Amazon said it would acquire Globalstar for $90 a share. The company is building out its nascent satellite internet business, called Leo, as it vies to compete with Elon Musk's SpaceX. A United Launch Alliance Atlas V rocket is on the launch pad carrying Amazon's Project Kuiper internet network satellites, which are expected to eventually rival Elon Musk's Starlink system, at the Cape Canaveral Space Force Station in Cape Canaveral, Florida, on April 9, 2025. Steve Nesius | Reuters said Tuesday it would acquire Globalstar for $90 a share, giving its nascent Leo satellite internet business a boost as it vies to compete with Elon Musk's SpaceX. Shares of Globalstar surged more than 9% in premarket trading. Amazon's stock rose about 1%. Amazon in 2019 unveiled its plans to build a constellation of thousands of low Earth satellites, designed to provide high-speed, low-latency internet to consumers, corporations and governments, offering connections through square-shaped terminals. The company has sent up more than 240 satellites since last April through a series of rocket launches handled by partners, such as United Launch Alliance and SpaceX. It recently rebranded the service to Leo from Project Kuiper. This is breaking news. Please refresh for updates.