MDA Space: Space Economy's "Pick-and-Shovel" Player with 3-Year Order Backlog

MDA Space (TSX: MDA) is Canada's leading space infrastructure company with a CAD 4.4B backlog in satellite manufacturing, robotics, and Earth observation.

MDA Space Ltd. (TSX: MDA) is Canada’s leading space infrastructure company, with operations spanning three major areas: satellite manufacturing, space robotics, and Earth observation services. Founded in 1969, the company listed on the Toronto Stock Exchange in 2021 and currently has a market capitalization of approximately CAD 5 billion (based on recent data around February 2026).

The satellite systems business contributes 66% of the company’s revenue and serves as its core growth engine. This segment focuses on the design and manufacturing of satellites for low Earth orbit (LEO), medium Earth orbit (MEO), and geostationary orbit (GEO). Its flagship product is the AURORA software-defined satellite platform, which features a modular and digital architecture enabling in-orbit reconfiguration to adapt to various mission requirements. This represents a generational leap compared to traditional hardware-fixed satellites. The company has secured major contracts, including Telesat Lightspeed (198 satellites, approximately CAD 2.1 billion contract value) and Globalstar’s next-generation constellation (over 50 satellites, approximately CAD 1.1 billion contract value). Production capacity is expanding to a new 185,000-square-foot facility in Montreal, expected to be operational by the end of 2025, with a projected daily output of two satellites.