Amazon (AMZN) Sends 102 Internet Satellites into Orbit Around Earth

After some delays due to weather conditions, Amazon (AMZN) successfully launched its 102nd internet satellite into orbit around Earth.

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The e-commerce giant marked a significant milestone on August 11 when a SpaceX Falcon 9 rocket successfully delivered the latest successfully to orbit the company’s Kuiper satellites. It’s notable that four prior attempts faced delays because of heavy rain.

This Falcon 9 mission saw 24 Kuiper satellites being placed into orbit, enabling internet connectivity on Earth. Interestingly, Amazon is collaborating with SpaceX, a company led by Elon Musk and a competitor in the satellite internet space, to establish its satellite constellation.

Amazon’s Battle with SpaceX

SpaceX operates its Starlink program, which holds a leading position in providing internet service via low-Earth orbit satellites comprised of nearly 8,000 satellites, serving about five million customers. Amazon is actively trying to increase the deployment of its Kuiper satellites to adhere to the regulatory workplace set by the U.S. Federal Communications Commission (FCC).

The FCC mandates that Amazon has approximately 1,600 satellites prepared for low-Earth orbit by July 2026, while the complete set of 3,236 satellites should be operational by mid-2029. To ensure progress, Amazon has arranged up to 83 satellite launches over the upcoming years, including three additional missions onboard SpaceX rockets. The company aims to initiate its commercial internet services by the close of 2025.

Is It Time to Buy AMZN Stock?

The consensus among 44 Wall Street analysts suggests that AMZN is a strong buy. This opinion is driven by 43 buy ratings and one hold recommendation from the last three months. The average target price for AMZN sits at $264.21, indicating a potential growth of 19.15% compared to current prices.