From a 1990s-era “phone booths in space” pipe dream that went bankrupt twice to quietly powering Apple’s Emergency SOS via satellite, Globalstar’s three-decade saga is equal parts industrial patience, lucky timing, and enduring regulatory gold: spectrum. Bought out of Chapter 11 for $43 million by Thermo’s Jay Monroe, the company pivoted from consumer ambitions to niche services (think SPOT beacons and industrial IoT), rebuilt a second-generation constellation with French export financing, and ultimately landed a life‑changing partnership with Apple that now consumes 85% of its capacity and brings fresh capital and launches — even as it leaves Globalstar perilously dependent on one customer. Add SpaceX/Starlink’s Direct‑to‑Cell push, lingering debt and capital-intensity, and the quirks of a bent‑pipe LEO design, and you get a story that’s neither simple comeback nor sure thing.

Transcript https://empor.top/us/GSAT

• I. Introduction: A Phone Booth in Space, or a Bet on the Impossible?
• II. The LEO Satellite Gold Rush: When Space Seemed Like the Answer
• III. Building the First Constellation: Engineering Triumph, Business Tragedy
• IV. First Bankruptcy: A Billion-Dollar Write-Off for Pennies on the Dollar
• V. The Second Act: Finding a Niche (2004-2010)
• VI. Second-Generation Constellation: The Existential Gamble
• VII. The Wilderness Years: Survival Mode (2013-2019)
• VIII. Inflection Point: The Apple Deal That Changed Everything
• IX. The SpaceX/Starlink Factor: Competition and Partnership
• X. The Thermo Capital & James Monroe III Story
• XI. Technology & Operations Deep Dive
• XII. Business Model Evolution & Unit Economics
• XIII. Strategic Analysis: Porter's Five Forces
• XIV. Strategic Analysis: Hamilton's Seven Powers
• XV. Bull vs. Bear Case
• XVI. Epilogue: Lessons & Reflections
• XVII. Further Reading & Key Resources