All Eyes On Lightspeed: 2026 Launch On Track
 
GEO hemorrhaging. Telesat’s downward spiral on revenues continues, with Q3 revenue down 27% y/y to $101M. A lighter Dish renewal at Nimiq-5 and a nonrenewal on Nimiq-3 which is low on fuel and can't station keep to support DTH, drove over 60% of the decline. Telesat has not purchased a new GEO satellite in 10 years and has not indicated an eagerness to do so.
 
Capital optimization. Telesat has spun out 62% of its Lightspeed LEO division into a new non-guarantor subsidiary. The move is meant to ring-fence the LEO assets and pave the way for favorable funding in future. Telesat remains fully funded for 156 satellites and has no immediate plans to raise Lightspeed equity.
 
LEO schedule clears up. Lightspeed’s first launch is likely in December 2026 with a batch of demonstration satellites. After 2-4 months of testing and orbit raising, the rest of the 156-satellite constellation will launch by the end of 2027. Service is scheduled to start in 2027 with a minimum fleet size of 96 satellites