Shares of satellite operator Globalstar rose more than 30% on Nov. 1 after Apple said it planned to invest $1.5 billion in a new group to develop space communications for the iPhone.

If the deal closes on November 5, Apple will purchase a 20% stake in the company for $400 million and make a cash down payment of $1.1 billion to the operator to finance the network.

Globalstar will use approximately $232 million of this cash to reduce debt. Apple is using Globalstar’s existing network of 31 L-band satellites from 2022 to enable its latest iPhones to reach emergency services when terrestrial networks are unavailable.

Although this capability for use in space now includes basic text messaging, the Low Earth Orbit (LEO) network does not provide services that require more bandwidth, such as voice and broadband.

After Apple agreed to cover most of the cost of renewing the constellation in 2022, Globalstar awarded Canada’s MDA a $327 million contract to build 17 satellites with the option to build up to nine additional satellites for $11.4 million each. SpaceX is scheduled to start launching these satellites next year.

However, Globalstar declined to comment on what updates might come to iPhones that will be able to access the updated constellation. Apple’s Nov. 1 regulatory filing for its latest investment also did not include details about what Globalstar calls its “extended MSS network.” [мобільних супутникових послуг]”. Globalstar and Apple did not respond to a request for comment.

MDA also declined to comment on whether Globalstar/Apple had honored the contract they made last year for 36 non-gear satellites. The operator’s commitment to dedicate 85% of Apple’s network capacity to existing and new satellites will remain unchanged after the deal, Globalstar said in a regulatory filing.

Globalstar also plans to continue using its remaining satellite capacity to support its business, including providing remote monitoring and connectivity to monitoring devices.

Apple’s latest investment in Globalstar comes as SpaceX, AST SpaceMobile and others seek permission to use cellular spectrum from LEO space constellations, promising to bring text, voice and broadband satellite services directly to Android phones. Globalstar shares rose 31.43% to $1.38. Apple shares fell 1.33% to $222.91.