Amazon has filed an application with the Federal Communications Commission to deploy a constellation of up to 5,105 satellites beginning in 2028, intended to provide direct-to-device voice and data connectivity. The filing arrives as European operators Eutelsat and SES stand to receive roughly $6.1 billion in combined payments for helping clear 160 megahertz of satellite spectrum for United States wireless services, and as SpaceX moves toward a public listing.

Those three developments describe the same competition from three angles: who owns the spectrum, who owns the constellation, and what the resulting business is worth.