WASHINGTON — The investment axiom — “Buy on the sound of cannons, sell on the sound of trumpets” — describes Astranis’s business model of building small geostationary-orbit satellites for broadband connectivity at a time when LEO has seized the market’s attention.

The geostationary satellite market has been heading downhill for years as satellite operators recalibrate their strategy. Their traditional video-distribution market is in what looks like terminal decline in developed markets and is stagnating in developing markets.

The broadband market is being addressed by large GEO-orbit satellites . . .

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