Telesat (TSAT) ripped nearly 50% after announcing a $2.3B Arctic military contract, which could climb to $2.7B if purchase options are exercised. That prompted a near-50% expansion in the planned size of TSAT’s Lightspeed network…

… so the rally in shares isn’t hype-driven, given its LEO constellation is the only source of terminal value being priced in today…

… with management now calling for $4.9B of revenue from the network by 2032 (was $3.2B), underpinned by defense demand for its recently added Mil-Ka band.

MDA Space (MDA) sits downstream from that demand as Telesat’s satellite manufacturer, with shares up 13% on its $474M backlog addition tied to the expansion…

… which should push the order book up by ~30% in conjunction with its recent $688M Canadian Space Agency contract.

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