Use stalling cards such as "Swords of Revealing Light", "Nightmare's Steelcage", "Spirit Barrier", etc. to allow time to pass without having your "Satellite" hit by an attack. When your "Satellite" is ready, destroy your opponent's monsters by card effects or other attacking monsters and have it attack for the final blow.
If your opponent has this card out, in its initial stages (1000 or less attack), "Gagaga Magician" can become Level 8, meeting the conditions to beat it.
Take advantage of the fact that "Satellite Cannon" has low ATK while in the Deck, Graveyard and while waiting for it to pump itself up. "Shining Angel" and "UFOroid" can Special Summon it, and "Machine Duplication" and "Inferno Reckless Summon" allow yourself to triple your attacking force. A lot of ATK points will accumulate very quickly this way, maybe enough for an OTK.
Use "Limiter Removal" to make a possible OTK (provided all of your opponents monsters can be wiped out, and still launch an attack with this card).
When using "Gravity Bind", all monsters Level 4 or higher cannot attack, and since "Satellite Cannon" can only be destroyed by a monster of Level 7 or higher (or an Xyz Monster), it is effectively invincible in battle. Once it is sufficiently charged, "Gravity Bind" can be destroyed, negated, or returned using cards such "Emergency Provisions", "Royal Decree", "Heavy Storm" etc., allowing "Satellite Cannon" to attack. Even better, "Satellite Cannon" could be equipped with "Demotion" to let it attack without letting your opponent's monsters do so.
As this card cannot be destroyed by battle with a monster of Level 7 or lower, this can be used as a suicide weapon to take out strong monsters with an ATK of a multiple of 1000.
When your opponent attacks, activate cards like "Staunch Defender" or "Battle Mania", and also activate "Fairy Box". Since your "Satellite" isn't attacking, your opponent may lose many monsters and Life Points to a single Level 5 monster in a single turn- and it will still have its charged attack power.
Have an "Honest" in your hand for emergency (e.g. your opponent have a monster which is Level 8 or above, Xyz or Link and have an attack higher than "Satellite Cannon").