Viasat Secures $437.7 Million Space Force Contract, Targets Margin Expansion
VSAT•Viasat secured a $437.7 million Space Force contract under the Protected Tactical SATCOM-Global program to develop maneuverable, anti-jam mini-GEO satellites. Following ViaSat-3 constellation completion in April 2026 and a shift to 75% government/enterprise revenue, activist Carronade Capital proposes a defense spinoff could unlock $11 billion in shareholder value.
1. Space Force Contract
Viasat won a $437.7 million award under the Space Force’s Protected Tactical SATCOM-Global program to deliver maneuverable, anti-jam mini-GEO satellites. This contract strengthens its defense portfolio and cements its presence in secure military communications.
2. ViaSat-3 Constellation Completion
The April 2026 completion of the ViaSat-3 constellation marks a shift from heavy capital deployment to ongoing cash generation. The three-satellite network will expand global coverage and support recurring service revenues.
3. Revenue Mix and Margins
After the 2023 Inmarsat acquisition, Viasat’s revenue composition shifted to 75% government and enterprise customers, lowering consumer broadband exposure. This higher-margin focus underpins more stable cash flows and profitability.
4. Defense Spinoff Proposal
Activist investor Carronade Capital suggests carving out Viasat’s defense unit could unlock up to $11 billion in latent value. A standalone defense business may enhance strategic focus and operational efficiency.
