Magnetic sounding is a powerful tool to explore the interior of planetary bodies through the electrical conductivity structure. The electrical conductivity structure of the lunar mantle has previously been derived from surface magnetic field measurements as part of the Apollo 12 mission and concurrent magnetometer data acquired from orbit through the Explorer 35 satellite. Here, we derive the first global conductivity structure of the upper and midmantle using only satellite magnetometer data collected by the recent Lunar Prospector and Kaguya Selene satellite missions. We show that the field in the geomagnetic tail exhibits a simple geometrical structure and can be well described by a single spherical harmonic of degree and order one. Employing this information about the inducing field geometry and assuming a potential representation of the field in the geomagnetic tail, we derive a frequency‐dependent transfer function and invert it for a one‐dimensional (1‐D) electrical conductivity profile of the lunar upper and midmantle. Our global transfer function shows striking similarity with the local one obtained from joint analysis of Apollo 12 and Explorer 35 magnetometer data. This indicates the lack of local variations at the Apollo 12 landing site compared to the globally averaged upper to midmantle electrical conductivity structure. Plain Language Summary Exploring the interior structure of planetary bodies is exceptionally difficult. However, traditionally geophysical methods have allowed us to gain insight by using various techniques, including magnetic sounding. In this study, we use satellite magnetic field data to constrain the electrical conductivity structure of the Moon. Electrical conductivity is an intrinsic material property that is sensitive to temperature, composition, and volatile content. Magnetic sounding relies on the fact that time‐varying external magnetic fields induce electric currents and thus secondary magnetic fields in the subsurface, both of which can be measured by a lander or satellite. While it is challenging to separate the inducing field from the induced response, we find that when the Moon is in the geomagnetic tail, the organized nature of the inducing field allows us to get a magnetic transfer function and invert it for global conductivity with depth. Our model suggests that the lunar upper mantle at the Apollo landing site is representative of the average global structure. Key Points We study the time‐varying magnetic field environment in lunar orbit using Lunar Prospector and Kaguya Selene magnetometer data We derive the first global radial electrical conductivity profile of the lunar upper and midmantle Estimated electrical conductivities in the lunar midmantle are similar to local Apollo‐based models