GSAT's 18-Year High Isn't Just About Amazon - Soros, AQR, Millennium Saw It Coming

Globalstar, Inc. (NASDAQ:GSAT) is ripping to an 18-year high on Amazon.com, Inc. (NASDAQ:AMZN) takeover chatter. But the more interesting move may have happened months ago.

Because before the headlines around Amazon, before the speculation around a bidding war, and before the stock's latest surge—some of the biggest names in hedge funds were already quietly building positions.

Smart Money Moved First

Per data compiled by HedgeFollow from latest 13F filings, a cluster of high-profile investors stepping in during the fourth quarter of 2025.

• George Soros' Soros Fund Management initiated a fresh position, buying shares at an average price around $48.
• Cliff Asness' AQR Capital increased its stake, with an average entry closer to the mid-$30s.
• Israel Englander's Millennium Management also opened a new position.

That positioning now looks timely.

With GSAT near the mid-$80s—up roughly 350%+ from its IPO price—the stock is already sitting on a multi-fold run—well before any confirmed deal.

More Than Just M&A Hype

The current narrative is straightforward: Amazon is reportedly exploring a deal to integrate Globalstar's satellite network into its LEO ambitions, potentially setting up a broader competitive dynamic with SpaceX.

But the hedge fund activity suggests this wasn't purely reactive.

Instead, it points to a setup that may have been building well ahead of the catalyst—whether tied to spectrum value, strategic positioning in satellite-to-device connectivity, or the idea that Globalstar was one of the few remaining independent assets in the space.

Two Buyers, One Trade

What makes the move more interesting now is the overlap.

On one side: strategic buyers—Amazon, and possibly others—looking to secure infrastructure.

On the other: financial players who positioned early and are now sitting on momentum.

That combination doesn't always last.

Because once a trade shifts from "smart money accumulation" to "headline-driven chase," the question changes—from what's coming, to how much is already priced in.

And for Globalstar, that shift may already be underway.

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