Credit: Space42 Nov. 25, 2025, investor presentation

WASHINGTON — Satellite operator Space42 said it plans to invest $600 million in its Equatys direct-to-device joint venture with Viasat Inc. in 2026 and 2027 as it seeks to establish a LEO D2D constellation that other operators will seek to join.

At its Nov. 25 Investor Day, Abu Dhabi-based Space42 outlined a strategy that includes partnering with LEO broadband constellation operator to deploy its own broadband service to complement its future Al Yah 4 and Al Yah 5 geostationary-orbit satellites, whose capacity is mainly reserved for the UAE government.

Credit: Space42 Nov. 25, 2025, investor presentation

It’s unclear whether Space42, whose cash reserves are ample, envisions providing a hosted payload for someone else’s constellation or being an equity investor in the LEO broadband constellation. The company has budgeted limited capex for the business — $17 million in 2026 and $11 million in 2027.

Cerdit: Space42 Nov. 25, 2025, investor presentation

The company’s evolution continues with becoming a builder of high-resolution geospatial imaging satellites, starting with the Foresight SAR radar satellites, using Finland-based Iceye technology to start. It then expands to building its own SAR and high-resolution optical imaging satellites for what it calls a “mega-constellation of high-revisit, multi-sensor satellites.

Credit: Space42 Nov. 25, 2025, investor presentation

The company has built a satellite assembly, integration and test facility in Abu Dhabi for its geospatial imaging business.

Space42 had said in September that its plans for a D2D play would be clarified by the end of this year, and the Investor Day summary describes an investment of $420 million in capex in 2026 and $180 million in 2027, with another $5 million in 2028. What it calls a “D2D Service Co.” would be funded at around $150 million between 2026 and 2030.

Credit: Space42

Equatys was described by Viasat and Space42 as a 50-50 joint venture. Viasat has not announced any equivalent investment amounts in the business. Whether  Viasat would provide satellites for the Equatys constellation, or at least payloads for it, is uncertain.

For the nine months ending Sept. 30, Space42 revenue declined by 15%, to $363 million, on what it called delays on contracts for its AI-enabled Smart Solutions business “as it refocuses on programmatic engagements aligned to its strategic capabilities of Earth Observation, geospatial analytics and AI,” the company said in a Nov. 6 presentation of its Q3 results.

The larger Space Services business reported an 11% increase in revenue for the nine-month period.

The two GEO-orbit telecommunications satellites, Al Yah 4 and Al Yah 5, are under construction by Airbus Defence and Space. They are being financed by a $696 million loan backed by France’s export-credit agency, Bpifrance, and funded by Crédit Agricole, Santander, Societe Generale and Natixis Corporate & Investment Banking.

The company has a 17-year, $5.1-billion contract with the UAE government for Al Yah 4 and 5 services and in October received an addition funding tranche of $300 million on this contract.

Credit: Space42

The Space Services division also has a $700-million, 15-year contract with the UAE government for use of the Thuraya 4 mobile communications satellite, also in GEO orbit. The contract began in July following Thuraya 4’s commissioning in orbit.

As of Sept. 30, Space42 reported $755 million in cash and equivalents and firm backlog of $6.7 billion.