Telesat (TSAT) ran nearly 20% on a Q4 beat and military upgrade to its Lightspeed satellite constellation, which should attract another ~$1B through 2026…

… en route to global commercial service in 2028, financed in part by the cash flows from a steadily declining GEO business. That’s led to litigation…

… which the market is shrugging off for now, with TSAT notching new highs on the print.

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