Space42 + Viasat back their space telecom utility with USD 1 bn

The push on the UAE’s space sector is showing no signs of slowing down, with another big-ticket investment helping move things along. This time, the joint venture between ADX-listed space tech firm Space42 and US satellite operator Viasat is getting as much as USD 1 bn in equity backing, as per an ADX disclosure (pdf).

What’s new? Equatys was originally announced in March 2025, with more details on the global direct-to-device (D2D) mobile services JV following in September of that year. It’s billed as a venture to link satellite and terrestrial networks for standard smartphones and IoT devices. Now, they’ve inked an agreement to formally establish the JV and are committing up to USD 1 bn to the project.

The funding breakdown: Each co-founder will commit USD 400 mn, and Space42 will add another USD 200 mn in a future funding round with outside investors. In the end, the co-founders see the JV as being funded by a mix of their own equity, debt financing, and third-party capital.

A refresher on the pitch: The shared space-and-ground infrastructure platform is designed to extend mobile coverage into areas terrestrial networks cannot economically reach, with roaming across different countries and regions. Equatys will use a ‘tower company’ model, meaning that operators share infrastructure while retaining their own customers and commercial relationships. The structure will also reduce capital requirements for operators.

First up is an initial satellite constellation, which could eventually scale to 2.8k satellites across 60 orbital planes and three altitude layers. Viasat is set to be the JV’s prime tech contractor. Smartphones, IoT devices, and other terminals will connect directly to satellites.

More to run? The venture leaves room for regional space industries to participate in hardware manufacturing and tech development. Back in September of last year, the commercial rollout was targeted within three years.

IN CONTEXT- The space sector has seen an active few months following on from targets to double its revenues by 2030. While localization has definitely been a focus, through the Eshara segment and the national Earth observation hub, recent moves have also included a distinctly international angle. UAE-based Marlan Space and Loft Orbital, through their Orbitworks joint venture, are leading a consortium investing USD 1 bn to build Altair-Next Gen, a 50-satellite AI-enabled constellation, with partners spanning both France (Mistral, MaiaSpace) and the US (BlackSky). Space42 has also been clear about its ambitions to scale up revenues from its international business.