Amazon's Kuiper Reaches 300 Satellites in Orbit, BofA Maintains Buy Rating on $25B Revenue Potential

Amazon.com Inc. (AMZN) has launched over 300 satellites for its Project Kuiper constellation, Bank of America Securities said in a note reiterating a Buy rating and $310 price target. The bank projects the broadband network could generate $20 billion to $25 billion in annual revenue by 2032 if it captures 25% of the global market. The retail and cloud giant expects to shift related costs from operating expenses to capital expenditures in the fourth quarter of 2026. BofA estimates Q2 and Q3 expenses at $1.3 billion and $1.6 billion, respectively. Total investment in the first 3,236 satellites is expected to reach $25 billion by 2028. Kuiper would need about 13 million subscribers at a $50 monthly fee to break even, the bank said. Amazon has secured agreements with Delta Air Lines, the U.S. Department of Defense, Airbus and Apple. The service, which began enterprise testing in late 2025, plans to expand coverage in the third quarter of 2026, pitting it against Elon Musk's Starlink, which has already deployed more than 8,000 satellites.