Long Beach, Calif., Sept. 15, 2026--Rocket Lab Corporation (Nasdaq: RKLB) today announced it has successfully completed several critical milestones to fully finance its pending acquisition of Iridium Communications Inc.
Rocket Lab has completed its previously announced At-The-Market share sale (the “ATM Program”), raising approximately US$ 1.944 billion in gross proceeds through the issuance of 29.3 million shares (before commissions and offering expenses).
Rocket Lab intends to use the net proceeds from the ATM Program to fund cash payments under the Iridium Acquisition. If the Company does not consummate the Iridium Acquisition or if it has excess proceeds from the offering of shares under the ATM Program, the Company intends to use the net proceeds to fund future growth, including potential future acquisitions, and for general corporate and working capital purposes.
Change of Control Consent and Amendment for Iridium Existing Credit Agreement
On September 15, 2026, Iridium entered into an amendment to its existing term loan facility for its outstanding US$ 1.775 billion term loans (as of June 30, 2026) to obtain consent from the requisite lenders to, among other things, amend the definition of “Change of Control” under the credit agreement to carve out Rocket Lab’s pending acquisition of Iridium. As part of the Change of Control Amendment, Rocket Lab USA, Inc., the company’s primary operating subsidiary and anticipated parent company of Iridium, will provide an unsecured guarantee of the Iridium Term Loan upon the closing of the Iridium Acquisition.
The completion of the Change of Control Amendment will provide Rocket Lab with cost-effective, permanent financing upon the closing of the Iridium Acquisition, supported by Iridium substantial free cash flow.
Termination of Debt Commitment Letter
The Iridium Term Loan, together with the proceeds raised to date under the ATM Program and other unrestricted cash and cash equivalents available to the Company, represent an amount sufficient to pay the required cash consideration, repay certain Iridium indebtedness (other than the Iridium Term Loan) and pay related fees and expenses at the closing of the Iridium Acquisition. In connection with the consummation of the Change of Control Amendment the Company also terminated its US$ 3.6 billion debt commitment for a senior secured debt bridge facility it had entered into in connection with the Iridium Acquisition merger agreement on June 28, 2026.
The completion of the Change of Control Amendment and the proceeds raised under the ATM Program is another significant milestone in the Company’s pending acquisition of Iridium, which is expected to be completed in mid-2027.
