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Industry Insight: NGSO Downlinks Win the FCC's Spectrum Abundance Draft on Points

On Sept. 30, the FCC will vote on a draft package that would hand satellite operators another 1,050 MHz of spectrum while teeing up two follow-on proceedings to open even more. It puts 550 MHz of Ku-band spectrum at 12.7-13.25 GHz into play for non-geostationary (NGSO) satellites transmitting to user terminals, plus 500 MHz of V-band at 42-42.5 GHz for gateways. SpaceX helped make the case, telling the FCC the Ku-band addition would boost downlink throughput by about 25%.

Industry Insight

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This is not another C-band auction. The ORBIT Act bars the FCC from auctioning spectrum used for international satellite services, so NGSO operators will sort out access through processing rounds.

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NGSO operators such as SpaceX and Amazon Leo get a 2,550 MHz contiguous downlink path from 10.7 to 13.25 GHz. Their user terminals must accept interference from gateways, aircraft and ships transmitting in the band, plus existing TV, cable and microwave links until about 2036. Geostationary (GSO) operators such as SES win something they have sought for years: the right to uplink U.S. traffic in 12.75-13.25 GHz from gateways, aircraft and ships. But they lose the fight to box out NGSO downlinks.

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Market Monitor: 2026-08

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Megaconstellation Monthly: 2026-08

At 42 GHz, the FCC keeps the guest list short: individually licensed gateways and feeder-link sites only, no user terminals. Wireless carriers mostly struck out, losing CTIA's bid to hold 12.7 GHz as a relocation band.

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Read the full Industry Insight for a complete walkthrough of the FCC's spectrum package, from the new sharing rules to the cost-benefit analysis behind them.

Company Earnings Review

Telesat (TSAT) 2026 Q2 Earnings Review & Financial Analysis

Lightspeed Upsized and Funded, GEO Refinancing Now the Key Risk Revenue tumbles. Q2 revenue fell 25% y/y to $79.5M, reflecting broadcast non-renewals and lower Nimiq-5 pricing, alongside reduced broadband service and the loss of an ISP customer following expiry of government funding. Margins under pressure. Q2 AEBITDA fell 62% y/y to $22M, as broadcast (-30% y/y) and enterprise (-22% y/y) revenue declines were compounded by a 22% increase in opex, driven by Lightspeed development and GEO refinancing costs. AEBITDA margin contracted 27.4pp to 27.8%, the sharpest decline in five years. ESCP-P secured. Telesat LEO signed a $2.3B agreement (up to $2.7B including two five-year options) with Canada's Defense Investment Agency for Mil-Ka connectivity — the largest contract in company history — expanding the fully-funded Lightspeed constellation from 156 to 225 satellites (a >40% capacity increase) with no change to the 1Q28 service date.

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