Globalstar shares soar 60% on report that iPhone 13 will use its satellites

Shares of satellite services provider Globalstar soared more than 60 percent Monday due to a report that the next iPhone will have satellite communications capabilities.

According to the report, TFI International Securities analyst Ming-Chi Kuo said Globalstar is most likely to partner with Apple, which is optimistic about the satellite communications trend and will likely include the capability in its upcoming iPhone.

Kuo added that if Apple enables the function, iPhone 13 users can connect via satellite when not within 4G or 5G coverage.

The new iPhone, expected to launch this fall, doesn’t have an official name, yet, but many refer to it as the iPhone 13.

Globalstar has a phone network of 24 satellites in low Earth orbit.