Anyone lucky enough to have invested $10,000 in nano-satellite communication company SKY and Space Global Ltd (ASX: SAS) at the end of May would have seen that investment grow to be worth a staggering $227,500 today.

That’s because this small company with big aspirations has seen its share price rise by over 2,175% since listing at the end of May.

Sky and Space Global plans to deploy nano-satellite constellations into orbit in order to provide global voice, instant messaging and data communication infrastructure and services to the telecommunications and international transport industries.

Last week the company won the 2016 Global Technology Innovation Award from leading market research firm Frost & Sullivan.

The firm described Sky and Space Global’s nano-satellite technology as innovative and visionary, believing that it has the potential to “bring reliable and affordable communications and connectivity services to remote locations.”

It’s hard not to be impressed with the company and the progress it is making. Just last month the company signed a non-binding memorandum of understanding with Virgin Galactic.

The MOU is to evaluate the technical and commercial potential of its nano-satellite communications network to provide connectivity to its LauncherOne carrier aircraft.

The global satellite market has been estimated to be worth $5 billion a year according to the Fairfax Media. With almost 4 billion people living without mobile coverage, clearly there is a huge opportunity for the company.

As exciting as the opportunity is, unfortunately for me it is just too early to make an investment. The company is well funded and should be able to launch its satellites with the funds it has currently, but how soon after it can become profitable is anybody’s guess.

I’ll be placing the company on my watch list and plan to keep a close eye on it over the next few months. For now I would favour investments in traditional telecommunication companies such as Vocus Communications Limited (ASX: VOC) and TPG Telecom Ltd (ASX: TPM).

Alternatively, these rapidly growing shares could be even better investments. Do you own these growth shares yet?

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.