Apple has made a significant investment in Globalstar, a satellite communications company, to improve iPhone satellite services. The investment includes a large cash amount and the allocation of funds towards Globalstar's existing debt.

Additionally, Apple will acquire a 20% equity stake in the company. This partnership builds upon Apple's previous investments in Globalstar, which enabled the launch of emergency satellite texting for iPhone users.

Globalstar has committed to dedicating a significant portion of its network capacity to Apple, as the tech giant aims to expand its presence in the direct-to-device satellite connectivity market. To support this growth, Globalstar plans to acquire more satellites and strengthen its ground infrastructure. The announcement of this partnership has led to a significant increase in Globalstar's stock value.