Week in Space Data, every Friday.
Two satellite communications operators, both reshaped by large acquisitions. Viasat completed its purchase of Inmarsat in May 2023, in a deal valued at $7.3 billion when announced. SES completed its purchase of Intelsat in July 2025 for $3.1 billion in cash. Both compete for aviation, maritime and government connectivity customers.
| Metric | Viasat | SES |
|---|---|---|
| Founded | 1986 (incorporated in California) | 1985 |
| Headquarters | Carlsbad, CA (international headquarters in London) | Betzdorf, Luxembourg |
| Publicly Traded | Yes (VSAT, Nasdaq) | Yes (SESG, Euronext Paris and Luxembourg Stock Exchange) |
| Revenue (latest fiscal year) | $4,640.3M (fiscal year ended Mar 31, 2026) | €2,627M (2025, with Intelsat consolidated from July 17, 2025) |
| Market Cap | ~$10.4B | ~$5.0B |
| Major Acquisition | Inmarsat: completed May 30, 2023 (valued at $7.3B including net debt when announced, Nov 2021) | Intelsat: completed July 17, 2025 ($3.1B cash for the equity, $5.0B enterprise value) |
| Fleet | 23 satellites in service or operational (June 30, 2026): 13 Ka-band, 8 L-band, 1 S-band, 1 hybrid Ka/L-band | Around 120 satellites in GEO and MEO (Oct 2026) |
| Next-Gen Fleet | ViaSat-3: F1 (reflector problem, under 10% of throughput recovered), F2 launched Nov 2025, F3 launched Apr 2026 | O3b mPOWER (MEO): 13 satellites, the last three launched Sep 13, 2026 |
| Aviation | In-flight connectivity on about 4,630 commercial aircraft (June 30, 2026) | Aviation revenue €382M (2025) |
| Maritime | Ka-band service to about 13,200 vessels (Mar 31, 2026) | FlexMaritime serves more than 13,000 ships; Fixed & Maritime revenue €526M (2025) |
| Government / Defense | Defense and advanced technologies segment (customers include the DoD and DHS) | SES Space & Defense (Reston, Va.); Government is one of its Networks lines |
| Reporting Segments | Communication services; defense and advanced technologies | Networks €1,633M (Government, Aviation, Fixed & Maritime); Media €977M (2025) |
| Residential Broadband | Yes, mainly in the U.S. (also parts of Europe and Latin America) | Not one of its reported business lines |
Figures as of Nov 10, 2026 (auto-updated daily from company profiles). Information only, not investment advice. Full disclaimer
Viasat completed its acquisition of Inmarsat on May 30, 2023. When announced in November 2021, the deal was valued at $7.3 billion: $850 million in cash, 46.36 million Viasat shares valued at $3.1 billion, and $3.4 billion of assumed net debt. Viasat describes its L-band network as safety certified for aviation, government and maritime customers. As of June 30, 2026, Viasat had 23 satellites in service or operational, eight of them L-band, and it keeps its worldwide headquarters in Carlsbad, California and its international headquarters in London.
SES completed its acquisition of Intelsat on July 17, 2025, paying $3.1 billion in cash for the equity (a $5.0 billion enterprise value). SES now gives its fleet as around 120 satellites. Its O3b mPOWER constellation in medium Earth orbit adds a second orbit to its geostationary fleet; SES describes it as offering 150 milliseconds of predictable latency across large regions. SES was also paid under the FCC's C-band transition: a $1 billion Phase I accelerated relocation payment and eligibility for $2.99 billion (before tax) after completing Phase II in 2023.
In aviation, Viasat reported its in-flight connectivity systems installed and in service on about 4,630 commercial aircraft at June 30, 2026, plus about 2,100 business jets with Ka-band service at March 31, 2026. SES reported €382 million of aviation revenue in 2025, a figure that includes Intelsat from July 17, 2025.
In maritime, Viasat provided Ka-band service to about 13,200 vessels at March 31, 2026, while SES says its FlexMaritime service serves more than 13,000 ships and reported €526 million of Fixed & Maritime revenue in 2025. In government, Viasat reports a separate defense and advanced technologies segment whose customers include the DoD and DHS, and SES serves the U.S. government through SES Space & Defense in Reston, Virginia. SES also has a Media business (€977 million of revenue in 2025), a line Viasat does not report.
Viasat's next-generation bet is the ViaSat-3 class of high-capacity geostationary satellites. The first, ViaSat-3 F1, suffered a reflector deployment problem that left Viasat recovering less than 10% of its throughput. ViaSat-3 F2 launched in November 2025 and F3 in April 2026; Viasat's June 2026 quarterly report expected commercial service on F2 in September 2026 and on F3 by late summer 2026. SES completed launching its 13-satellite O3b mPOWER constellation on September 13, 2026, with service from the last three satellites expected by mid-2027.
Track both companies with real-time data on SpaceNexus