Amazon also posted record profits on Thursday.
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Amazon.com Inc. obtained approval from the Federal Communications Commission to build a $ 10 billion satellite internet network that would rival SpaceX’s Starlink network.
In documents released Thursday, the FCC authorized Amazon’s request to build a network of more than 3,200 satellites in low Earth orbit. Amazon told the FCC that it intends to launch the satellites in five phases and at three different altitudes, with the service up and running once the first wave of 578 satellites is in orbit.
The network, known as Project Kuiper, is intended to transmit high-speed Internet services to “underserved and underserved consumers” throughout much of the world, including the US.
In a separate statement, Amazon AMZN,
He said he will invest more than $ 10 billion in the project.
“There are still too many places where broadband access is unreliable or where it doesn’t exist at all. Kuiper will change that, ”said Amazon Senior Vice President Dave Limp in the statement. “Our $ 10 billion investment will create jobs and infrastructure in the United States that will help us close this gap.”
Last year, Elon Musk’s SpaceX launched the first satellites for its massive Starlink project, which will eventually stream high-speed Internet service worldwide from a constellation of approximately 12,000 satellites.
Earlier on Thursday, Amazon released record earnings in the second quarter that broke analyst expectations. Amazon shares are up 65% to date, compared to the S&P 500 SPX,
0.5% profit this year.
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