Amazon buys Globalstar for $11.6B

The move positions Amazon as a major player in the burgeoning space-based internet market.

Globalstar's existing constellation and spectrum rights will complement Amazon's Project Kuiper, potentially accelerating the rollout of its own satellite network.

Industry analysts suggest the deal could have significant implications for future iPhone features, as Globalstar currently provides emergency satellite services for Apple.

The battle for 'extraterrestrial dominance' between Jeff Bezos and Elon Musk has entered a new and more expensive phase.