Bank of America reset its view on Amzn stock on Monday, saying Amazon’s satellite venture is getting close to the point where it can start bringing in money. The call lands as investors are still weighing whether the company’s long-running space project can become more than a costly side bet.
Amazon shares were up about 14.63% year to date as of Monday afternoon, June 1, ahead of the SPDR S&P 500 Index’s 11.01% gain over the same stretch. The stock had also outpaced all but two Magnificent 7 members, though it still trailed Nvidia and Alphabet, a reminder that the market has rewarded Amazon’s strong Q1 earnings without fully pricing in its satellite push.
That push began in 2018, when Project Kuiper was conceived as a way to deliver broadband internet through Low Earth Orbit satellites. Amazon later renamed it Amazon Leo in November 2025 and has said the first network will include more than 3,000 satellites orbiting between 590 and 630 kilometers above Earth, well inside the broader 2,000-kilometer range it uses to define low Earth orbit.
Justin Post, who co-authored the Bank of America note, and his team said Amazon had stepped up its launch cadence with three launches already in Q2 and more than 300 satellites in space as of mid-May. They said Leo is on the cusp of generating revenue and estimated that building the initial constellation will cost about $25 billion through 2028.
That estimate sits at the center of the story. Amazon has spent years building the network, but the business case is only now starting to come into focus, helped by an April agreement to acquire Globalstar. That deal would absorb Globalstar’s satellite operations, infrastructure, assets and mobile satellite services spectrum licenses, and it would let Amazon Leo add direct-to-device services to its network.
The company has also tied the project to consumer products in a way that gives it a clearer path to sales. Amazon and Apple have said Amazon Leo will power satellite services for iPhone and Apple Watch, including Emergency SOS via satellite.
Even so, the timing of the first revenue appears to remain the unanswered piece. Bank of America’s note points to a project moving quickly and a launch schedule that is gaining pace, but it does not say when Amazon Leo will actually begin booking sales. For now, the market is left to judge whether a satellite system that is nearing revenue generation can justify a multibillion-dollar buildout before the first dollar arrives.
