Everyone's getting distracted by [SpaceX's IPO timeline](https://www.cnbc.com/2026/06/03/spacexs-ipo-is-likely-to-boost-this-satellite-stock-oppenheimer-says.html) and the [AT&T downgrade](https://www.cnbc.com/2026/06/03/att-downgraded-ahead-of-spacex-ipo-on-coming-broadband-competition-from-starlink.html), but here's what the forensic lens reveals: satellite operators like IRDM are burning through cash faster than their revenue grows.

Research these companies