Key Highlights

  • Telesat signed a global build-to-suit landing-station agreement with SatPort on September 15.
  • Its first European Lightspeed gateway opened with Orange in France on September 17.
  • Telesat plans 24 landing stations for an initial 225-satellite constellation.
  • 2026 Lightspeed spending guidance rose to C$1.3 billion to C$1.5 billion.

A satellite constellation is only as useful as the ground network that connects it to customers. Telesat Corporation (Nasdaq and TSX:TSAT), the Canadian operator building its Lightspeed low Earth orbit constellation, has spent September adding that ground layer. On September 15 its Telesat LEO subsidiary signed a global build-to-suit agreement with SatPort Infrastructure, backed by EQT, and on September 17 it opened its first European Lightspeed gateway with Orange in France.

A New European Gateway

The SatPort contract covers developing, building and hosting landing stations for Lightspeed, with SatPort acting as a non-exclusive partner. No contract value was disclosed. The Orange site, at a teleport in Bercenay-en-Othe about 100 miles from Paris, has ten Telesat antennas, according to market data. Telesat plans 24 landing stations worldwide for an initial constellation of 225 satellites, with global commercial service expected in early 2028. Telesat was also named to the TSX30 ranking of top-performing Toronto-listed stocks on September 9.

Spending Rises as the Constellation Grows

Reporting on second-quarter results on August 13, Telesat now expects 2026 Lightspeed spending of C$1.3 billion to C$1.5 billion, up from C$1.0 billion to C$1.2 billion, after the planned constellation grew from 156 to 225 satellites. Quarterly revenue was C$79.5 million, down 25%, and adjusted EBITDA was C$22 million, so the legacy geostationary business is not yet large enough to fund the build alone. Telesat held C$383.2 million of cash at June 30, down from C$509.8 million at the end of 2025. Using third-party build partners such as SatPort could potentially reduce the capital Telesat must commit to ground sites.

Ground Progress, Financing Questions

Telesat's September announcements suggest the Lightspeed programme is moving from design toward deployment on the ground as well as in space. That progress is encouraging only to the extent it keeps costs and timing under control, and the company still faces heavy spending, shrinking legacy revenue and about C$2.7 billion of Telesat GEO debt falling due in December 2026.