Globalstar went bankrupt before it ever went public as Globalstar, Inc. The original partnership, backed by Loral and Qualcomm, launched dozens of satellites in low orbit to make phone calls possible anywhere on Earth. Too few people bought the phones, and it filed for bankruptcy in 2002. Thermo Capital bought the business in 2004. Two years later the new company filed to go public, selling satellite phones and data service to ships, oil fields, and rural customers.

A Constellation Reborn

Globalstar's satellites sat much lower than old communications satellites. That cut the delay on calls and let handsets stay small. The first network cost billions of dollars to build. After bankruptcy wiped out most of that debt, the new owners could run the same satellites at a much lower cost. The plan was simple: sell service to people who worked far from towers, and later add simple trackers and messengers for hikers and fleets.

From Nasdaq to Amazon

Globalstar priced its IPO at $17 a share in November 2006. Its aging satellites soon had trouble with two-way voice, and the stock fell far below its offer price. A second-generation constellation went up between 2010 and 2013. In 2022 Apple began using Globalstar for emergency texts from iPhones, and in 2024 Apple took a 20 percent stake in a Globalstar unit. In April 2026, Globalstar agreed to be acquired by Amazon.

Cover: Celestial Globe, Cover of the set of eight Pictures of Foreign Countries, Unknown Artist. Art Institute of Chicago, public domain. Chosen for a celestial globe (stars around the Earth).