The contract between Canadian MDA Space (MDA.TO) and Globalstar (GSAT.A) has been extended to include the development of the next generation of low Earth orbit satellites. This brings the overall contract value to approximately C$1.1 billion ($767.19 million), the company announced on Monday.
In a global competition to gain market share in the provision of satellite-based services, MDA Space will produce over 50 cutting-edge digital satellites for Globalstar, a rival to bigger firms like SpaceX’s Starlink.
The first quarter of fiscal 2025 will see the Canadian space technology corporation gain over C$750 million to its backlog. When the agreement was first revealed in late 2023, C$350 million had already been added.
Apple AAPL.O owns a portion of Globalstar, a Covington, Louisiana-based company that manages and runs low-Earth orbit satellites for data and phone transmission as well as observation services for a range of customers.
