Amazon on Tuesday confirmed its second-largest acquisition, a $11.6 billion deal for satellite group Globalstar. The tech giant aims to challenge Elon Musk's SpaceX and its Starlink orbital internet service, which has long dominated the industry. Amazon's acquisition secures immediate rights to radiowave spectrum, enabling future direct-to-device mobile communications and supporting satellite service for Apple products.

The deal comes as satellite companies attract unprecedented attention. Viasat has seen its shares surge nearly 600% in the past year, while Iridium is up about 50% as investors recognize their spectrum value. Both could become takeover targets as companies compete to acquire valuable radiowave assets. Amazon currently has just over 200 satellites in orbit compared to SpaceX's more than 10,000, representing a significant gap to overcome.

For investors, the biggest winner appears to be Thermo, which acquired Globalstar out of bankruptcy in 2004 for just $43 million. The investment group remains Globalstar's majority owner and will reap a massive windfall from the deal. Amazon's shares rose nearly 4% on Tuesday, signaling market approval of its space ambitions and strategy to secure critical infrastructure for the future of connectivity.