Is Iridium (IRDM) Quietly Repositioning Its IoT Ecosystem With New NTN and Hybrid Modules?

• In June 2026, Iridium Communications announced that Mlink Technology began live on-air testing of its MS150-IR IoT-NTN chipset on Iridium NTN Direct, and separately launched the Iridium 9604 hybrid satellite/LTE-M/GNSS module and Development Kit for global IoT deployments.

• Together, these steps expand Iridium’s 3GPP-based IoT and chipset ecosystem, potentially making it easier for manufacturers and network operators to embed truly global satellite connectivity into everyday devices.

• Next, we’ll examine how Mlink’s Iridium NTN Direct testing could influence Iridium’s investment narrative around IoT growth and ecosystem expansion.

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Iridium Communications Investment Narrative Recap

To own Iridium Communications, you need to believe its 3GPP-based IoT and direct to device services can offset slowing legacy growth and rising competition. The latest Mlink NTN Direct testing and Iridium 9604 launch appear supportive of the IoT expansion catalyst, but do not remove near term concerns around slowing IoT service revenue growth or longer term capex and constellation replacement risk.

Of the recent announcements, the Iridium 9604 hybrid satellite and LTE M module stands out as most relevant, because it directly targets global IoT deployments using a multi mode, compact design. If developers adopt this platform at scale, it could reinforce the IoT and partner led growth catalyst that many shareholders are watching, while also highlighting execution risk if adoption or monetization ultimately lags expectations.

Yet against this opportunity, investors should be aware of how quickly new direct to device rivals could reshape Iridium’s competitive position and pricing power…

Read the full narrative on Iridium Communications (it’s free!)

Iridium Communications’ narrative projects $1.0 billion revenue and $216.1 million earnings by 2029. This requires 6.0% yearly revenue growth and roughly a doubling of earnings from $105.6 million today.

Uncover how Iridium Communications’ forecasts yield a $37.88 fair value, a 9% downside to its current price.

Exploring Other Perspectives

Some of the most optimistic analysts already expected Iridium to reach about US$1.1 billion in revenue and US$211 million in earnings by 2029, so news like Mlink’s NTN testing may either strengthen that bullish view or prompt a rethink of how much competitive and spectrum risk you are really taking on.

Explore 8 other fair value estimates on Iridium Communications – why the stock might be worth less than half the current price!

Form Your Own Verdict

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include IRDM.

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