What are the stocks of Low Earth Orbit satellites? Investment map for the industry boom period in 2026

Standing at the forefront of industry explosion, low Earth orbit (LEO) satellite stocks are becoming market focal points. As the global satellite industry transitions from deployment to large-scale commercial use, this wave of opportunity covers the entire industry chain—from upstream component manufacturing and midstream ground equipment to downstream application services. Taiwanese suppliers have deeply embedded themselves into the core supply systems of international giants like Starlink, OneWeb, and Kuiper.

According to Goldman Sachs forecasts, the overall satellite industry size will grow from approximately $15 billion to $108 billion by 2035, a more than sevenfold increase. Factors such as direct-to-phone satellite connectivity, space AI data centers, and surging defense demands are driving this transformation, continuously pushing stocks like Sunplus Technology, Kinsus, and MegaSun to new highs.

The Fundamental Appeal of LEO Satellites: Ultra-Low Latency and Commercial Breakthroughs

LEO satellites operate at altitudes of 160–2,000 kilometers from Earth’s surface. Compared to high-orbit satellites with 500-700 milliseconds latency, LEO satellites reduce delay to 20-50 milliseconds—approaching ground-based 5G experience—making them suitable for real-time applications like gaming, video streaming, remote medical services, and online trading.

Historically, high costs hindered large-scale deployment of LEO satellites. However, SpaceX’s innovations in rocket reusability and heavy-lift vehicles like Starship have drastically lowered launch costs from around $10,000 per kilogram to below $2,000. This breakthrough has fundamentally changed industry dynamics. As technology matures and costs decline, LEO satellites have shifted from science fiction to practical commercial applications, with 2026 marking a critical turning point for industry development.

Upstream Chips and Launch Services: Taiwan Firms Positioning in the Global Supply Chain

The upstream supply chain for LEO satellites centers on satellite manufacturing, critical components, and launch services. Satellite communication capabilities mainly depend on high-frequency microwave components, RF modules, and phased array antennas—these require radiation resistance, lightweight design, and efficient heat dissipation, making precision metal parts, high-end HDI PCBs, and compound semiconductor packaging key technological thresholds.

Internationally, Lockheed Martin, Northrop Grumman, and other U.S. defense giants handle satellite platform integration, while Rocket Lab and other specialized rocket companies provide launch services. In Taiwan’s stock market, although no companies currently manufacture rockets directly, local firms have secured core positions in satellite internal components and structural parts:

• Sunplus Technology (3491): The most specialized core stock in Taiwan for LEO satellites, supplying filters and duplexers; its gross margin and revenue share are expected to lead through 2026.
• Tomei Electric (6271): Since 2019, has supplied high-frequency transceiver modules (RF Modules) for Starlink; with SpaceX planning to deploy over 12,000 satellites before 2027, order volume is increasing annually.
• Wusung (2313): A global leader in LEO satellite PCBs, serving as a key supplier of high-end HDI circuit boards for SpaceX satellites and ground terminals.
• Taiwan Copper Foil (2383): A major global manufacturer of copper-clad substrates, providing high-frequency, low-loss materials for satellite applications.
• Laird Optoelectronics-KY (7717), Lianjun (3450), Huaxing Optoelectronics (4979): Specialize in satellite laser communication passive components, optoelectronic packaging, and fiber optic modules.

These companies have high technological barriers, clear order visibility, and represent Taiwan’s irreplaceable position in the global satellite supply chain.

Midstream Ground Equipment: Connecting Space and Earth

The value in the midstream supply chain lies in ground equipment and data processing. User terminals such as satellite antennas and data modems are critical; phased array antenna technology directly impacts cost and adoption rate. Operators need to build global ground stations, manage large satellite constellations through mission control centers, and process data in real-time via data centers.

Internationally, Amazon’s Kuiper project is set to officially commercialize in the US, UK, France, Germany, and Canada in early 2026, challenging Starlink’s global market share; Telesat’s Lightspeed constellation focuses on enterprise and government high-speed data transmission; EchoStar, integrating Hughes and DISH resources, offers hybrid satellite and 5G network solutions.

Taiwanese firms possess strong OEM and design capabilities in ground stations and user terminal equipment, becoming key partners for international giants:

• Taiyang (2314): An established satellite communications company, certified as the second LEO satellite operator, with transceivers already integrated into Canada’s Telesat Lightspeed system. Currently developing complete user terminal equipment, expected to become a key growth driver from 2026 as product volume increases.
• Qiji (6285): A major supplier of ground station antennas and indoor routers, playing an important role in the Starlink supply chain.
• Zhaohe (2485): Supplies LEO satellite receivers and related microwave components; recently highly sought after in the market.
• MediaTek (2454): Developing satellite communication chips supporting 5G-NTN standards, essential for satellite-connected terminals.
• Yaodeng (3138): A leader in phased array antenna technology, successfully entering the ground receiver supply chain for LEO satellites with flat-panel antennas.
• Kangshu (6282): Providing high-end power supplies for satellite and ground systems, extending to 800V high-voltage DC architectures and data center power supplies.

Downstream Commercial Applications: From Connectivity to Defense

The downstream applications of LEO satellites are rapidly expanding beyond basic connectivity into specialized fields. Direct applications include solving internet access issues in remote, maritime, or airborne environments; extended applications encompass national defense, cargo tracking, IoT, and Earth observation.

Major U.S. players include AST SpaceMobile (the world’s first operator enabling direct phone-to-satellite connectivity), EchoStar (integrating Hughes and DISH), Planet Labs (largest high-frequency Earth imaging service), BlackSky (real-time geospatial intelligence), Iridium Communications (the only global L-band satellite operator covering from Antarctica to the Arctic), and Globalstar (providing emergency satellite communication services for Apple).

Taiwanese firms are gradually increasing their participation in downstream applications:

• Chunghwa Telecom (2412): Taiwan’s telecom leader, partnering with international giants like OneWeb to integrate satellite and 5G networks, providing government backup and enterprise value-added connectivity.
• Zhongqi (2419): Supplies high-speed data modems and home Wi-Fi solutions that integrate satellite signals, benefiting from the proliferation of satellite broadband.

Three Major Investment Opportunities: In-Depth Analysis of Key Taiwan Stocks

As the low Earth orbit satellite industry advances, investors should focus on high-technology, high-order-visibility stocks with strong growth potential. The following three companies exemplify the most promising investment opportunities:

1. Strengthening International Operators’ Finances — EchoStar (SATS)

EchoStar is a leading global satellite communications provider. Its subsidiary Hughes Network Systems serves over one million broadband users worldwide. As low Earth orbit and hybrid satellite architectures become mainstream, demand for reliable networks surges.

In September 2025, EchoStar reached a key agreement with SpaceX to sell spectrum licenses for approximately $17 billion, including up to $8.5 billion in cash and SpaceX stock. SpaceX also committed to covering about $2 billion in debt interest for EchoStar until 2027. This significantly enhances EchoStar’s financial strength and provides capital for future investments in LEO satellites and ground infrastructure.

2. Industry Turning Point in Ground Equipment — Sunplus Technology (3491)

Sunplus is a veteran Taiwanese RF communication equipment manufacturer, holding a pivotal position in the LEO satellite ground terminal market. The company’s “two-stage” strategy involves:

• Stage 1: Since 2020, small-volume shipments of Ku- and L-band transceiver modules; after years of testing, mass production began in 2023. By 2024, Sunplus has obtained certification from a second LEO satellite operator, with products integrated into Canada’s Telesat Lightspeed system.
• Stage 2: Developing complete user terminal solutions, integrating RF, microwave, and auto-tracking technologies, offering a one-stop satellite ground reception solution. These flat-panel antennas can be roof-mounted or mobile, with automatic tracking, significantly reducing terminal costs. From 2026 onward, product volume is expected to grow, becoming a key revenue driver. Sunplus also maintains partnerships with geostationary satellite clients, creating a dual-orbit business model.

3. Mass Production of Satellite Core Modules — Tongxin Electronics (6271)

Tongxin is a high-frequency wireless module packaging and testing giant under the Pan-Gu Group, with expertise spanning ceramic substrates and hybrid IC modules. Its major breakthrough is entering SpaceX’s Starlink supply chain.

As early as 2019, Tongxin began providing high-frequency transceiver modules for Starlink satellites, which are installed on each satellite to handle RF signals between satellites, ground stations, and user terminals. Although initial revenue contribution was limited, the rapid deployment of over 12,000 satellites by 2027 is expected to increase order volume annually.

Tongxin’s RF modules use proprietary ceramic packaging with excellent high-frequency and heat dissipation performance, meeting the lightweight requirements of satellites. This collaboration demonstrates Taiwan’s ability to supply cutting-edge aerospace projects. Future upgrades or new satellite constellations could further boost Tongxin’s order volume and competitive edge.

Investment Strategy Recommendations

As low Earth orbit satellite technology matures and commercial applications accelerate, Taiwan’s supply chain has secured a leading position in the global race. Upstream companies like Sunplus, Tongxin, and Huadong provide key components; midstream firms such as Sunyang, Qiji, and Kangshu control ground equipment; downstream players like Chunghwa Telecom and Zhongqi expand application scenarios.

Investors should focus on core areas of “space infrastructure” and “communication proliferation,” prioritizing stocks with high technological barriers, clear order visibility, and broad growth potential. These companies will benefit from the explosive growth of the global LEO satellite industry and are crucial for Taiwan’s strategic positioning in space economy.