.0% |
|
NXP Semiconductors NV
NXPI
Q1-2026
|
Communications infrastructure and IoT semiconductor supplier
Technology
|
73.0B | 3,181 | 56.2% | 793 | 79 | 47.3% |
|
ASE Industrial Holding Co Ltd ADR
|
Semiconductor assembly and test for communications devices
Technology
|
67.0B | — | — | — | — | — |
|
Microchip Technology Inc
MCHP
Q3-FY2026
|
Microcontrollers and mixed-signal chips used in terminals
Technology
|
48.8B | 1,185 | — | — | — | — |
|
STMicroelectronics NV ADR
|
Mixed-signal and power semis used in communications electronics
Technology
|
46.8B | — | — | — | — | — |
|
ON Semiconductor Corporation
ON
FY2025
|
Power and sensing semiconductors for communications hardware
Technology
|
38.9B | 5,995 | 33.1% | 1,760 | 341 | 1.4% |
|
Globalfoundries Inc
|
Specialty foundry for RF and communications semiconductors
Technology
|
34.4B | — | — | — | — | — |
|
Astera Labs, Inc.
ALAB
FY2025
|
Connectivity silicon for high-speed data movement
Technology
|
33.7B | 853 | 75.7% | 319 | 38 | 20.3% |
|
Credo Technology Group Holding Ltd
CRDO
Q3-FY2026
|
High-speed connectivity chips for network links
Technology
|
32.4B | 406 | — | — | — | — |
|
United Microelectronics
|
Foundry supplier for communications semiconductors
Technology
|
32.1B | — | — | — | — | — |
|
Qnity Electronics, Inc
Q
FY2025
|
Interconnect and semiconductor technologies supplier
Technology
|
29.6B | 4,754 | 46.2% | 1,273 | 285 | — |
|
Tower Semiconductor Ltd
|
Specialty foundry with analog/RF manufacturing relevance
Technology
|
23.7B | — | — | — | — | — |
|
MACOM Technology Solutions Holdings Inc
MTSI
Q1-2026
|
RF and microwave semiconductors for satellite communications
Technology
|
20.2B | 272 | 55.9% | 43 | 13 | 15.9% |
|
Amkor Technology Inc
AMKR
Q1-2026
|
Chip packaging and test for communications semiconductors
Technology
|
17.5B | 1,685 | — | 145 | 225 | — |
|
Lattice Semiconductor Corporation
LSCC
FY2025
|
Programmable logic used in communications systems
Technology
|
15.8B | 523 | 68.2% | — | 43 | — |
|
Sitime Corporation
SITM
FY2025
|
Timing devices for network and communications hardware
Technology
|
13.9B | 327 | 53.6% | — | — | — |
|
Rambus Inc
RMBS
Q1-2026
|
Chip interface IP supporting communications electronics
Technology
|
12.1B | 180 | — | 83 | — | 34.0% |
4
Terrestrial Telecom Partners, Mobility Integrators & Coverage Extension Channels
These telecom operators and service providers partner with satellite networks to extend rural, maritime, aviation, or direct-to-device coverage and to resell bundled connectivity.
23 companies
| Company | Role | Market Cap | Revenue ($M) | Operating Income ($M) | Net Income ($M) | EPS Diluted ($/Share) |
|---|---|---|---|---|---|---|
|
T-Mobile US Inc
TMUS
Q1-2026
|
Wireless carrier partnering on satellite-to-phone coverage
Communication Services
|
214.5B | 23,107 | 4,497 | 2,504 | 2.27 |
|
Verizon Communications Inc
VZ
Q1-2026
|
Integrated telecom operator and potential satellite capacity buyer
Communication Services
|
194.6B | 34,440 | 8,242 | 5,146 | 1.2 |
|
AT&T Inc
T
Q1-2026
|
Converged telecom channel for supplemental satellite reach
Communication Services
|
178.9B | 31,500 | 6,700 | 4,200 | 0.54 |
|
America Movil SAB de CV ADR
|
Regional telecom operator that can augment coverage with satellite
Communication Services
|
78.6B | — | — | — | — |
|
Vodafone Group PLC ADR
|
Global wireless operator and satellite mobility partner candidate
Communication Services
|
35.4B | — | — | — | — |
|
Chunghwa Telecom Co Ltd
|
Incumbent telecom operator for rural and enterprise backstop
Communication Services
|
33.3B | — | — | — | — |
|
Telefonica Brasil SA ADR
|
Mobile/fixed telecom provider that can bundle satellite access
Communication Services
|
24.3B | — | — | — | — |
|
BCE Inc
|
Integrated carrier using satellite for remote coverage
Communication Services
|
21.7B | — | — | — | — |
|
Telefonica SA ADR
|
Large telecom operator and broadband distribution partner
Communication Services
|
21.5B | — | — | — | — |
|
Rogers Communications Inc
|
Canadian telecom with remote-area satellite use cases
Communication Services
|
19.6B | — | — | — | — |
|
Telus Corp
|
Telecom operator serving areas where satellite complements terrestrial
Communication Services
|
19.1B | — | — | — | — |
|
Telkom Indonesia (Persero) Tbk PT ADR Rep 100 B
|
National telecom operator with archipelago coverage needs
Communication Services
|
16.5B | — | — | — | — |
|
SK Telecom Co Ltd ADR
|
Wireless operator and NTN integration channel
Communication Services
|
14.0B | — | — | — | — |
|
Millicom International Cellular SA
|
Wireless carrier for underserved-area broadband extension
Communication Services
|
13.8B | — | — | — | — |
|
TIM Participacoes SA
|
Mobile operator and potential satellite backhaul buyer
Communication Services
|
11.9B | — | — | — | — |
|
KT Corporation
|
Integrated carrier and distribution channel for satellite services
Communication Services
|
10.2B | — | — | — | — |
|
Frontier Communications Parent Inc
FYBR
Q3-FY2025
|
Fixed broadband provider for rural coverage supplementation
Communication Services
|
9.6B | 1,550 | 117 | -76 | -0.3 |
|
Lumen Technologies Inc
LUMN
FY2025
|
Enterprise network operator and backhaul/connectivity integrator
Communication Services
|
9.0B | 12,402 | -812 | -1,739 | -1.75 |
|
Turkcell Iletisim Hizmetleri AS
|
Mobile operator with coverage-extension use case
Communication Services
|
5.4B | — | — | — | — |
|
Telecom Argentina SA ADR
|
Converged telecom provider and local distribution channel
Communication Services
|
5.3B | — | — | — | — |
|
Telephone and Data Systems Inc
TDS
Q3-FY2025
|
Regional telecom operator serving hard-to-reach areas
Communication Services
|
5.0B | 309 | -68 | -82 | -0.84 |
|
PLDT Inc ADR
|
Telecom operator with island and rural coverage needs
Communication Services
|
4.3B | — | — | — | — |
|
Array Digital Infrastructure, Inc.
AD
Q3-FY2025
|
Digital infrastructure platform adjacent to connectivity deployment
Communication Services
|
4.1B | 47 | -53 | -38 | -0.44 |
5
Broadband Distributors, Cable Platforms & Hybrid Connectivity Ecosystem
This layer includes cable, satellite media, and broadband platform companies that distribute connectivity services, own customer relationships, or participate in hybrid fixed-wireless-satellite bundles rather than operating broadband constellations themselves.
7 companies
| Company | Role | Market Cap | Revenue ($M) | Operating Income ($M) | Adjusted EBITDA ($M) | Capex ($M) | Total Debt ($M) |
|---|---|---|---|---|---|---|---|
|
Liberty Global PLC
LBTYA
FY2025
|
Cable/converged broadband distributor with hybrid connectivity exposure
Communication Services
|
3.8B | 4,878 | — | 1,275 | 1,363 | 8,618 |
|
Liberty Global PLC Class C
LBTYK
Q4-FY2025
|
Cable/converged broadband distributor with hybrid connectivity exposure
Communication Services
|
3.7B | 1,231 | -106 | — | — | — |
|
Liberty Global PLC Class B
LBTYB
Q1-FY2024
|
Cable/converged broadband distributor with hybrid connectivity exposure
Communication Services
|
5.6B | 1,945 | 23 | — | — | — |
|
Comcast Corp
CMCSA
Q1-2026
|
Large broadband platform and connectivity distributor
Communication Services
|
95.6B | 31,457 | 4,135 | 7,929 | 2,351 | 94,612 |
|
Charter Communications Inc
CHTR
FY2025
|
Cable internet distributor serving broadband end customers
Communication Services
|
22.4B | 54,774 | 12,908 | 22,708 | 11,659 | 94,600 |
|
Liberty Broadband Srs A
LBRDA
Q1-FY2024
|
Broadband holding company tied to cable distribution economics
Communication Services
|
5.3B | 245 | 28 | — | — | — |
|
Liberty Broadband Srs C
LBRDK
Q4-FY2025
|
Broadband holding company tied to cable distribution economics
Communication Services
|
8.1B | — | -112 | — | — | — |
Report History
| Generated | Pool | Layers |
|---|---|---|
| 2026-05-01 14:14 | 84 | 5 |