“We have over 20 launches planned this year. We have over 30 launches planned in 2027.”

In context

“For the governments and the enterprises—and we talk to a lot of them, and we have already signed agreements with many of them even though we have not launched the service commercially, the latest of which was with Delta Air Lines committing at least half of their fleet starting in 2028—when you talk to them, another really big part of what matters to them is they are going to want to take data off of the satellite constellation, they are going to want to store it in the cloud, they are going to want to do analytics on it, and they are going to want to do AI on it. Just the combination of LEO with the leading cloud in the world in AWS is very compelling to enterprises and to government. Today, if you ask what stops us from growing the business, we have to get the constellation into space. We have over 20 launches planned this year. We have over 30 launches planned in 2027. I think the business has a chance to be a very large, many-billion-dollar revenue business, and it has some characteristics that are reminiscent of AWS in that it is capital intensive upfront, where you are committing a lot of capital and cash in the early years for assets that you get to leverage over a long period of time. I like the free cash flow and return on invested capital characteristics of that business in the medium to long term. On your question about Globalstar, increasingly what we are finding with consumers, enterprises, and governments is that they do not like to have any periods where they do not have connectivity—it just upsets whatever customer experience they are going through. Even in metropolitan areas, we all hit certain parts of the highway or certain roads where y”