LEO satellite sector- Short-term headwinds do not hinder long-term growth prospects

研报英文原文证据摘录

LEO satellite sector- Short-term headwinds do not hinder long-term growth prospects

Taiwan Equity | Technology

Event Analysis

Fubon Research LEO satellite sector

July 1, 2026

Short-term headwinds do not hinder long-term growth prospects

Short-term launch volume affected by factors such as increased single-unit weight, but

long-term growth trend remains unchanged, we adopt positive view on related supply

chain

1. SpaceX’s Starlink 2Q26 LEO satellite launch volume declines 28.9% YoY

2. Targeting largest potential market in human history

3. Top picks include UMT (3491 TT), Wistron NeWeb (6285 TT), WIN Semi (3105 TT)

SpaceX’s Starlink 2Q26 LEO satellite launch volume declines 28.9% YoY

In 2Q26, Space X’s Starlink launched 673 LEO satellites, down 24.7% QoQ and 28.9% YoY,

Source: google falling short of our expectations. The cumulative total for 1H26 was 1,567 satellites,

achieving 43.2% of our full-year estimate of 3,630, with the achievement rate slightly

below target. The lower-than-expected launch volume in 2Q26 was mainly due to efforts

to expand network capacity, enhance radio frequency performance by increasing antenna

size and adding more backup components, resulting in higher individual satellite weight.

Additionally, more frequent high-inclination launches required a reduction in the number

of satellites per launch, with the per-launch count dropping from 29 to 24. Another LEO

satellite operator, Amazon LEO, launched 155 satellites in 2Q26, up 154% from 61 in 1Q26,

and up 187% YoY. However, Blue Origin’s New Glenn rocket exploded during launch on

May 28, causing severe damage to the launch pad, and repair work is expected to be time-

consuming, relying on other rocket launch providers. Considering that the next-generation