Bloomberg:

Apple Inc. has a secret team working on satellite technology that the iPhone maker could use to beam internet services directly to devices, bypassing wireless networks, according to people familiar with the work.

The Cupertino, California-based iPhone maker has about a dozen engineers from the aerospace, satellite and antenna design industries working on the project with the goal of deploying their results within five years, said the people, who asked not to be identified discussing internal company efforts. Work on the project is still early and could be abandoned, the people said, and a clear direction and use for satellites hasn’t been finalized. Still, Apple Chief Executive Officer Tim Cook has shown interest in the project, indicating it’s a company priority.

I don’t believe a word of this but I post it if only to get the opinion of The Loop’s readers. Is this even slightly plausible or is it yet another example of the Apple rumour mill playing a game of “Telephone” and getting it all wrong?