Globalstar receives $1.5 billion from Apple for enhanced iPhone satellite services.

• Globalstar received approximately $1.5 billion from Apple to expand iPhone services through satellite communications.
• Globastar services have been receiving hundreds of millions of dollars from the tech giant in order to facilitate the 2022 rollout of iPhone emergency satellite texting.
• With the acquisition of new funds, Globalstar can buy new satellites and enhance its ground systems.

On Friday, the companies disclosed in a securities filing that they had committed about $1.5 billion to fund the expansion of iPhone services through a satellite communications company.

The tech giant has agreed to purchase a 20% equity stake in Globalstar for $1.1 billion in cash, with $232 million of that amount being used to pay off the satellite company's current debt. The deal is expected to be completed on Tuesday.

Globastar services have been receiving hundreds of millions of dollars from Apple to facilitate the 2022 launch of iPhone emergency satellite texting.

Several projects are being undertaken in the direct-to-device, or D2D, satellite connectivity market, including those by SpaceX, , , and others, which provide service to unmodified devices like smartphones directly from space.

On Friday, Globalstar stock experienced a significant increase of up to 36% from its closing price of $1.05 per share.

Globalstar stated in the filing that it will still dedicate approximately 85% of its network capacity to Apple.

With the new funds, Globalstar will purchase additional satellites and upgrade its ground infrastructure. Currently, Globalstar has 31 satellites in low Earth orbit, with 26 already ordered for replacement and enhancement.