VSAT ViaSat Inc

13D Management, a New York City-based fund, recently acquired 267,000 shares of Viasat (NASDAQ:VSAT) worth an estimated $7.82 million, making it the fund's third-largest holding. This investment highlights a focused bet on complex, capital-intensive businesses with long product cycles, as Viasat approaches a turning point where heavy capital spending transitions to improved cash generation. The company's recent performance shows narrowed net losses and increased free cash flow, with future growth anticipated from new satellite capacity and a record defense backlog.

Viasat recently announced the unification of its Ka-band satellites, Global Xpress fleet, and partner satellites into a single global Ka-band network primarily for government and military users, enhancing seamless roaming and data rates up to 200 Mbps. This strategic move aims to strengthen its government connectivity offering and more efficiently monetize its existing orbital and ground infrastructure. However, the investment narrative still grapples with significant capital expenditures for ViaSat-3 and Inmarsat, raising concerns about potential long-term pressure on free cash flow and earnings despite projected revenue growth.

Viasat (NASDAQ: VSAT) shares jumped by 7% on December 22, 2025, driven by anticipation surrounding its ViaSat-3 satellite program expansion, development of a unified Ka-band defense network, and ongoing strategic review. Analysts like Needham and JPMorgan have issued positive ratings and price targets, with some predicting a potential separation of Viasat's defense and commercial operations to unlock shareholder value. The company's 2026 outlook is heavily influenced by the successful deployment of ViaSat-3 satellites and continued growth in maritime and government connectivity sectors, despite acknowledged competitive pressures.

The global Satellite Internet Market is projected to reach US$ 47.59 billion by 2032, growing at a CAGR of 17.67% from US$ 13.12 billion in 2024. This growth is driven by the increasing demand for high-speed internet in remote areas, advancements in LEO satellite technology, and rising investments. Key players in this expanding market include SpaceX, Amazon, and Viasat, with North America holding the largest market share.

Needham maintained its Buy rating and $45.00 price target for ViaSat (NASDAQ:VSAT), expecting significant expansion with upcoming satellites set to triple global capacity by mid-2026. The firm projects a return to year-over-year growth in fiscal 2027 for Communication Services, bolstered by Aviation and Maritime sectors, and continued strong performance in the Defense and Allied Technologies segment. Additionally, ViaSat is exploring a potential separation of its government and commercial businesses, identified as a key catalyst.

Needham has reaffirmed its Buy rating and $45.00 price target for ViaSat (NASDAQ:VSAT) due to the company's impending satellite expansion, which is expected to triple its global capacity by mid-2026. Despite recent stock volatility and past unprofitability, analysts forecast profitability for the current fiscal year. The firm also highlights ViaSat's strategic review, including a potential separation of its government and commercial businesses, as a significant near-term catalyst.