Viasat vs SES

Two satellite communications giants, both transformed by major acquisitions. Viasat acquired Inmarsat for $7.3 billion (2023), gaining the world's leading maritime and aviation L-band/Ka-band network. SES acquired Intelsat for $3.1 billion (2025), creating the largest GEO satellite operator with a unique multi-orbit strategy. Both are navigating complex integrations while competing for aviation, maritime, and government connectivity markets.

Transformative Acquisitions

Viasat's $7.3 billion acquisition of Inmarsat, completed in May 2023, was one of the largest satellite industry deals in history. Inmarsat brought decades of maritime and aviation connectivity leadership, its Global Xpress Ka-band network, and the irreplaceable L-band spectrum used for global safety services (GMDSS) and cockpit communications. The combined company operates approximately 19 GEO satellites and has the most extensive aviation and maritime connectivity customer base in the industry. However, integration has been complex: Viasat took on significant debt and has been working to realize synergies between its U.S.-based broadband operations and Inmarsat's London-headquartered global mobility business.

SES completed its acquisition of Intelsat in March 2025 for approximately $3.1 billion, creating the world's largest GEO satellite fleet with over 50 satellites. The deal also combined two of the most established names in satellite communications: SES (founded 1985) and Intelsat (founded 1964, the original international satellite consortium). SES's unique advantage is its multi-orbit strategy: the O3b mPOWER MEO constellation delivers fiber-like latency and high throughput, complementing the wide-area coverage of GEO satellites. SES also received $3.8 billion in FCC payments for clearing C-band spectrum for terrestrial 5G, providing significant cash flow during the integration period.

Key Markets: Aviation, Maritime, Government

Aviation in-flight connectivity (IFC) is a critical battleground. Viasat (via Inmarsat's GX Aviation) provides connectivity to airlines including Qatar Airways, Lufthansa, and Singapore Airlines. Viasat's own IFC terminals serve United Airlines, JetBlue, and others. The combined fleet gives Viasat the largest aviation SATCOM footprint globally. SES is a growing challenger, with SES-17 and its O3b mPOWER constellation offering high-throughput connectivity for airline IFC, though its installed base is smaller than Viasat/Inmarsat's.

In maritime, Inmarsat's Fleet Xpress has long been the industry standard for commercial shipping broadband and safety communications. Viasat's ownership of this franchise gives it a dominant position in maritime SATCOM. SES competes through O3b mPOWER for cruise lines and high-bandwidth maritime users. Government and defense is significant for both: Viasat's defense segment provides secure military SATCOM (leveraging Inmarsat Global Xpress), while SES Government Solutions (SES GS) has deep relationships with the U.S. DoD and NATO for both GEO and MEO capacity. SES's unique video distribution business (delivering over 8,000 TV channels globally) provides a revenue base that Viasat lacks.

Technology & Fleet Evolution

Viasat's ViaSat-3 program represents its next-generation technology bet: three ultra-high-capacity GEO satellites, each delivering over 1 Tbps of capacity. The first ViaSat-3 (Americas) launched in April 2023 but experienced a reflector deployment anomaly that reduced its capacity. ViaSat-3 EMEA and APAC satellites are expected to follow. If fully deployed, the ViaSat-3 constellation would give Viasat some of the highest per-satellite capacity in orbit. SES's technology advantage is its multi-orbit architecture: O3b mPOWER's 11 MEO satellites provide low-latency (~150 ms round-trip vs ~600 ms for GEO), high-throughput connectivity that GEO alone cannot match. This is particularly valuable for enterprise, government, and mobility applications where latency matters. SES is the only major satellite operator with a production MEO constellation, giving it a structural advantage as customers increasingly demand lower latency alongside broad coverage.