Rocket Lab to acquire Iridium for $54 per share in cash and stock, about $8.0 billion
Rocket Lab agreed on June 28, 2026 to acquire Iridium Communications in a cash and stock deal valued at $54 per Iridium share and an enterprise value of about $8.0 billion. Iridium holders would receive $27.00 in cash plus Rocket Lab stock, with the stock portion set by an exchange ratio that is subject to a collar between $67.50 and $112.50 per Rocket Lab share. The deal requires Iridium shareholder approval and regulatory clearances and is expected to close in mid-2027, and it is funded partly by a $3.6 billion bridge loan commitment.
Key points
- Iridium holders receive $27.00 in cash plus Rocket Lab shares at an exchange ratio that is fixed at 0.4000 if the Rocket Lab price is $67.50 or below and at 0.2400 if it is $112.50 or above.
- Iridium would pay Rocket Lab a $223.62 million termination fee in specified circumstances, including if its board withdraws support for the deal.
- Rocket Lab has a 364-day senior secured bridge term loan commitment of $3.6 billion from Deutsche Bank and Wells Fargo.
- The transaction is expected to close in mid-2027 and must be approved by a majority of Iridium's outstanding shares.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:30 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 29, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.