ViaSat shares have been a hot play in the space sector amid hopes it might be able to clinch a major sale. But the company has another plan to cash in on the satellite boom.

ViaSat stock has more than doubled this year so far as investors looked at takeover deals for its peers Globalstar (acquired by Amazon.com) and Iridium Communications (bought by Rocket Lab). Shareholders hoped ViaSat might attract an acquisition offer or at least look to sell its valuable wireless spectrum-perhaps even to Elon Musk's SpaceX, which is hungry to build its satellite internet business.

But ViaSat executives have a different goal in mind. The company had pledged to pool its spectrum in a joint venture with U.A.E.-based Space42 to create a neutral infrastructure platform for direct-to-device (D2D) technology, providing wireless networks from space.

ViaSat took another step toward realizing that plan on Sunday, announcing that it signed an agreement with Space42 to form the joint venture-called Equatys-with an initial investment of up to $1 billion. Space42 and Viasat will each commit to an initial equity contribution of $400 million, with Space42 set to invest an additional $200 million in connection with a future funding round.

The plan wasn't exactly applauded by shareholders. ViaSat stock fell 3.3% in morning trading Monday.

"Based on our discussions, most investors would rather ViaSat take the GlobalStar path and monetize its L-band spectrum instead of becoming the fourth competitor in the D2D industry," William Blair analyst Louie DiPalma wrote in a research note earlier this year, before the latest Equatys announcement.

However, there is some logic to ViaSat's approach. Plenty of wireless operators would prefer not to rely on SpaceX or Amazon satellites, but they can't afford to sit out of the direct-to-device race. That leaves a potentially valuable niche for Equatys.

"Equatys will provide a neutral, shared layer of both satellites and ground infrastructure; by sharing infrastructure rather than duplicating it, ecosystem participants can reduce capital requirements, accelerate deployment, increase service availability, and maintain customer and commercial independence," ViaSat and Space42 said in a statement on Sunday.

In addition to sharing in the eventual value of Equatys, ViaSat gets an immediate benefit in the form of revenue from serving as its prime technology contractor. And ViaSat CEO Mark Dankberg has previously said the company would keep its options open and that it wouldn't necessarily need all of its spectrum for Equatys-meaning the door could still be open for a sale.

ViaSat shareholders aren't getting the easy win of a takeover deal, but that doesn't mean they won't benefit eventually.