- Amazon.com Inc (NASDAQ:AMZN) forged deals to launch up to 83 rockets carrying its internet satellites into low earth orbit, firing up rivalry with Tesla Inc (NASDAQ:TSLA) chief Elon Musk's Starlink, the Financial Times reports.
- Starlink has launched more than 2,000 satellites and boasted download speeds of 200 megabits per second.
- The agreements with Arianespace, the United Launch Alliance (ULA), and Jeff Bezos's Blue Origin will be adequate to launch the majority of its initial constellation of 3,236 satellites, Amazon said.
- Also Read: Verizon, Amazon's Project Kuiper Collaborate To Develop Connectivity Solutions
- Amazon looked to invest "no less than $10 billion" in the total constellation.
- They will provide the backbone to Project Kuiper, Amazon's high-speed broadband network focused on providing internet to underserved communities.
- Project Kuiper has a deadline from the U.S. communications regulator to have at least half of its satellites in low earth orbit by July 2026.
- Price Action: AMZN shares traded lower by 0.54% at $3,344.92 in the market on the last check Tuesday.
