In 2021 there's a new, different kind of space race going on. Corporations, not countries, are competing to develop a space-based mobile network that would theoretically connect every region of the globe.

For the time being, this race has been dominated by SpaceX and its Starlink broadband service. But there's a new player on the scene, one with potentially deeper pockets than CEO Elon Musk, and that's Lockheed Martin (LMT  ) and Omnispace.

The defense contractor and the satellite startup recently entered into a strategic interest agreement. Both had been collaborating for the better part of a year in pursuit of a "common vision of a global 5G network," Omnispace CEO Ram Viswanathan told CNBC.

This global network will "enable users to seamlessly transition between satellite and terrestrial networks" and "eliminate the need for multiple devices on multiple networks," said Lockheed Martin Space executive VP Rick Ambrose in a statement.

Imagine a world where signal dropouts are a thing of the past, a world where your internet connection never varies, whether you're at the heart of Manhattan or the top of Mount Everest, and you can get a sense of how earth-shattering this theoretical network could be if it proves to be successful.

But the world of space-based internet and satellite arrays is a dangerous one, and few if any players have managed to keep their heads above water. Competitors like OneWeb barely managed to stave off bankruptcy last year. Meanwhile, AST & Science is developing its "SpaceMobile" network under an almost identical premise to Lockheed Martin and Omnispace, CNBC reports.

Then, of course, there's SpaceX and Starlink. Compared to every other player on the scene, Starlink has a considerable lead, with over 1,000 satellites now in orbit, and the service already has amassed 10,000 customers since its test run began in October.

Given Starlink's considerable lead, you might think Lockheed Martin and Omnispace should take a knee at this point. But you'd be mistaken. For one thing, Starlink customers have to pay a hefty $500 up-front for satellite dishes and other hardware. This won't be the case with Lockheed Martin and Omnispace. They intend for their network to work across all devices, regardless of its proximity to a cumbersome satellite dish.

If the two companies can deploy such a network successfully, it would have a clear edge among consumers. And there's more. Lockheed Martin and Omnispace aim to offer "coverage and capacity to support defense, government and military use" and claim their network will be "the first dual-use 5G platform for commercial and government missions," the company stated.

Such military applications seem to be at the core of Lockheed Martin's vision for the network. Last year, Lockheed CEO James Taiclet said he envisioned a future of a fleet of autonomous military vehicles powered by a robust 5G network, like the one being explored in the strategic partnership. Other potential customers are likely to include the U.S. Spaceforce, who, in a recent information request, asked vendors, "what are your capabilities to provide 5G services from space?"

It seems Lockheed Martin and Omnispace are working on an answer.