Shares of satellite communications provider jumped 12.4% in the morning session after reports surfaced that Amazon was in discussions to acquire competitor Globalstar, a deal that lifted investor sentiment across the satellite telecommunications sector.
The news of the potential acquisition of Globalstar, a rival satellite firm, sent its shares soaring and created a positive ripple effect for related companies. The potential deal was viewed as an effort by Amazon to strengthen its low-Earth orbit satellite network, a move that would intensify competition with SpaceX. This sparked investor optimism about the value of assets in the sector, causing Iridium’s shares to advance as well.
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Iridium’s shares are very volatile and have had 24 moves greater than 5% over the last year. But moves this big are rare even for Iridium and indicate this news significantly impacted the market’s perception of the business.
The previous big move we wrote about was 3 days ago when the stock dropped 5.3% on the news that geopolitical tensions in the Middle East intensified, pushing major indices into correction territory. The Dow Jones Industrial Average and the Nasdaq both fell more than 10% from their recent highs, a drop known as a “correction.” This downturn was fueled by the conflict with Iran, which roiled markets and dampened investor sentiment. The primary concern was the surge in oil prices, a direct consequence of the geopolitical instability. Higher energy costs stoked inflation fears, leading investors to anticipate a “higher-for-longer” interest rate environment. This broad market decline reflected a classic “risk-off” sentiment, where investors move away from equities toward safer assets amid global uncertainty.
Iridium is up 81.7% since the beginning of the year, and at $32.27 per share, it is trading close to its 52-week high of $32.43 from July 2025. Despite the year-to-date gain, investors who bought $1,000 worth of Iridium’s shares 5 years ago would now be looking at only $788.61.
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