Addvalue Lands a Viasat Deal to Sell Satellite Relay Tech to Washington — But Can a SGD 540M Valuation Hold on SGD 32M in Revenue?

Shares of Singapore-based Addvalue Technologies jumped 8.1% to SGD 0.16 after its subsidiary signed an August 25 agreement with Viasat to deliver inter-satellite data relay services to U.S. government customers. The stock had flatlined at SGD 0.15 for over a week, making this the clearest catalyst in months — but the deal raises as many questions as it answers for a company already priced at roughly 80 times trailing earnings.

• Viasat Becomes the Sales Channel Into Washington. Under the deal, Viasat will lead U.S. government and supplier market opportunities, bundling terminals, airtime, integration and mission support into a single, U.S.-delivered offering.

Addvalue retains ownership of its technology and enables co-branded services. In plain terms, Addvalue built the technology; Viasat — a USD 3.5 billion-revenue defense contractor — handles the selling. For a 70-person Singapore firm, getting a major U.S. prime to carry your product past Pentagon procurement gates is a significant door-opener.

• The Market They're Chasing Is Large and Growing Fast. The global data relay satellite market was valued at roughly USD 10 billion in 2025 and is expected to reach USD 26 billion by 2035, growing at a CAGR of about 10%.

Military and defense communications alone accounted for about 34% of that market in 2025. That's a multi-billion-dollar government segment — but Addvalue's share today is microscopic. In the last twelve months, the company generated just SGD 32 million in revenue.

• The Valuation Already Prices In a Lot of Success. Addvalue trades at a trailing price-to-earnings ratio of roughly 81 and a price-to-sales ratio near 16.

The stock has surged roughly 635% over the past 52 weeks.

Wall Street analysts see a 12-month target around SGD 0.35 — more than double today's price — but that assumes the partnership pipeline converts into real contracts. No financial terms of the Viasat deal have been disclosed.

• The Technology Works, but Scale Is Unproven. Addvalue's relay solution provides on-demand, 24/7 connectivity for low-orbit missions using links through higher-orbit satellites, delivering data rates above 200 kbps. Customers like BlackSky, D-Orbit, and Vast have adopted it. Viasat's HaloNet platform supports simultaneous connectivity to thousands of spacecraft — a scale Addvalue has never had to service. Whether the company can manufacture enough terminals and manage enough bandwidth to meet potential U.S. government demand is the central execution question ahead.