SpaceCapital2022年全球卫星通信市场分析报告英文版50页

The SatCom
Playbook
An investment thesis for ubiquitous connectivity in a
future where every person, device, and object on the
planet is connected.
Report by Space Capital ®

Executive Summary
The nature of satellite communications is in the midst of a fundamental shift from its historical archetypes. In some
ways, these shifts mimic the core thesis behind the early days of the internet and its construction, in which the
internet itself was first intended as a medium to transfer files and access machines from anywhere in the world. As
decades have passed, we have seen that the ideal around “file transfer from anywhere in the world” still comes with
certain caveats and, in some ways, the goal has only been partially met.
Today, individuals, corporations, and

governments connect to the internet through
a variety of mediums including cable, fiber,
satellite, and cellular, with each method
providing a set of tradeoffs that impact
bandwidth, latency, and coverage.
Likewise, different use cases have varying requirements to achieve a quality experience for the end user. For
example, fast effective file transfer requires high bandwidth, but the experience can tolerate a high-latency network.
In the case of online gaming or video chat, bandwidth requirements can vary, but low latency is essential for a quality
experience. For enterprise use cases such as aviation and maritime, coverage is king; and while internet service
providers (ISPs) have generally been able to increase coverage, gaps exist in both quality and coverage in today’s
networks that prevent even basic communications.
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The SatCom Playbook | Report by Space Capital 2
Executive Summary
While terrestrial connections have evolved from Dial-Up to Fiber, Satellite Communications (SatCom) has largely
been unchanged. The early Geostationary Earth Orbit (GEO) satellites that provided connectivity were comparable
to Dial-Up or DSL delivering coverage with limited bandwidth, but today’s applications such as streaming, video
calls, and homes full of connected devices require higher bandwidth and lower latency to achieve a modern
internet experience. In terms of benchmarking, a modern internet experience maps most cleanly to the Federal
Communications Commission’s (FCC’s) definition of a broadband connection (25 Mbps down, 3 Mbps up, reasonable
latency), though this definition is quickly becoming outdated as remote work and remote learning become more
common in today’s households.1 It is common for customers living in rural areas to get download speeds below 20
Mbps at latencies above 600ms from their GEO-based satellite internet service.2 This performance is not surprising
when you consider that many of these satellites were launched in the early 2000s and have since fallen behind
modern communications infrastructure. Given the high upfront cost, satellite operators typically aim to keep GEO
assets in service for at least 15 years in order to generate a profit, effectively freezing their customers in time. Now,
this paradigm is beginning to shift.
With a significant reduction in launch costs,

improvements in satellite manufacturing,
broad adoption of cloud computing, and a
growth in private capital fueling innovation,
the SatCom industry is poised to transform
how a modern internet experience can be
delivered, at global scale.
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Contents
The SatCom Playbook
Infrastructure 5
Distribution 19
Applications 27
Conclusion 43
Interviews 44
Endnotes 45
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Competition in the Satellite Market

The total Adjusted Capacity, the amount of available capacity sold, of all satellite operators in 2020 was approximately
2.0 Tbps, excluding state-owned satellites and initial beta capacity from SpaceX and OneWeb. The main contributors
to this capacity include large incumbents such as Viasat, SES, Intelsat, EchoStar/HughesNet, Eutelsat, Inmarsat,
Telesat, and other regional players. For reference, the world’s international internet throughput was estimated to be
over 600 Tbps in 2020, up from 450 Tbps in 2019.3 This stark increase in capacity for 2020 was likely driven by digital
transformation related to COVID-19, such as an increased number of people working and going to school remotely.
While the aim of SatCom is not to replace terrestrial connectivity, current throughput represents less than 1% of
reported totals, and initiatives, such as the Rural Development Opportunities Funds (RDOF) have highlighted its
increasing obsolescence.
2020 BROADBAND BROADBAND UNADJUSTED UTILIZATION ADJUSTED ADJUSTED

OPERATOR
REVENUE (MMs) REVENUE (Share) CAPACITY (Tbps) RATE4 CAPACITY (Tbps) CAPACITY (Share)
Viasat $2,309 17% 0.5 80% 0.4 20%
SES $2,136 15% 0.5 75% 0.4 18%
Intelsat $1,913 14% 0.3 73% 0.2 11%
EchoStar/Hughes $1,887 14% 0.3 80% 0.3 13%
Eutelsat $1,392 10% 0.2 71% 0.1 7%
Inmarsat $1,239 9% 0.1 80% 0.1 5%
Telesat $639 5% 0.1 81% 0.1 4%
Other5 $2,418 17% 0.5 90% 0.5 22%
Total $13,932 100% 2.6 80% 2.0 100%
Figure: 2020 reported revenue and capacity by legacy satellite operators shows strong correlation (0.94) driven by high utilization rates.
In addition to the high latencies associated with GEO satellites, operators have failed to launch more satellites that
can provide additional capacity, and in turn bring faster data rates to their customers. The current infrastructure is
built on pre-sold capacity and high utilization rates to absorb the high upfront costs and maximize the asset’s revenue
potential. For example, a company may have 200 Gbps of capacity on orbit, but if only 20% of this capacity is utilized,
then the economic “break-even” becomes much more difficult to achieve, and potentially outside of the assets’ service
life. In this example, the satellite operator’s 200 Gbps of “capacity” becomes 40 Gbps of “throughput” (given that 20%
of the capacity has been leased, this is also known as the utilization, or fill rate).6 This has led operators to be more
conservative in how much capacity they launch and to intentionally create scarce capacity that limits the amount of
bandwidth available to users, thereby limiting the number of services and potential use cases. In the case of Viasat,
an analysis by SpeedTest.net found that the company has been observed to provide average data download rates
on the order of 18 Mbps, though they claim to offer 100 Mbps plans.7,8 This same analysis found that HughesNet
customers received a comparable 19 Mbps download speed, and Starlink customers an impressive 97 Mbps. As
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Starlink continues to roll out its service we can expect that the service to continually improve with the introduction of
additional satellites.9 For OneWeb, reported speeds have ranged from 50-200 Mbps.10,11 Other sources have estimated
download speeds for Eutelsat at 22-100 Mbps, Inmarsat at 50-100, and Intelsat at 48.5 Mbps.12,13,14 Given that the
majority of these satellites were launched in a time before SpaceX had fundamentally reduced the cost of launch, they
can be thought of as relics of the old space industry.15
One of the largest market segments that SatCom has focused on is Video,
such as satellite TV. Historically, this has been the industry’s largest revenue
Although the generator with broad customer adoption.16 While cable TV is readily available
current business in urban areas, companies including DirecTV and Dish have differentiated
their offering by bundling exclusive content and channels. But evolving
model of SatCom
trends have shown declining activity in the sector as more and more users
can be profitable, drop their subscriptions in favor of streaming services (i.e. Netflix and Hulu)
the state of that have outcompeted cable and satellite in the race for exclusive content.
its available This shift in consumption suggests that revenues from satellite TV have
passed their peak and that existing SatCom providers must make significant
capacity is wholly investments in broadband infrastructure to keep pace.
insufficient to
meet both the Similarly, the mass adoption of remote learning and remote work,
accelerated by the COVID-19 pandemic, is likely a persistent trend.17 GEO
existing and
satellite internet providers are unable to adequately service these customers
rising demand for because they simply cannot keep up with the networking capabilities
connectivity from required for remote work or education. Enterprises may also be limited in
both enterprise their ability to engage with other businesses, and even customers, if they are
located in areas that lack low-latency broadband coverage.
and consumer
broadband Due to a lack of options, many of these businesses have learned to adapt
customers. and make do with the limited connectivity available. While it is better than
nothing, connectivity has also limited operations, competitiveness, and
growth. For example, the Maritime industry is serviced by satellites to bring
connectivity to passengers on commercial, military, and enterprise vessels. In
terms of providing raw connectivity, this segment faces the same challenges
as satellite customers back on land. Instead of using the best available
technology, many fleets opt for lower bandwidth services that do not require
much data, such as emergency communications or basic IoT devices. The
Aviation industry faces similar challenges, as airline passengers accustomed
to having broadband connectivity back on land demand the same quality
of connectivity during flights, but are limited to low-bandwidth high-latency
satellite services. as their only option.
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Militaries and governments are another key customer segment with a global footprint and an increasing reliance
on data and real-time communications.18 However, use cases for these customers are more unique than others.
By design, SatCom providers are distributed across various frequencies in an effort to reduce interference and
optimize devices for picking up a particular frequency within a particular range. With connectivity distributed across
various frequencies, these customers achieve both resiliency and redundancy in communications. For example, if
communications are down in the K-Band, users may still be able to communicate or send data through an alternate
band that is still active, or one that simply consumes less power. This architecture can be better understood through
NATO’s division of spectrum allocation to service different functions and devices.19
L BAND S BAND C BAND X BAND KU-BAND K-BAND KA-BAND V-BAND* W BAND*
1-2 GHz 2-4 GHz 4-8 GHz 8-12 GHz 12-18 GHz 18-27 GHz 27-40 GHz 40-75 GHz 75-110 GHz
Military and Commercial

GPS MSS TV Military Commercial Military Commercial
and Automotive Radar
Licensed Licensed Licensed Licensed Licensed Licensed Licensed Unlicensed
Figure: A summary chart denoting what each band is typically used for. Source: IEEE
Each of these bands has different characteristics. For example, signals in the Ka-Band are capable of transmitting
higher-throughput communications given their gigahertz-level bandwidth, making them ideal for consumer use
cases, but more vulnerable to interference such as rain fade and physical obstructions. Signals in L-Band have
much lower bandwidths and thus transfer less data, but are capable of penetrating through clouds, fog, rain, and
vegetation. Below the L-Band there exist even lower frequencies designated as Very Low Frequency (VLF, 3 kHz -30
kHz) to Very High Frequency (VHF, 30 MHz - 300 MHz) that provide even better penetration, but lower data transfer.
These frequencies are well-suited to service IoT devices, such as Swarm Technologies operating in the VHF range to
service customers through a constellation of satellites.20 The receivers needed to pick up these signals vary across
power requirements, technology,
complexity, and physical size.
“There’s a lot of talk in the industry about For example, a receiver designed
to pick up L-Band frequencies
whether you should deploy services in GEO
cannot communicate with a Ku-
or in MEO or in LEO. The answer is all of the
band satellite, and could lack
above. The sort of religion around orbits the power capabilities to sustain
becomes a bit tiresome.” such a connection. This points
back to the different applications
–Steve Collar, CEO of SES
that consumer, enterprise, and
government customers have
for SatCom, and how use-cases
determine the satellites, spectrum,
and end user devices.
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Another key driver of performance is the orbit from which a satellite system operates. GEO satellites can provide
near-global coverage with as little as three satellites, but face high latencies (~700 ms) due to their physical distance
from the Earth. Satellites in Low Earth Orbit (LEO) can provide low-latency connectivity (~40 ms), but require hundreds
of satellites to reach reliable global coverage. Consequently, more satellites also means more capacity, but most of
it may go unutilized as satellites spend the majority of their time flying over areas without customers. Medium Earth
Orbit (MEO) is another option in which global coverage is achievable through a few dozen satellites with latency
around 150ms. Modern satellite operators have been performing a balancing act across orbits, offerings, and total
capacity to maximize their profits and service as many customers as possible. These complicated tradeoffs have led to
antiquated technology, scarce capacity, and a fragmented market that fails to deliver a modern internet experience.
But this does beg the question, in a competitive market, why is there still so little current capacity?
Figure: Schematic of orbital altitudes and coverage

areas. Source: Satellite Today.
Image: SES-17 is a high throughput geostationary communications satellite launched on 24 October 2021. Source: satelliteprome.
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Images: SpaceX is able to deploy up

to 60 low-Earth orbit communications
satellites under its current Falcon 9
configuration. Source: SpaceX.
“In a network,
one uses latency,
throughput, and
jitter as measures
[of quality], but
“LEO constellations are provide a truly consistency is key.
ubiquitous service with a latency similar 20ms latency isn’t
to 4G terrestrial service, around 30 - 60ms. that great when you
As we grow these constellations they will only get it for a few
offer great capacity and availability offering seconds and it’s
a truly ubiquitous coverage across the planet, 100ms thereafter.”
providing a digital connectivity regardless of – Prof. Gil Zussman, Director
where you live.” of the WiMNet Lab and Vice
Chair of the Department
–Kieran Arnold, Chief Architect of Future Networks & Systems at
of Electrical Engineering at
the Satellite Applications Catapult
Columbia University
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From Scarcity to Abundance

Today, the SatCom landscape is undergoing a transformation driven by new entrants operating in LEO. Companies
such as SpaceX, OneWeb, and Amazon have announced plans to blanket the Earth with broadband connectivity. LEO-
based internet in itself is nothing new. Companies in the 1990s such as Globalstar, Iridium, Odyssey, and Teledesic all
attempted similar initiatives, but ultimately failed. Some examples are more recent, with failed attempts by LeoSat,
which shut down in 2019, and even OneWeb, which emerged from Chapter 11 bankruptcy in 2020.
SpaceX is leading the way in LEO broadband, having in excess of 1,700 operational Starlink satellites as of Q4 2021.21
The company envisions a minimum constellation of over 4,000 satellites to provide “fiber-like” connectivity to the
entire world, including the poles. These satellites will be utilizing the Ku- and Ka-band for user links and ground links
respectively. These bands are capable of higher data rates given their larger bandwidths and, combined with the
constellation’s low latency, make for an ideal provider of a modern internet experience. The service launched its first
two satellites, Tintin A and B in 2018, followed by its first batch of “production design” test satellites in May of 2019.22
In October 2020, SpaceX began enrolling users onto their “Better Than Nothing” Beta, providing testers with early
access to the service while the full constellation is deployed.23 Since then, the company has spent 2021 rolling out the
service, deploying over 1,800 satellites since their maiden launch.24 Throughout this deployment, the company has been
fighting against the global microchip shortage that has been delaying their fulfillment of internet kit orders.25 Users have
already reported latencies in the low 20s and download speeds as high as 300 Mbps, even during adverse weather,
despite the Ku- and Ka-bands being notoriously sensitive to these conditions.26,27 SpaceX has shown no signs of slowing
down as the company continues to expand service in additional countries through this “Version 1” constellation. The
company has a unique advantage over other SatCom operators given its own launch capability, which it can leverage
to effectively “subsidize” the cost of getting to orbit. Additionally, Starlink launches have provided a unique avenue for
SpaceX to demonstrate the useful life of Falcon 9 boosters, further reducing their cost of launch as the boosters are
depreciated.28 In terms of capacity created, the company has publicly claimed that each Falcon 9 launch of 60 satellites
is adding roughly 1 Tb of capacity on orbit.29 At this early phase, the company is primarily focused on lowering costs and
onboarding more users. As Starlink graduates from this stage and its cash flow becomes more predictable, SpaceX has
stated that Starlink may one day pursue its own IPO.30
The next generation “Version 2” constellation could push the total number of satellites to 40,000 and introduce new
technologies that can service a wider array of customers.31 In Q3 2021, SpaceX announced its acquisition of Swarm
Technologies, a company that is launching a constellation of satellites optimized for IoT. With the acquisition, SpaceX
has inherited Swarm’s spectrum allocation in the low-power, VHF range, opening up the IoT market to the operator in
a variety of industries such as Agriculture, Mobility, and anything in remote locations. Another company vying for LEO
market share, OneWeb, has taken a different approach building a smaller Ku-band constellation focused on enterprise
and government customers.32 Where SpaceX prefers to vertically integrate their development and manufacturing,
OneWeb has chosen to partner with other companies to make their constellation a reality, such as their partnership with
Airbus to manufacture the satellites and a partnership with Intellian Technologies and Collins Aerospace to develop their
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user terminals.33,34 While little has been revealed to-date about Amazon’s Project Kuiper, its filings in the LEO Ka-band
indicate another low-latency, high-throughput constellation.35 The actual size of the constellation may in fact rival that of
SpaceX’s V1 constellation, with the planned system consisting of over 3,000 satellites.36
The sheer volume of satellites deployed by these new entrants has already changed the total capacity available from
orbit. Many of the legacy satellite operators have responded, either directly or indirectly, to the growing forces within
LEO. Companies such as SES, Eutelsat, Viasat, Telesat, Inmarsat, and others have all announced plans to launch
additional capacity using various strategies. For example, SES plans to launch a new series of satellites known as O3B
mPOWER, each capable of 1 Tbps of throughput.37 These satellites promise to achieve data rates as high as 500 Mbps,
up from the company’s current average of 6.5 Mbps, with the first of these satellites to deploy in early 2022, and users
expected to see benefits not long after.38,39,40 Viasat, the leading satellite internet provider in the United States today,
announced its own series of next-gen high-throughput satellites in the form of the Viasat-3 system, which will consist of
three satellites, each capable of 1 Tbps of throughput, similar to SES’ mPOWER system.41 China has announced its plans
to deploy LEO-based constellations for broadband and IoT respectively, though details around its capabilities remain
unclear.42 With this unprecedented amount of capacity coming online, there is growing expectation that the market will
need to consolidate for existing players to compete.43
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Power Dynamics
Viasat’s $7.3B offer to acquire Inmarsat in Q4 2021 is the first example of
consolidation in a defensive bid to lock-in key customer segments ahead of
The magnitude
Starlink rolling out commercial operations.44 As mentioned, the total adjusted
of the coming capacity of all satellite operators in 2020 was approximately 2.0 Tbps, excluding
disruption cannot SpaceX and OneWeb. Based on SpaceX’s claimed “1 Terabyte-per-launch”,
be overstated. Starlink could already theoretically beam over 20 Tbps of capacity down to
Earth as of Q4 2021, representing a nearly 10x increase in total global supply.
With many of these next-generation satellites scheduled to begin delivering service in 2023, and others
reaching full constellation size in 2026, we expect to see the commoditization of capacity and the continued
consolidation of operators. To better understand the shape of this evolving market and their downstream effects,
we analyzed and estimated the total throughput and expected performance of the SatCom industry at key inflection
points in 2023 and 2026.
Adjusted Capacity by Operator
125 Tbps Astranis

Telesat
Legacy SatCom
100 Tbps OneWeb
Viasat/Inmarsat
SES
Kuiper
75 Tbps
Starlink
50 Tbps
25 Tbps
0
2020 2023 2026
Legacy SatCom: Eutelsat, HughesNet, Intelsat, and other international operators. For comparison, global
internet throughput reached 786 Tbps in 2021.45 Source: Space Capital.
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SatCom Operator Comparison (2023)
SATELLITE OPERATOR UNADJUSTED CAPACITY ADJUSTED CAPACITY DOWNLINK SPEED LATENCY

(Orbit) (Tbps) (Tbps) (Mbps) (ms)
Starlink (LEO) 75.3 37.7 100-300 30-45
SES (MEO/GEO) 10.5 9.0 6-500 (mPower) 150 (MEO), 700 (GEO)
Viasat + Immarsat
4.0 3.4 20-100 (Viasat-3) 700
(GEO)
OneWeb (LEO) 5.5 1.3 50-200 50-100
EchoStar/Hughes (GEO) 0.8 0.6 20-100 724
Eutelsat (GEO) 0.7 0.6 22-100 650
Intelsat (GEO) 0.2 0.2 50 600
Telesat (GEO) 0.1 0.1 20 700
Astranis (GEO) 0.1 0.06 30 700
Source: Space Capital.
Adjusted Capacity by Operator (2023)
Operator
SES
Starlink
OneWeb
Viasat/Inmarsat Other
1 3
2
4 5
1 EchoStar/Hughes, 2 Eutelsat, 3 Intelsat, 4 Telesat, 5 Astranis
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By 2023, most of the legacy players will have launched all of their planned high throughput satellites. Based on the
current launch cadence of Falcon 9, this may also mark the year in which SpaceX approaches the completion of its
initial 4,000 satellite constellation and OneWeb completes its 600 constellation deployment (n.b. the introduction of
Starship would greatly accelerate the deployment of SpaceX’s constellation, but that capability is not included in this
analysis). We estimate an industry-wide theoretical capacity of 97 Tbps could be available with 83% being delivered
from LEO, 11% MEO, and 6% GEO. To arrive at the adjusted, or sellable, capacity and resulting market share, we
assume that legacy satellite operators will continue to build capacity while maintaining high utilization rates (70-
90%), whereas new entrants, such as SpaceX (50%), will choose to grow capacity at lower utilizations rates to drive
performance and adoption. Lower utilization rates are also the result of global LEO systems, with satellites spending a
considerable amount of time over oceans, where there are few people. We expect that OneWeb (25%) will also choose
to grow capacity at lower utilization rates, but will be less efficient as a polar system because so much satellite time is
spent passing over unpopulated areas.46 Therefore, we expect to see total sellable capacity reach 53 Tbps, driven by
SpaceX with 70% market share, followed by SES with 17%, and the combined Viasat/Inmarsat with 7%. Overall, we see
the impact of operators aggressively rethinking their satellites, orbits, and capacity resulting in:
SpaceX providing a broadly competitive internet offering for

government, enterprise, and consumers.
OneWeb facing headwinds from increased competition selling

capacity to government and enterprise customers.
Legacy providers risk falling into the same traps where capacity
is scarce, latency is high, and the end user experience falls behind
terrestrial infrastructure.
In order to meet the needs of different customers, several of the legacy operators may enter new orbits in an effort
to expand offerings. However, while Starlink has the potential to dominate the industry through capacity alone, the
entrance of Amazon’s Kuiper into the market could erode SpaceX’s early advantage.
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SatCom Operator Comparison (2026)
SATELLITE OPERATOR UNADJUSTED CAPACITY ADJUSTED CAPACITY DOWNLINK SPEED LATENCY

(Orbit) (Tbps) (Tbps) (Mbps) (ms)
Starlink (LEO) 131.9 66.0 100-500 30-45
Kuiper (LEO) 53.4 26.7 100-500 30-45
SES (MEO/GEO) 10.4 9.0 6-500 (mPOWER) 150 (MEO), 700 (GEO)
Viasat + Inmarsat
5.4 4.5 20-100 (Viasat-3) 50 (LEO) – 700 (GEO)
(LEO/HEO/GEO)
Telesat (LEO/GEO) 7.5 3.7 100-500 (Lightspeed) 40 (LEO), 700 (GEO)
OneWeb (LEO) 1.3 0.7 30 700
EchoStar/Hughes (GEO) 0.7 0.6 20-100 724
Intelsat (GEO) 0.2 0.2 50 600
Source: Space Capital47
Adjusted Capacity by Operator (2026)
Operator
SES
Starlink Kuiper Viasat/Inmarsat
OneWeb
2 3
1 Telesat, 2 Legacy, 3 Astranis
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By 2026, not much has changed in terms of performance, but growth in total capacity has again shifted the landscape.
Though Starlink, Kuiper, and SES have all stated an intent to provide a 1 Gbps connection, this may not materialize
for a few more years.48,49,50 We assume that the legacy operators have launched all of their planned HTS and the new
LEO operators have fully deployed their proposed constellations. We expect that SpaceX will begin to realize benefits
of its super heavy launch capabilities as it actively replaces operational satellites with next generation capabilities and
expands its constellation to nearly 6,000 satellites. Assuming Amazon can ramp up deployment, Project Kuiper could
become the second largest operator with an operational constellation of over 3,000 LEO satellites. SES and ViaSat/
Inmarsat continue to champion their multi-orbit, multi-band systems, likely giving them an advantage with specific
government and enterprise customers that benefit from interoperability. Telesat is also intending to launch a planned
constellation in LEO, which would give the operator a meaningful increase in capacity, and introduce low-latency
offerings into their business.51
The total theoretical capacity of the SatCom industry could reach 218 Tbps in 2026 with 91% being delivered from
LEO, 5% MEO, and 4% GEO. We continue to assume that legacy operators prioritize high utilization rates and that new
entrants including SpaceX, Kuiper, and OneWeb will grow capacity at lower rates to drive performance and adoption.
The expected result is that total sellable capacity may be 113 Tbps driven by SpaceX with a 57% market share,
followed by Kuiper with 23%, and SES with 8%. However, these figures could change as more details emerge regarding
China’s own LEO broadband constellation with 13,000 planned satellites, likely to become another disruptive force in
the industry.52 Overall, we see the impact of new entrants take full shape:
SpaceX realizes lock-in as early structural advantages solidify

market leadership.
Amazon achieves rapid customer adoption driven by its

downstream applications (i.e. AWS Cloud, Streaming,
Connected Devices, and Marketplaces). Although, SpaceX along
with Microsoft and Google partnerships serve as competition for
these applications as they provide cloud computing solutions.53
Top three operators may deliver >85% of sellable capacity with

remaining providers consolidating to maintain existing customer
base.
With an abundance of capacity entering the ecosystem, delivered by a handful of operators, it is difficult to imagine
a scenario where companies do not consolidate. The driving force behind consolidation will shift from fear, to
financial viability as these operators struggle to compete in domains where they once enjoyed uncontested
preeminence.
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Within the next few years, we expect to see the competitive landscape heat up as the commoditization of capacity
continues and operators race to differentiate their service for targeted customer segments, with SES and the
combined Viasat/Inmarsat as top contenders. SES’ investment in multi-orbit capacity and interoperability could
provide strong differentiation. A combined Viasat/Inmarsat would have 19 satellites and 20% of SatCom industry
revenues through 2024.54 More specifically, we estimate the combined company could hold 60% or more of the
government contracts with the DoD, GSA, and other government agencies in North America and Europe around
terminal production and connectivity for the military and first responders, 60-70% share of business jets, and 40-50%
share of maritime.55,56 OneWeb has publicly stated its intent to work with Eutelsat and HughesNet to extend their
connectivity offerings.57 Simultaneously, Eutelsat’s rejected $3.2B offer from Patrick Drahi further demonstrates the
power dynamics at play as competition increases.58
The battle for satellite To achieve financial viability,

satellite operators will need to
capacity is only half ensure high utilization rates or
the picture. significantly expand the market.
The next battleground in the race for

SatCom dominance will center around the
user terminals, with the goal of reducing
manufacturing costs and achieving
interoperability to unlock new customers and
new use cases.
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The Battle for Access

For investments in SatCom infrastructure to realize a return, access to the signals is fundamental. There does not
currently exist a user terminal that can service all of the existing and potential SatCom customers’ unique needs
without forcing commitment to a single operator, or leaving behind legacy hardware. Simultaneously, the user
terminals under development that support multi-beam and multi-orbit capabilities are prohibitively expensive.
Current phased array antennas cost upwards of $20,000 and are the size of a kitchen table whereas parabolic
antennas used for satellite TV cost less than $50 and are the size of a basketball.
A report by McKinsey found that with a terminal price in the range

of $300-500, a disruptive scenario could emerge, growing consumer
While the demand for demand by 33% per annum until 2030, with hundreds of Terabytes of
high quality connectivity capacity required to fulfill these needs.59
exists, it only exists at

Operators and terminal providers are in a race to reduce terminal
certain price points. costs, as the price to the customer directly relates to the adoption
of the service. For a terminal to communicate with a satellite in LEO,
it must be able to communicate with multiple satellites rapidly flying
overhead, which a traditional parabolic dish antenna is unable to do. For this reason, companies such as SpaceX
have made phased array antennas a priority, but the cost of the technology remains high due to the size, weight, and
complexity of the components.61 Higher spectrum antennas require more physical separation between transmit and
receive antennas, requiring a larger surface area and increasing production costs.62 SpaceX has chosen to vertically
integrate the development of the user terminals in an effort to accelerate innovation and control costs (the same
strategy they used in developing the
Falcon 9 launch vehicle and Starlink
satellites). The company has shipped
more than 100,000 terminals for
beta testing and in November 2021,
announced a second generation
terminal that is lighter and smaller,
only one year after the introduction
of the first-generation user
terminal.63 The new rectangular
dish is just 12 inches wide, 19 inches
long, and 9.2 pounds, only half the
weight of the original 16-pound
circular dish.64
Image: Starlink user terminals, from V1

circular to V2 rectangular. Source: SpaceX.
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Image: Starlink user terminals, from V1 circular to V2 rectangular. Source: SpaceX.
As the potential market leader,

SpaceX’s ongoing battle with
terminal cost will become a
determining factor in their success
as they race to lower the price to
the end user. As of October 2021,
Starlink subscribers pay $500 to
purchase a terminal, but the actual
cost is significantly higher, with
some sources reporting figures
between $1,300-$2,400, depending
on the terminal generation.65,66
The company currently subsidizes
the cost of their terminal to drive
customer adoption and grow the
market to critical mass, a common
playbook in the tech sector.67 It
may even be the case that SpaceX
is not alone in this approach.
Amazon’s Kuiper is also taking a
vertically integrated approach,
leveraging their expertise in
consumer electronics (i.e. Alexa and
Kindle), economies of scale, and
“If you want to make a difference for unserved sophisticated supply chain to drive
and underserved communities, you need to down terminal costs.68 The company
deliver service at a price that makes sense for has announced preliminary design
achievements from their prototype
customers.”
Ka-band phased array antenna
–Rajeev Badyal, VP of Technology for Project Kuiper capable of delivering high-speed
at Amazon70 (up to 400 Mbps), low-latency
broadband in a form factor that
is smaller and lighter than legacy
antenna designs. Amazon may even
bundle the user terminals and/or
internet service with a Prime subscription.69 While the company may lose money on the initial sale, they may be willing
to subsidize the hardware in exchange for increased subscriptions for both Prime and Amazon purchases.
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Distribution
Benefits of Interoperability
Current and potential SatCom customers have various needs, terminal requirements, and price points. When the use case
is clear-cut, such as a customer looking to connect an IoT device that uses a single band at low power, it is easy to identify
which operator may best be suited to fulfill their needs. It gets complicated when you introduce customers with several
different use cases. For example, governments utilize multiple bands of spectrum to fulfill civil and military operations.
This not only makes their comms access redundant, but also more secure as compromises or outages can be isolated to a
particular set of devices rather than an entire system. Of course, these government customers also require the advantages
of low-latency high-throughput systems, but to do so at present would require multiple terminals, with contracts through
multiple operators, which could complicate integration and reliability.
There are additional benefits to multi-orbit, multi-band solutions

including network prioritization that delivers low-priority, high-
bandwidth transfers, freeing capacity and enhancing performance
for high-priority, low-latency communications.
This sophisticated network

architecture could enable tiered
pricing to further differentiate “Without interoperability, even if a LEO player
offerings. works with a GEO player, they would need two
terminals that wouldn’t be able to seamlessly
For this reason, customers have
transfer connectivity to each other; and
called for terminals that can
communicate with satellites
with that, there’s no way for you to increase
across bands, orbits, and even the value of what you can get out of each
operators. Governments with individual system.”
their own satellites face further
–John Finney, CEO of Isotropic Systems
challenges, as adopting a terminal
without these capabilities brings
up challenges in communicating
with both their customers and
their proprietary assets. Several
companies, such as SES and
OneWeb, have responded to these demands by working with terminal manufacturers to accelerate innovation.
SES, already a multi-orbit, multi-band system, has partnered with new entrant Isotropic Systems to produce such a
terminal. In June 2021, the two companies successfully demonstrated a terminal with the ability to communicate with
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Distribution
multiple satellites at one time, and are now planning to test the terminal’s ability to seamlessly communicate with,
and transition service across, satellites in different orbits.71 Kymeta has demonstrated a multi-orbit terminal as well,
communicating with One Web’s LEO-based constellation, as well as GEO-based satellites.72 The terminal, dubbed the
u8, is also capable of communicating with cellular signals, further opening its potential for seamless communications,
as users will be able to take advantage of terrestrial communications when available, and satellite communications
when not.73 This level of functionality is desirable not only for the military, but for all mobility platforms such as
vehicles, maritime, and aviation.
Images: Isotropic Systems aims to deliver a single integrated terminal that reduces costs
for multi-orbit constellations. Source: Isotropic Systems.
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Distribution
A Ubiquitous Network Fabric

As investment in user terminals unlocks wider distribution and access, it is possible that the future of satellite
communications could serve as an extension of cellular connectivity. We could soon see the convergence of these
two networks, as Telcos and SatCom operator’s need for higher throughput, broader coverage, and dynamic
prioritization could drive hybrid satellite and terrestrial communications capabilities into one seamless,
ubiquitous network fabric. Already, OneWeb’s partnership with AT&T, Kuiper’s partnership with Verizon, and
HughesNet’s partnership with Omantel have all been formed to provide cellular backhaul via satellites, demonstrating
that these new capabilities are beginning to take shape.74,75,76 Additionally, Eutelsat’s incoming CEO with a background
in telecoms, but not space, signals convergence of these two markets.77 In addition to the increasing performance
of satellite connectivity in terms of bandwidth, latency, cost, and interoperability, there are two other developments
taking shape in the terrestrial networks through 5G New Radio (NR) technology and 3GPP protocols. 5G NR is a
technology that enables mobile systems to communicate with spectrum bands above 24 GHz, not only taking
advantage of mmWave 5G, but also satellite communications. On the network management side, 3GPP protocols lay
out rules for how systems must operate, making it simpler for Telcos to integrate with 5G NR devices and satellites
alike.
“Today hybrid terrestrial and satellite

communications networks are very niche,
however the activities undertaken by 3GPP to
standardise non-terrestrial networks will bring a
future where these communications services will
convergence, from an end user prospective we
will see a time where we no longer look at how
many bars we have on our smartphone, where
the quality of signal, it is truly ubiquitous.”
–Kieran Arnold, Chief Architect of Future Networks & Systems at the
Satellite Applications Catapult
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Distribution
As technology and network

capabilities enable Satcoms on the
“By wrapping the satellite services in a mobile device, direct Satellite-to-
technology stack that provides end-to- Device communications could be
end cybersecurity, simple deployment and one of the biggest markets the
satellite industry has ever seen.
commissioning, decentralized management,
We may observe value shifting
and seamless integration into business from infrastructure operators to
systems, we enable satellites to solve day-to- the distribution providers that drive
day problems for companies, allowing them commoditization. One example is
to streamline operations, save cost, improve R3 IoT, a Scotland-based company,

which combines satellite and cellular
safety, and reduce environmental impact.”
technology to deliver mission-
–Kevin Quillien, Chief Technology Officer, R3-IoT 78 critical communication services in
aquaculture, energy, environmental
monitoring, healthcare, and utilities.
R3 IoT removes the complexity of
Ka, Ku, Lora, or 5G and allows their
customers to focus on insights and
risk management to create value for
their business.
California-based Totum Labs

is commercializing Satellite-to-
Device communications for global “Combining the global coverage of satellite
tracking of assets. The company with an indoor reach comparable to cellular
was founded by terrestrial network puts us in a unique position to solve some of
experts with technical and financial
the thorniest problems in IoT today. Critically,
backing from the Qualcomm
co-founder and CTO, Dr. Andrew
we’re able to do this with a total cost of
Verterbi. Totum Labs recently ownership that beats cellular.”
achieved a step-change in satellite
–Dave Gell, Chief Commercial Officer, Totum Labs
communications, demonstrating the
first direct-to-satellite link between
an indoor IoT device and a LEO
satellite.79
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Distribution
In December 2020, Vodafone and AST SpaceMobile unveiled plans for a space-based mobile network to reach 1.6
billion people. The company is expected to launch its first satellite in 2022 to demonstrate direct-to-satellite link
via 3GPP standard frequencies.80 In September 2021, Lynk, a Virginia-based company, demonstrated a two-way
connection between a phone and a satellite, allowing a user on the ground with no special equipment to send SMS
or a GPS location.81 And there is growing speculation that Apple is working on a direct to satellite capability for its
iPhones and even future product lineups including AR glasses and an autonomous car. The company hired a team of
aerospace engineers along with satellite and antenna designers back in 2019.84 In August 2021, the price of Globalstar
shares spiked 64% on speculation that the iPhone 13 would be able to communicate directly with satellites.84
Though the rumor

turned out to be false,
we are beginning to
see a future where
every person, device,
and object on the
planet is connected.
LEO operators could be well
positioned to pursue partnerships
with these companies to serve as
the orbital back-bone that brings
the world truly global, ubiquitous
connectivity.
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Applications
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Applications
While many have highlighted the

risk of extending infrastructure and
“5G may not yet have its killer app, but we capacity beyond current perceived
are definitely using the extra bandwidth it has demand, the “build it and they will
brought along. Demand is going up, and that come” approach may have merit
based on observed demand for
trend is only continuing. With that, we see
terrestrial bandwidth. Enterprises
more people willing to pay for the internet.” and consumers are hungry for
–Scott Wisniewsky, Chief Strategy Officer of AST SpaceMobile capacity and have historically taken
advantage of increased coverage
and bandwidth. For example, when
5G coverage was first introduced
in 2016, many were waiting for
the “killer app” that would take
full advantage of the mmWave
capabilities. While unique applications are being developed, penetration rates are rapidly increasing
85
across the globe with users taking advantage of the extra capacity that 5G has introduced. In South Korea, 5G
networks are delivering speeds that are three to five times faster than 4G. As a result, consumers in this market
are now using two to three times more data, and they’re willing to pay a 20% premium, on average.86 In addition
to consumers, this trend is apparent across many industries as well. Allan Cannon, CEO of R3-IoT, has seen his
enterprise IoT customers’ demand for data grow. Until now, consumers and enterprises have had to throttle their
behavior to accommodate SatCom limitations. As these customers realize the benefits of persistent coverage and the
ability to autonomously collect data, they want more.
With the state of satellite

connectivity evolving, business
“We’ve noticed that once every customer models will also need to adapt.
realizes they can automate data collection, In terrestrial internet segments,
they want more data, so they need more unlimited data subscriptions have
been a driving force in the evolution
bandwidth. This of course varies by use case,
of the internet and have become
but typically, customers want more data.” industry standard.
–Allan Cannon, CEO and Co-Founder of R3-IoT
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Applications
With the coming commoditization of capacity, old SatCom

business models, centered around limited data rates and data
caps, will seem outdated.
In a capacity-rich environment, the importance of fill-rates as a metric of success may need rethinking. As an
alternative, we believe SatCom operators will lean more towards revenue potential, with metrics defining the
differentiated services offered (broadband, interoperability, etc.) and the quality and consistency of the user
experience (capacity, download, latency, etc.). Historically, SatCom’s biggest market has been Satellite TV. This use
case represents a truly global service, one that delivers value to customers in rural and urban environments with
pricing low enough to serve all types of customers, affluent and impoverished. The most successful new applications
will be those that follow a similar path, providing global services to a broad market at a price point that is obtainable
for the masses. We examine four key customer segments that stand to gain from the growing SatCom capacity and
broader access: Mobility, Remote Operations, Connected Home, and Frontier Applications.
MOBILITY
Mobility
Digital transformation has been a dominant trend over the past decade as software and
AI have reshaped industries from finance to automotive. The ability to collect and make
decisions from growing amounts of data has become mission-critical in today’s business landscape
and companies operating globally and in remote locations stand to benefit from LEO-based satellite
communications. Though some of these industries are already customers of SatCom (i.e. maritime, aviation,
etc.), immediate benefits will come from greater bandwidth, lower latency, and a richer internet experience.
Where the mobility sector has been slowest to adopt connectivity is in their own operations. Insights by Inmarsat
find that the roadblocks towards internal digital transformation have not risen from the lack of connectivity, and
aren’t necessarily driven by an improving service.87 Instead, pressure coming from the COVID-19 pandemic and
the need to optimize operations to reduce emissions are instead the forces highlighting the need to transform
operations.
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MOBILITY
Applications
Maritime
For Maritime, the benefits of digital transformation are found in ship operations, ship management, port operations,
and trade facilitation, with a general theme of improved transparency, and traceability. Today many aspects of a ship’s
operations can be done remotely, though currently people are still needed onboard to operate safely. However in
emergency scenarios, such as a pandemic, the low latency nature of LEO could serve as a method of making remote
pilotage a viable substitute. Similarly, if a ship were to experience an outbreak and the crew were to be forced to
quarantine, the rising capabilities of Telemedicine could reduce downtime and help save lives. More generally, low
latency connectivity could help crew members with higher quality communications with ports and entertainment for
leisure. As for monitoring the ship itself, additional opportunities begin to emerge.
Operators are experimenting with

remote ship monitoring, inspections
through drones and predictive
analytics to anticipate maintenance
and repairs. Satellite operator
Inmarsat is already offering a remote
survey service to live stream the
state of the vessel while it is at sea,
instead of during port stays (where
the crew’s workload is usually very
high). In that same vein, live video
feeds of crew operations could help
regulatory groups better identify
offenders guilty of illegal fishing
practices such as overfishing,
bycatch, and improper disposal of
large plastic fishing nets, as current
methods (physical observers) have
been prone to corruption through
bribery, or are absent altogether.88
On land, port operations also stand Image: Remote ship surveys could simplify and enhance vessel operations. Source: Offshore Energy.
to benefit from new SatCom capabilities.
Before COVID-19, only 49 of the 174 UN member states had functioning port communications systems.89 Because
supply chains are highly interdependent, industries need to collaborate towards effective digital transformation and a
central statement of record. The World Economic Forum has proposed a “Logistic Internet” where anyone can connect
and share across stakeholder needs. Part of this work would involve producing neutral, common standards for global
trade identity, shared visibility, port call optimization, financial flow, customs, and cross border interoperability.
Though these early stages begin with the digitization of documents and policy, SatCom will continue to play a growing
role as this industry evolves.
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MOBILITY
Applications
Aviation
The Aviation industry has invested heavily to improve customer connectivity, but has been reluctant to connect the
cockpit. With growing global data improving our understanding of weather and climate, a connected pilot would be
able to respond to weather nowcasting to make decisions in real-time, improving safety. Flight routes could be routed
to reduce inefficiencies by leveraging higher quality data, and introducing 4D tracking, which involves localization
through latitude, longitude, altitude, and time. Taking this next step in positioning could drastically improve flight
traffic management, awareness, and the overall safety of flight. For the craft itself, improved connected sensors
could mimic those of advanced telematics emerging within terrestrial vehicles. The integration of these technologies
could lead to better predictive maintenance, leading to reduced aircraft on ground times, and help reduce fuel and
maintenance costs overall.
Ground Transportation
Land-vehicles are likely to see Satcom adoption as the price and size of flat panel antennas come down and
manufacturers are able to better integrate communications systems into their design. Through advanced telematics
and direct-to-satellite communication, the divide between computer and car will be further blurred. Autonomous
vehicle concepts often show a unique vision for seat layouts, in which car interiors more closely resemble workspaces
or lounges more so than traditional setups. If such a paradigm shift is to occur, then consumer connectivity is an
absolute must. For passengers to have persistent high speed connectivity, satellite communications will be an integral
part of the solution. Likewise, autonomous vehicles will be generating an unprecedented amount of data, and normal
operations may be dependent on consistent data streams. In the intermittent period, this industry has already shown
early signs of increased data consumption, with Qualcomm announcing its Snapdragon Digital Chassis at CES 2022,
and their Car-to-Cloud update services at CES 2020.90,91 As vehicles evolve into constantly updating, software-driven
architectures, driving will become a data-rich experience. Though these services will start out with LTE and 5G support,
as the trend towards higher data consumption makes itself known in the automotive sector, persistent connectivity to
support onboard systems will likely rely on satellites to help drive the future of connected, and autonomous vehicles.
Industrial operators and first responders also stand to benefit from ubiquitous high speed connectivity. Similar to
autonomous vehicles, increased data collection could drastically improve situational awareness, fleet management,
and produce deeper analytics related to fleet-wide operations in real-time. With more data and better connectivity,
it may be possible to provide real-time updates around movements, activities, and changing risks. These improved
capabilities could increase supply chain resiliency, reduce soilage, and save lives.
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MOBILITY
Applications
Image: The Snapdragon Digital Chassis concept announced by Qualcomm at CES 2022. Source: Qualcomm Technologies.
Image: Mercedes Benz Concept.
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REMOTE OPERATIONS
Applications
Remote Operations
Enhanced connectivity in remote environments could enable real-time communications between organizations.
These benefits manifest similarly in the Energy and Mining industries as they do in Maritime and Aviation. Operations
in remote environments could develop advanced data collection pipelines, effectively creating digital twins of
their operations. These new capabilities will help management with real-time actionable insights through remote
survey and control. With players such as R3-IoT, Swarm Technologies (SpaceX), and Totum Labs bridging the gaps in
connectivity and cost for IoT, companies across the globe will be able to improve their understanding of operations,
assets, and employees in environments where data has been scarce. Totum Labs is helping to shift enterprise
operations away from limited cellular capabilities by connecting indoor endpoints direct-to-satellites anywhere on the
planet, enabling a new category of applications that are truly global and ubiquitous.
“Today, people primarily use cellular for the low-power, wide-area use case.
There’s lots of issues here since cellular gets you unpredictable coverage
given that it just isn’t everywhere, and unpredictable battery life since not
every cellular network is optimized for battery life. By choosing Totum,
[customers] don’t have to make any compromises, and that’s exactly our
value proposition; coverage without compromise.”
–Ted Myers, Chief Executive Officer of Totum Labs
As a changing climate impacts

governments, businesses and
consumers around the world, a When it comes to weather prediction and
global data infrastructure will be nowcasting, certain dynamics are best
essential to inform the various
measured by a “ground truth” of data.
responses. Satellite imagery has
already proven to be an efficient way
This ground truth would consist of a global
to map Earth, but imagery remains network of sensing technologies working
only one part of the equation. in tandem to effectively create a digital
twin of Earth.
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REMOTE OPERATIONS
Applications
Today, company’s such as SoFar Ocean and HyperKelp are deploying smart buoys to capture ocean data on an
unprecedented level, enabled by satellite communications. In the case of HyperKelp, the buoys are designed for
higher compute and greater data transmission, transcending the old archetype of low-power, low-data IoT. Through
these technologies, humanity can achieve a real-time pulse on the state of the world’s oceans, providing insights
in weather prediction, shipping and logistics, risk management, border security, and even early warning systems.
Other possible data points to be collected could be related to CO2 concentration within our waters, improving our
understanding of the environment, and climate change.92
At sea, buoys are relatively simple to deploy, with specific currents able to distribute buoys to cover most of the
ocean; to establish a similar network on land would of course be a much larger logistical challenge.
Images: SoFar Ocean’s “Spotter” Buoy and

SoFar’s interface for showing currents and other
ocean conditions. Source: SoFar.
“We’ve already got all five oceans covered, but now it’s time to kick it into
even higher gear to improve the density of this distributed platform for
the most powerful sensing capability possible. We are starting to lean into
some of the latest technologies, like Swarm, that are revolutionizing the
satellite communication space.”
–Tim Janssen, Chief Executive Officer of Sofar Oceans93
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REMOTE OPERATIONS
Applications
With several new SatCom entrants looking to better service the Earth’s poles, more granular data collection
opportunities emerge here as well, as researchers look to better monitor melting glaciers and climate change in polar
regions through networks of IoT sensors and better-connected bases. Progress in this domain may be more akin
to islands of data in key locations, but the trends towards larger data consumption could still hold true. Similarly,
modular, rugged data centers can now be deployed in these challenging environments as well. One example includes
Microsoft’s Azure Modular Data Center (MDC), a self-contained data center unit that can operate in a wide range of
climates and harsh conditions. The unit will be able to switch between satellite and non-satellite communications
autonomously, with Microsoft having already announced Starlink as its go-to LEO provider, and SES as its multi-orbit,
multi-band provider.94
Microsoft’s Azure Modular Datacenter. Source: Microsoft.
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CONNECTED LIVING
Applications
Connected Living
Home
Consumer demand is often the first to come to mind when discussing new applications for LEO capacity. Residents
living in rural areas have largely had access to the internet from cellular providers, GEO SatCom providers, or
other antiquated connections. Switching to a LEO provider could enable a step-change in internet experience
encompassing all of the features of the modern internet. The COVID-19 pandemic has accelerated trends including
work from home and other digital services. Video conferencing, remote education, and telehealth have all seen
greater usage throughout the pandemic and consumers based in rural-environments are less able to access these
services.95 While not everyone living in remote locations works in a field where virtual meetings are essential, their
children or their health still stand to benefit from increased access. Aside from the download and upload speeds,
the quality of video calls is greatly impacted by high latency, which GEO satellite internet is prone to. Upgrading to a
LEO-based internet service could change all of that for many consumers by taking average latencies from over 600
ms, to less than 45 ms.
This also plays into the larger trend of ruralization, ie. workers leaving big cities in favor of places with a more
affordable cost of living. In 2021, Space Talent, a free career platform at the intersection of space and tech, hosted
over 7,000 job listings hiring explicitly for remote roles across the space ecosystem.96 We believe these are early
signs of a new normal and expect this trend to continue. The availability of a global, hiqh-quality internet service
does make rural environments a viable option for those that want to relocate away from big cities. With the rising
popularity of online gaming, streaming on platforms such as Youtube or Twitch could be a viable source of income
for people living in remote areas, with successful streamers making anywhere from $3,000 - 5,000 per month.97 In
addition to remote work options, individuals riding the ruralization wave will maintain access to certain comforts
they’ve grown accustomed to in larger cities, such as entertainment and shopping. Enhanced connectivity could
allow rural consumers and enterprises to match the pace of innovation experienced in well-connected areas
and in some cases they may be set to gain the most. Growing adoption of 3D printing may make it possible for
more products to be sold directly to consumers. Digital files could be purchased and printed onsite anywhere in
the world in real-time. 3D printed
products are already being tested
in footwear, eyewear, sportsware, “The physical robots are space-industry
and even jewelry. In this, challenges adapted for now, but we have been working
(cost and environmental) around
on an extensive design process to adapt for
shipping consumer goods to rural
customers are lessened and the people living with physical impairment like
need to travel dozens of miles to the spinal cord injury.”
nearest shopping destination are
–Liesl Yearsley, Founder and CEO of Akin
also removed.
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CONNECTED LIVING
Applications
The theme of a digitized home is already a reality, with reference towards smart habitat technology coming from
products such as Google Home, Akin Home, and Amazon Alexa. Google and Amazon’s products have shown us
the potential that smart devices have, and how they may impact our lives. Akin takes this several steps further,
and evolves home AI from tool to caretaker. In the vein of telehealth, Akin looks to address the day-to-day aspects
related towards living with a disability, and exists to improve wellbeing across the whole matrix of life. For people
living in rural spaces that may not have easy access to caretakers or hospital care, this next generation of SatCom
in turn enables the evolution of AI, telehealth, and cloud-powered assistants to make their way into the consumer’s
home. This extends into home automation with another example being digital management of personal farms
or greenhouses. Consumer tools related to smart agriculture have been proposed such as AI-based Decision
Support Systems to govern and coordinate activities in greenhouse cultivation and rose farming, and IoT sensors
for sustainable agriculture support could all be enabled for rural customers through this new wave of satellite
communications.98
Image: The Akin Helper robot can be adapted for home, lab, and space environments. Source: Akin.
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CONNECTED LIVING
Applications
Travel
With remote living comes remote travel as well. Many people go to the outdoors to get away from the hectic nature
of the big cities. For those that are looking for a change of scenery, without having to make the full commitment
of moving to a rural environment, long-term stays may be seen as a more viable solution. For remote workers, the
ability to work in alternative locations for weeks or even months at a time without having to quit your job or make any
long-term life changes can have much value for those with an outdoorsy inclination. In this, we could begin seeing
the natural next step for companies such as AirBnB to take. Companies already working towards tackling this market
include AstroRover and Haus.me. Haus.me is tapping into the market of tiny homes which can be deployed in your
backyard, or in remote environments. These homes are self-sustaining, and self managing, allowing residents to focus
on their lifestyle. In the case of AstroRover, the company is working to deploy a global network of tiny homes, offering
customers a 45-day pass for them to live in any one of these remote locations.
Images: Haus.me smart-home prototype (above) and smart-home concept (below). Source: Haus.me.
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FRONTIER APPLICATIONS
Applications
Frontier Applications
Cybersecurity
Beyond connectivity, the architecture of these constellations have benefits in and of themselves. Being physically
decentralized provides additional security against cyber threats, making it virtually impossible for rogue hackers to
tamper with the infrastructure, given that the assets are in orbit. The introduction of intersatellite links could help secure
the path a connection takes to get from user to user or user to server. For example, signals and data traveling over a
fiber line going from NYC to Israel always travel over the same general path, but satellites have a multitude of theoretical
routes a signal could take to get to their users, opting for the shortest route. This reduces latency over long distances in
international communications and could provide superior performance to even fiber. This same design has benefits for
the Quantum Internet and Quantum Key Distribution. Companies such as Quantum Xchange have found great success
sending quantum keys separately from the data they look to protect. Cyber criminals must intercept and associate two
separate quantum assets. Coupling that with the constellation’s architecture, the route from “Point A” to “Point B” will
nearly never be the same, in terms of which satellites are used to transfer the signals. In that same vein, the company
has an infinite number of theoretical routes through which keys and data can be distributed, through the constellation’s
architecture. Similar approaches are simply unfeasible for terrestrial connections at this scale, as international fiber-lines
are fixed, with “alternate routes” for data transmission being non-existent. Using SatCom as a method of distribution for
these keys makes it possible for governments or businesses around the world to achieve quantum-safe communications
today.
Crypto Relay Network

Though mining cryptocurrency is not a particularly bandwidth-intensive operation, internet speed between miners is an
often overlooked issue. Relay networks such as FIBRE exist to standardize connectivity between miners through sending
extra data to compensate for packet loss caused by latency spikes.99 Other workarounds include employing a timeout
or delay that forces a miner to focus on the block they last left off on.100 In the case of Ethereum mining, this could
result in a difference of mining 2 ETH or 1.75 ETH, which may result in a 13% reduction in mining yields at scale. These
partial “uncle blocks” can be good when they arise as an unforeseen reward, but if they result from a poorly connected
node, they are more akin to a loss. Dr. Arthur Gervais theorizes that a relay network powered by LEO SatCom, in this
case Starlink, could synchronize amongst miners, security, and multiply transaction throughput by orders of
magnitude.101 In this case, the network would swap its terrestrial nodes for satellites instead.
Further, the world’s largest Bitcoin mining operations are primarily located in places with low energy costs.102 This is
by design to maximize the profits associated with mining operations. After examining the Internet options available to
these miners, we found that many locations are serviced by satellites in Geostationary Orbit, a service that comes with
latencies of over 700 ms. One of the largest mining operations in the world is located in Dalian, China and is responsible
for mining 3% of all Bitcoins, equating to roughly $37B of value during Bitcoin’s peak in 2021. In terms of internet, this
operation is almost exclusively serviced by GEO satellite internet, and stands to gain from utilizing a LEO-based service.103
Though China’s crackdown on mining operations may impact these dynamics in the country, the fact remains that some
of the largest cryptocurrency miners stand to benefit from LEO-based internet.104
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Applications
Image: Hut 8 Mining Operations in Alberta, Canada. Source: Hut 8 Mining.
Direct-to-device
One of the most desirable applications for SatCom capabilities could come in the form of direct device-to-satellite
communication. Smartphones, laptops, wearables, and really any other device could one day be connected to
the internet, anywhere in the world. Laptop users could take the cloud with them wherever they go, smartphone
users could take advantage of AR anywhere in the world, and smart wearables could track your health and provide
emergency communications even in the most remote of settings. Existing applications that have become commonplace
with smartphones, such as Uber and DoorDash, could experience further expansion in smart-mobility, beyond cars.
Relatedly, as terrestrial communications infrastructure is impacted by hurricanes, wildfires, and other natural disasters,
SatCom may provide an alternative network that ensures rich communications beyond just emergency services are
online for civilians, governments, and first responders during these events. One possible scenario could involve mass-
coordination of civilians, improved search and rescue, and faster rendezvous with loved ones. Connected drones
could serve to deliver medical equipment such as defibrillators to people in need, as demonstrated by Swedish startup
company Everdrone, which saved its first heart attack patient in January of 2022.105 Supplementing this technology
with video communications enabled by direct-to-device satellite communications could enable opportunities in
telemedicine, ensuring even people without proper medical training can be guided through these scenarios, use
the equipment they were given, and save lives. As more organizations become reliant on distributed data for core
operations, this category could become one of the largest markets that SatCom has ever seen.
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Applications
Internet Backbone
Perhaps the most debated topic in regards to LEO SatCom is around what these companies’ “endgame” actually
is. Though we have outlined multiple unique applications that are enabled or enriched by these improved
communications capabilities, a satellite constellation has the potential to become part of the core Internet
infrastructure. Beginning with the user, the current pathway a signal takes through satellite internet starts with the
user’s input, which goes to the terminal that then beams the signal up to a satellite, which in turn beams that signal
back down to Earth to the nearest ground station, which is plugged into the Earth’s internet backbone through a series
of ISPs.106 The internet backbone then carries that signal to where it needs to go, be it a data center, server, or anything
else connected through the internet. This backbone is made up of large networks of fiber lines owned and managed
through protocols by the world’s largest Tier 1 ISPs.107 This is the physical infrastructure through which all internet
traffic passes. In this paradigm, satellites are reliant on these terrestrial networks to distribute signals across the world
and connect people to the internet, rather than being a source of connectivity, core internet infrastructure, on their
own. But this may not always be the case.
Image: Typical satellite internet pathway. Source: Viasat.
®
Applications
Optical inter-satellite links (OISLs) are a developing technology that allow satellites to beam signals to other, adjacent
satellites at very high data rates.108 This in turn can amplify a constellation’s throughput, as more data can be
exchanged between satellites. This also greatly reduces the number of ground stations a network needs for global
connectivity, as a satellite can now theoretically send signals directly from the user to a server, without having to tap
into the terrestrial internet backbone. Though ground stations in key network exchange points will still be necessary
to efficiently manage global traffic, these links effectively make the constellation independent of ground networks.
This independence implies that LEO constellations become true internet networks, and a part of the internet’s core
infrastructure, the internet backbone.This would represent this first orbital Internet backbone and join the ranks of Tier
1 ISPs in managing the world’s internet traffic. This realization sheds new light on quotes from SpaceX’s Elon Musk in
which he claims that Starlink will be a “nice complement” to fiber and 5G, and how the company has formed significant
partnerships with major Telcos.109 Since terrestrial fiber lines do not travel directly from Point A to Point B, next-gen
SatCom could also exceed the speed of ground networks, as it avoids the requirement to travel through varying ISPs
and lengthy submarine cables that slow transmission, instead being able to deliver signals either entirely or mostly
on its own, making it one of the fastest ways to transfer data around the world. Companies like Starlink are effectively
creating faster, alternate routes for the world’s data to travel through, and as a potential Tier 1 ISP, this impact will be
felt beyond just Starlink’s direct customers. This provides further insight into why the company is seemingly fine with
having so much unused satellite capacity flying over the world’s oceans and poles, and why the company plans to hold
so much capacity to begin with. With over 30,000 total planned satellites across LEO operators, satellites could one
day be managing over 25% of the world’s international internet traffic. With Starlink having deployed ISLs in its polar
satellites for testing in January 2021110 and potential next generation OISL-enabled satellites in January 2022111, the
company has already taken its first steps down this path.
Through OISLs, LEO operators will lay invisible

fiber lines in space, creating the world’s first
orbital internet backbone. Source: V1FIBER.
With the majority of LEO entrants planning

to incorporate OISL’s into their constellation,
we could be in the midst of the evolution of
core internet infrastructure itself, brought
about by satellite communications.112
®
Conclusion
For decades we have relied on satellite communications to connect our

planet, from 24-hour news cycles and satellite TV, to aviation, maritime
and shipping that powers our modern global economy. With a significant
reduction in launch costs, improvements in satellite manufacturing, broad
adoption of cloud computing, and a growth in private capital fueling
innovation, the SatCom industry is poised to transform how a modern
internet experience can be delivered, at global scale. As next-generation
satellites begin delivering service in 2023, with many reaching full
constellation size in 2026, we expect to see the commoditization of capacity
and the continued consolidation of operators as differentiated services In the same
become increasingly important. But the battle for capacity is only half the
way that every
picture as satellite operators, terminal providers, tech giants, and telcos race
to unlock broad customer adoption. The key to unlocking demand may come company today
from one or all of the new distribution capabilities including interoperable
satellite terminals, hybrid cellular satellite networks, or through the internet
is a technology
backbone itself. We are beginning to see a future where every person, device, company, the
and object on the planet is connected. In such a world, the ability to collect,
transmit, and analyze data will be endless, creating powerful new applications
availability of
that reshape our industries and our planet. persistent global
communications
will see every
company of
tomorrow be a
space company.
®
Interviews
Interviews Allan Cannon

CEO and Co-Founder of R3-IoT
September 9, 2021
Dr. Ted Myers

CEO and Co-Founder of Totum Labs
September 8, 2021
John Finney
CEO and Founder of Isotropic Systems
September 16, 2021
Scott Wisniewski
Chief Strategy Officer at AST SpaceMobile
September 17, 2021
Nils Pachler de la Osa

Researcher at the MIT Systems Architecture Group
August 18, 2021
Dr. Gil Zussman

Professor and Vice Chair at the Columbia University Department
of Electrical Engineering, Director of the WiMNet Lab at Columbia
University
August 20, 2021
Kieran Arnold
Chief Architect of Future Networks and System at the Satellite
Applications Catapult
August 23, 2021
Three additional interviews were

conducted with executives and Inigo del Portillo
researchers that wish to remain Adaptive Resource Control Engineer at SES Satellites
anonymous. August 30, 2021
®
Endnotes
1 Bell, K., 2021. Senators ask the FCC to change the definition of high-speed broadband. Engadget. Available at: <https://www.engadget.com/
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2 Weissberger, A., 2021 Ookla: Starlink’s Satellite Internet service vs competitors around the world. Techblog.com. Available at: <https://
techblog.comsoc.org/2021/08/06/ookla-starlinks-satellite-internet-service-vs-competitors-around-the-world/> [Accessed 15 December
2021].
3 Mingas, M., 2021. Global internet capacity up 35% in 2020. Capacitymedia.com. Available at: <https://www.capacitymedia.com/
articles/3827731/global-internet-capacity-up-35-in-2020> [Accessed 8 December 2021].
4 Fully-commissioned rates, as reported, except in the case of Inmarsat, EchoStar/Hughes, and Viasat, whose rates are estimated
5 Other includes 28 regional operators such as Turk Telekom, ArabSat, Kacific, and others
6 NSR, 2021, Small GEO-satellites - viable option or not? Available at: <https://www.nsr.com/small-geo-satellites-viable-option-or-not/>
[Accessed 20 December, 2021].
7 McKetta, I., 2021, How Starlink’s Satellite Internet Stacks Up Against HughesNet and Viasat around the Globe, Available at: <https://www.
speedtest.net/insights/blog/starlink-hughesnet-viasat-performance-q2-2021/> [Accessed on 20 December 2021].
8 Cooke, K., 2021, Viasat vs. HughesNet: Compare Satellite Internet, Available at: <https://www.satelliteinternet.com/resources/viasat-vs-
hughesnet/> [Accessed on: 20 December 2021].
9 Sheetz, M. 2021, What early users of SpaceX’s Starlink satellite internet think about the service, speed and more, Available at: <https://
www.cnbc.com/2021/04/15/spacexs-starlink-early-users-review-service-internet-speed-price.html> [Accessed on 18 Jan 2022].
10 Canada Satellite, 2021, OneWeb, Available at: <https://www.canadasatellite.ca/OneWeb.htm> [Accessed on: 20 December 2021].
11 ESA, 2021, OneWeb Satellite Constellation to Boost Wi-Fi on Planes - Speeds Up to 195 Mbps, Available at: <https://scitechdaily.com/oneweb-
satellite-constellation-to-boost-wi-fi-on-planes-speeds-up-to-195mbps/> [Accessed on: 20 December 2021].
12 Eutelsat, 2021, Consumer Broadband, Available at: <https://www.eutelsat.com/en/satellite-communication-services/satellite-internet-

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13 ComBox, 2021, Satellite Link Bonding over Eutelsat’s KA-SAT Satellite, Available at: <https://www.combox-networks.com/company-news/
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23 Jewett, R., 2021. SpaceX Launches Public ‘Better Than Nothing Beta’ for Starlink With $99/Month Service. Via Satellite. Available at: <https://
www.satellitetoday.com/broadband/2020/10/28/spacex-launches-better-than-nothing-public-starlink-beta-with-99-month-service/>
®
Endnotes
24 Rainbow, J., 2021. SpaceX launches Starlink satellites after upgrading user antennas. SpaceNews. Available at: <https://spacenews.com/
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25 Duffy, K., 2021. Elon Musk’s Starlink says it’s struggling to fulfill orders for its internet kits because of the microchip shortage. Business Insider.
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December 2021].
26 Hamad Ameen, J., 2015. Rain Effect on Ku-Band Satellite System. Electrical and Electronics Engineering: An International Journal (ELELIJ),
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27 Sheetz, M. 2021, What early users of SpaceX’s Starlink satellite internet think about the service, speed and more, Available at: <https://
www.cnbc.com/2021/04/15/spacexs-starlink-early-users-review-service-internet-speed-price.html> [Accessed on 18 Jan 2022].
28 Foust, J., 2021. SpaceX sets booster reuse milestone on Starlink launch. SpaceNews. Available at: <https://spacenews.com/spacex-sets-
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29 Henry, C., 2021. Musk says Starlink “economically viable” with around 1,000 satellites. SpaceNews. Available at: <https://spacenews.com/
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30 Shead, S., 2021. Elon Musk says Starlink will go public when its cash flow is more predictable. CNBC. Available at: <https://www.cnbc.
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31 CNBC. 2021. SpaceX adding capabilities to Starlink internet satellites, plans to launch them with Starship. Available at: <https://www.cnbc.
com/2021/08/19/spacex-starlink-satellite-internet-new-capabilities-starship-launch.html> [Accessed 15 December 2021].
32 Sheetz, M., 2021. OneWeb CEO: Here’s why our product is different than Elon Musk’s SpaceX Starlink. CNBC. Available at: <https://www.cnbc.
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34 Hill, J., 2021. OneWeb Reveals New Briefcase-Sized OW1 Terminal. Via Satellite. Available at: <https://www.satellitetoday.com/ground-
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35 2021. Kuiper Systems LLC Request for Experimental Authorization for FCC. [ebook] Amazon. Available at: <https://apps.fcc.gov/els/GetAtt.
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36 Howell, E., 2021. The FCC has approved Amazon’s plan for its Kuiper satellite constellation. Here’s what that means. Space.com. Available at:
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37 Henry, C., 2021. SES building a 10-terabit O3b ‘mPower’ constellation. SpaceNews. Available at: <https://spacenews.com/ses-building-a-10-
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38 Selding, P., 2021. Launch of first SES O3b mPower satellites with SpaceX slips into early 2022; no impact seen on service introduction. Space
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40 TestMy.net, 2021, SES Dowload Speeds, Available at: <https://testmy.net/hoststats/ses> [Accessed on: 20 December 2021].
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42 Jones, A., 2021, China is developing plans for a 13,000-satellite megaconstellation. Available at: <https://spacenews.com/china-is-
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43 NSR. 2021. More Satcom Consolidation on the Horizon?. Available at: <https://www.nsr.com/more-satcom-consolidation-on-the-
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44 Rainbow, J., 2021. Viasat buying Inmarsat in $7.3 billion deal. SpaceNews. Available at: <https://spacenews.com/viasat-buying-inmarsat-
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®
Endnotes
45 Capacitymedia. 2021. Global bandwidth tops 786Tbps in 2021. Available at: <https://www.capacitymedia.com/articles/3829717/global-
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46 Del Portillo, I., Cameron, B., 2018, A Technical Comparison of Three Low Earth Orbit Satellite Constellation Systems to Provie Global
Broadband, MIT, Available at <http://systemarchitect.mit.edu/docs/delportillo18b.pdf> [Accessed on 18 January 2022].
47 OneWeb did not respond to inquiry regarding expected capacity of their gen-2 satellites. We have assumed a 2x performance increase
from gen-1, but actual performance could be higher.
48 Boyle, A., 2020, Amazon’s Project Kuiper reveals details on customer terminals for satellite internet, Available at: <https://www.geekwire.
com/2020/amazons-project-kuiper-drops-hints-customer-terminals-satellite-internet/> [Accessed on 20 December 2021].
49 McGhee, B., 2021, What is Amazon’s Project Kuiper?, Available at: <https://www.whistleout.com/Internet/Guides/what-is-amazon-
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50 SES, 2021, O3b mPOWER, Available at: <https://www.ses.com/our-coverage/o3b-mpower> [Accessed on: 20 December 2021].
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64 Grush, L., 2021. SpaceX’s Starlink reveals new smaller, rectangular user dish to connect to satellites. The Verge. Available at: <https://
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65 PCMAG. 2021. SpaceX Prepares to Cut Starlink Dish Cost by Half Later This Year. Available at: <https://www.pcmag.com/news/spacex-
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®
Endnotes
66 Mosher, D., 2021. SpaceX may shell out billions to outsource Starlink satellite-dish production, an industry insider says — and lose up to $2,000
on each one it sells. Business Insider. Available at: <https://www.businessinsider.com/spacex-starlink-satellite-dish-user-terminal-cost-
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67 Sheetz, M, SpaceX does not plan to add ‘tiered pricing’ for Starlink satellite internet service, president says. Available at: <https://www.
cnbc.com/2021/04/06/spacexs-shotwell-no-plan-for-tiered-starlink-internet-pricing.html> [Accessed 18 January 2022].
68 Koziol, M., 2021. Amazon’s Project Kuiper is More Than the Company’s Response to SpaceX. IEEE Spectrum. Available at: <https://spectrum.
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71 SES. 2021. Isotropic Systems and SES GS Complete Milestone Trials to Unlock Next-Gen Connectivity for U.S. Military. Available at: <https://
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72 Businesswire. 2021. Kymeta and OneWeb Successfully Tests LEO-GEO Capable Land and Maritime Flat Panel User Terminal. Available at:
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73 2021. Kymeta u8 Terminal. Available at: <https://www.kymetacorp.com/products/kymeta-u8-terminal/> [Accessed 8 December 2021].
74 OneWeb. 2021. AT&T and OneWeb plan Satellite Access for Business in Remote Areas across the US. Available at: <https://oneweb.net/
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75 Hill, J., 2021. Hughes Signs Satellite Backhaul Contract with Oman’s Largest Telco. Via Satellite. Available at: <https://www.satellitetoday.
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77 SpaceNews, Eva Berneke to be Eutelsat’s next CEO; https://spacenews.com/eva-berneke-to-be-eutelsats-next-ceo/
78 Rainbow, J., 2021. R3-IoT gets funding for satellite-enabled sensor connectivity solutions. SpaceNews. Available at: <https://spacenews.com/
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79 Jewett, R., 2021. Totum Claims First Indoor, Direct-to-Satellite IoT Connection. Via Satellite. Available at: <https://www.satellitetoday.com/
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80 Mosher, D., 2021. AST SpaceMobile Announces Launch Services Agreement to Deploy 693-Square-Foot Phased Array Spacecraft for Direct-to-Cell
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81 Coldeway, D., 2021. Lynk demos global satellite connection for ordinary phones and prepares for commercial launch. Techcrunch. Available
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84 Bursztynsky, J., 2021. Shares of Globalstar soar 64% on report iPhone 13 will use satellites directly. CNBC. Available at: <https://www.cnbc.
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®
Endnotes
85 Kapko, M, 2020, Ericsson CEO: Defining 5G Killer Apps Now is Futile, SDXCentral, Available at: <https://www.sdxcentral.com/articles/news/
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86 J.P. Morgan. 2021. The Future of 5G Adoption. Available at: <https://www.jpmorgan.com/insights/research/future-of-5g-adoption>

87 Inmarsat. 2021. Maritime Innovation. Available at: <https://www.inmarsat.com/en/solutions-services/maritime.html> [Accessed 8

December 2021].
88 TRNC Blog, 2020, Connections between IUU fishing and corruption - and how the global community can combat them, Available at: <https://
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89 Fraende, M., 2020, Associations call for accelerating digitalisation of maritime trade and logistics, BiMCO, Available at: <https://www.
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90 Bellan, R., 2022, Qualcomm commits to auto sector, locking in new clients for its Snapdragon Digital Chassis, Available at: <https://
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91 Lardinois, F., 2020, Qualcomm launches a car-to-cloud service for over-the-air updates and telemetrics, Available at: <https://techcrunch.
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92 NOAA, 2021, Ocean Carbon Uptake, Available at: <https://www.pmel.noaa.gov/co2/story/Ocean+Carbon+Uptake>
93 Coldewey, D., 2021. Sofar nets a $39M round B to grow its ocean-monitoring autonomous buoy network. Techcrunch. Available at:
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94 Brodkin, J., 2020, Microsoft’s new data center in a box will use SpaceX Starlink broadband, Available at: <https://arstechnica.com/
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Endnotes
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SpaceCapital2022年全球卫星通信市场分析报告英文版50页

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SpaceCapital2022年全球卫星通信市场分析报告英文版50页

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The SatCom

Report by Space Capital ®

Today, individuals, corporations, and

With a significant reduction in launch costs,

The SatCom Playbook

Competition in the Satellite Market

2020 BROADBAND BROADBAND UNADJUSTED UTILIZATION ADJUSTED ADJUSTED

Viasat $2,309 17% 0.5 80% 0.4 20%

SES $2,136 15% 0.5 75% 0.4 18%

Intelsat $1,913 14% 0.3 73% 0.2 11%

EchoStar/Hughes $1,887 14% 0.3 80% 0.3 13%

Eutelsat $1,392 10% 0.2 71% 0.1 7%

Inmarsat $1,239 9% 0.1 80% 0.1 5%

Telesat $639 5% 0.1 81% 0.1 4%

Other5 $2,418 17% 0.5 90% 0.5 22%

Total $13,932 100% 2.6 80% 2.0 100%

L BAND S BAND C BAND X BAND KU-BAND K-BAND KA-BAND V-BAND* W BAND*

Military and Commercial

Licensed Licensed Licensed Licensed Licensed Licensed Licensed Unlicensed

Figure: Schematic of orbital altitudes and coverage

Images: SpaceX is able to deploy up

From Scarcity to Abundance

Adjusted Capacity by Operator

125 Tbps Astranis

SatCom Operator Comparison (2023)

SATELLITE OPERATOR UNADJUSTED CAPACITY ADJUSTED CAPACITY DOWNLINK SPEED LATENCY

Starlink (LEO) 75.3 37.7 100-300 30-45

OneWeb (LEO) 5.5 1.3 50-200 50-100

EchoStar/Hughes (GEO) 0.8 0.6 20-100 724

Eutelsat (GEO) 0.7 0.6 22-100 650

Intelsat (GEO) 0.2 0.2 50 600

Telesat (GEO) 0.1 0.1 20 700

Astranis (GEO) 0.1 0.06 30 700

Source: Space Capital.

Adjusted Capacity by Operator (2023)

1 EchoStar/Hughes, 2 Eutelsat, 3 Intelsat, 4 Telesat, 5 Astranis

Source: Space Capital.

SpaceX providing a broadly competitive internet offering for

OneWeb facing headwinds from increased competition selling

SatCom Operator Comparison (2026)

SATELLITE OPERATOR UNADJUSTED CAPACITY ADJUSTED CAPACITY DOWNLINK SPEED LATENCY

Starlink (LEO) 131.9 66.0 100-500 30-45

Kuiper (LEO) 53.4 26.7 100-500 30-45

Telesat (LEO/GEO) 7.5 3.7 100-500 (Lightspeed) 40 (LEO), 700 (GEO)

OneWeb (LEO) 1.3 0.7 30 700

EchoStar/Hughes (GEO) 0.7 0.6 20-100 724

Intelsat (GEO) 0.2 0.2 50 600

Source: Space Capital47

Adjusted Capacity by Operator (2026)

Starlink Kuiper Viasat/Inmarsat

1 Telesat, 2 Legacy, 3 Astranis

Source: Space Capital.

SpaceX realizes lock-in as early structural advantages solidify

Amazon achieves rapid customer adoption driven by its

Top three operators may deliver >85% of sellable capacity with

The battle for satellite To achieve financial viability,

The next battleground in the race for

The Battle for Access

A report by McKinsey found that with a terminal price in the range

exists, it only exists at

Image: Starlink user terminals, from V1

Image: Starlink user terminals, from V1 circular to V2 rectangular. Source: SpaceX.

As the potential market leader,

There are additional benefits to multi-orbit, multi-band solutions