The song is about a man who observes a satellite launch on television, and contemplates what Reed describes as feelings of "the worst kind of jealousy" about his unfaithful girlfriend.

"[5] The existence of the original Velvet Underground version was unknown until the release of the box set Peel Slowly and See in 1995.

[6] Cash Box called it "another strange effort that should attract a varied crowd of record buyers" and "stands a great commercial shot at scoring many chart points.

"[8] "Satellite of Love '04" Morrissey's live cover of the song was digitally released on 2 December 2013 as a tribute to Reed, following his death in 2013.

Tyler Golsen of the Far Out Magazine listed the live performance as one of "seven of the best Lou Reed covers of all time."[17].

The Eurythmics did a version which first appeared on a demo cassette in 1983,[18] and was then later included as bonus track on the 2005 special edition of Sweet Dreams (Are Made of This) .