So, Globalstar, Inc. (GSAT) is having a moment. The stock is ripping to an 18-year high, and everyone is talking about Amazon.com, Inc. (AMZN) maybe buying it. That's the straightforward story: Amazon wants to integrate Globalstar's satellite network into its low-Earth orbit plans, maybe to compete better with SpaceX. It's a classic M&A hype cycle.

But here's the more interesting part: the really smart money seems to have shown up to the party months before the Amazon rumors even started. While retail investors are now chasing the headlines, some of the biggest names in hedge funds were quietly building positions back in the fourth quarter of 2025. That's the move worth paying attention to.

The Quiet Accumulation

According to data from HedgeFollow based on the latest 13F filings, a cluster of high-profile investors got in early.

• George Soros's Soros Fund Management initiated a brand new position, buying shares at an average price around $48.
• Cliff Asness's AQR Capital increased its existing stake, with an average entry price closer to the mid-$30s.
• Israel Englander's Millennium Management also opened a new position.

Let's just say that positioning now looks... well-timed. With GSAT trading near the mid-$80s—that's up roughly 350%+ from its IPO price—these funds are sitting on a multi-fold gain well before any deal is confirmed. It makes you wonder what they saw that the rest of the market didn't.

More Than Just Takeover Chatter

The current narrative is simple: Amazon might buy Globalstar. But the hedge fund activity from months ago suggests this wasn't just a reactive bet on M&A gossip. It points to a setup that was building long before it became front-page news.

Maybe these funds were looking at the intrinsic value of Globalstar's spectrum. Maybe they saw its strategic position in the emerging satellite-to-device connectivity market as undervalued. Or perhaps the thesis was simpler: Globalstar was one of the few remaining independent assets in a space that's rapidly consolidating. Whatever the reason, they weren't just following the headlines; they were anticipating them.

When Two Buyers Meet

This creates a fascinating overlap in the market right now. On one side, you have potential strategic buyers like Amazon, looking to secure critical infrastructure for their long-term plans. On the other side, you have financial players who positioned early and are now riding a massive wave of momentum.

That combination doesn't always last. Once a trade shifts from "smart money accumulation" to "headline-driven chase," the entire question changes. It's no longer about what's coming next; it's about how much of that future is already baked into the current stock price. For Globalstar, with the stock already up so dramatically on speculation, that shift may already be underway. The easy money—the money made by the funds that got in at $30 or $48—might have already been made. Now it's a game of guessing what Amazon is really willing to pay, and whether the stock has run too far, too fast.

So, while everyone is watching Amazon, the real story might be in the quarterly filings from last year. The rally didn't start with the rumor; it started when the smartest people in the room decided Globalstar was worth a bet long before the rest of us knew why.