Telesat is a Canadian satellite operator running two distinct businesses: a mature GEO satellite business generating current cash flow, and Telesat Lightspeed, a LEO constellation under construction that is the company's primary growth vehicle. The GEO business operates a fleet of 14 satellites concentrated over the Americas, serving broadcast customers — notably Bell TV, Shaw Direct, and DISH Network for DTH television — and enterprise customers including telecom carriers, maritime and aeronautical operators, and government agencies. GEO contracts are multi-year and non-cancellable, making revenue highly predictable, and the segment runs at very high EBITDA margins. However, GEO revenue is in secular decline as DTH subscribers migrate to streaming and terrestrial broadband, and LEO competitors, particularly Starlink, erode enterprise demand. Telesat manages the GEO business for cash, not growth. Telesat Lightspeed is a planned constellation of at least 156 LEO satellites, targeting enterprise and government broadband — explicitly not consumers. Lightspeed is designed to deliver fiber-like connectivity to mobile operators, maritime and aeronautical users, rural ISPs, and defense customers via a B2B channel model. The constellation incorporates optical inter-satellite links and on-board processing, targeting a late 2026 first launch and global service by end of 2027. The program is funded through Canadian government loans, Telesat's own equity contribution, and vendor financing. A $600M anchor contract with the Government of Canada for rural broadband provides baseline Lightspeed revenue. Lightspeed backlog exceeded CAD$1B as of late 2025, with Viasat as the largest commercial customer.