Rocket Lab completes $1.944 billion equity raise for Iridium deal
Iridium has amended its credit facility to avoid a change-of-control trigger, and Rocket Lab has dropped its $3.6 billion bridge loan
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Rocket Lab has finished raising the money it needs to buy Iridium Communications. The company closed its at-the-market equity program after selling about 29.3 million shares for roughly $1.944 billion in gross proceeds.
Iridium has separately amended its existing credit facility, which covers $1.775 billion in term loans, so the acquisition will not trigger a change of control under that facility. Rocket Lab USA will guarantee the facility once the deal closes.
Rocket Lab terminated its $3.6 billion bridge loan commitment on September 15, 2026. It said the ATM proceeds, the amended Iridium facility and other available cash are enough to cover the cash payments needed to complete the acquisition, which is expected to close in mid-2027.
By funding the deal itself rather than leaning on the bridge loan, Rocket Lab removes a source of uncertainty around how the acquisition gets paid for. The structure of the deal and its mid-2027 timeline were already known, so the change is one of financing risk rather than of the underlying transaction.