Iridium Revises Financial Forecasts as SpaceX D2D Expansion Intensifies Satellite Market Competition
Iridium has withdrawn its $1 billion service revenue goal for 2030, citing heightened competition from SpaceX’s Starlink D2D initiatives. The company is suspending stock buybacks to focus on long-term growth and potential acquisitions.
Market Response to Revised Outlook
Iridium’s shares reportedly declined over 7% following the company’s announcement to lower its service revenue projections, according to recent financial disclosures. The satellite communications operator has withdrawn its previous target of $1 billion in service revenue by 2030, with analysts suggesting this reflects growing competitive pressures from SpaceX’s direct-to-device (D2D) expansion.