Globalstar Inc. (GSAT) shares skyrocketed 6.29% in pre-market trading on Monday, driven by the company's expanded $769 million deal with MDA Space to manufacture over 50 satellites for its low-Earth orbit constellation.

The satellite communications company signed a definitive C$1.1 billion ($769.6 million) contract with MDA Space, a Canadian space technology firm, to become the prime contractor for Globalstar's satellite network. This follows an initial C$350 million authorization-to-proceed contract announced last year with an undisclosed customer, widely believed to be Globalstar partnering with tech giant Apple.

Under the agreement, MDA Space will manufacture more than 50 MDA Aurora software-defined digital satellites for Globalstar's low-Earth orbit constellation. This is part of Globalstar's deal with Apple to provide expanded mobile satellite services through a new network infrastructure, paving the way for potential new revenue streams and driving investor optimism in the stock.