Satellite services provider GlobalStar today disclosed an expansion of its deal with Apple. Apple will commit an additional $1.1 billion for upfront infrastructure prepayments, to increase the capacity of satellite services. Additionally, Apple will take 20% ownership of GlobalStar, in an equity deal worth about $400 million.
The news has sent GlobalStar stock soaring, and it hints towards Apple’s growing plans for iPhone satellite features. With iOS 18, for instance, iPhone users are now able to send text messages to friends and family over satellite, when outside of cellular or WiFi range.
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