Bull case
Iridium Communications is attractive because its only mission-critical, 100% global LEO communications and PNT platform is gaining multiple growth catalysts at once, including new ASICs for IoT and PNT, the Aireon integration, and direct-to-device service slated for 2H26 and commercial launch during 2026. The business should benefit from high incremental operating margins as these new revenues ride on the existing constellation, while customer beta demand is exceeding expectations and the PNT opportunity could become a billion-dollar business across militaries, maritime, aerospace, drones, and critical infrastructure. The outlook is further supported by diversified commercial and government/military demand, an estimated low to mid-double-digit revenue growth profile over the next five years versus the Street’s low single digits, and the scarcity value of its global spectrum and difficult-to-replicate services.