Amazon (AMZN, Financials) has kicked off the next phase of its satellite internet project, launching its first production satellites for Project Kuiper. The goal: bring affordable internet to parts of the world that have been left behind.

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Chief Executive Officer Andy Jassy shared the update in his annual letter to shareholders, calling Kuiper one of Amazon's big long-term bets. He acknowledged the effort won't pay off overnightbut said the company believes it will become a meaningful part of Amazon's business down the line.

Rather than chasing every new tech trend, Jassy said Amazon remains focused on solving real problems for real people. He described Kuiper as a project grounded in that philosophy, built to deliver value where it's most needed. Staying close to its roots, Amazon continues to think like a startupmoving fast, staying focused, and staying close to the customer.

The company plans to launch more than 3,200 satellites as part of the Kuiper network, with limited service expected to begin in late 2024. The project puts Amazon in direct competition with SpaceX's Starlink, though Amazon is taking a more careful and deliberate approach.

Jassy pointed to Amazon Web Services and Primeboth of which took years to developas examples of how the company plays the long game. He said Kuiper fits into that same tradition of patient, high-impact investing.

With Kuiper, Amazon is not just looking to build a businessit's aiming to connect people, create opportunities, and expand what's possible for communities around the world.