Amazon (AMZN 1.28%) is finally back in the market’s favor after a blowout first-quarter report that showed its fantastically high spending is leading to incredible results. There was a lot of good news, including triple-digit growth in its chips business and an 170% increase in client spend, quarter over quarter, on its Bedrock platform.

But it has another business in the works that could add substantial value to the company.

Amazon has been working on a satellite broadband business for a few years. Previously known as Project Kuiper, it’s now called Amazon Leo.

Although the service hasn’t been launched yet, it has made several important deals. Most recently, it signed with Delta Airlines, which will use it for in-flight Wi-Fi, and it also signed a major deal with Apple for iPhones and Apple watches.

Elon Musk’s Starlink, which is part of SpaceX, is the leader in satellite broadband connectivity today, with 9,600 satellites in orbit and $11.4 billion in sales in 2025.

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Amazon is way behind, with just over 250 satellites in orbit, but, being Amazon, it’s working to catch up quickly. It’s had 10 previous launches, and it has 20 more planned over the year.

According to Grand View Research, the total market opportunity for the industry will have a compound annual growth rate of 15.1% through 2033, reaching $35.7 billion. That’s another revenue stream for Amazon and gives it a path to other growth areas in connectivity and broadband.