Rocket Lab has passed a significant U.S. regulatory milestone in its proposed acquisition of Iridium Communications, with the Hart-Scott-Rodino antitrust waiting period expiring as the company simultaneously advances securities, FCC and financing work needed to complete the transaction. The HSR waiting period expired at 11:59 p.m. Eastern Time on August 12, 2026.
Rocket Lab has also filed a Form S-4 registration statement with the U.S. Securities and Exchange Commission covering the Rocket Lab securities expected to be issued to Iridium shareholders as equity consideration in the transaction. The registration statement has not yet become effective.
In another regulatory step, Rocket Lab and Iridium filed applications with the Federal Communications Commission on August 10 seeking approval to transfer control of Iridium’s licenses and authorizations to Rocket Lab.
Together, the antitrust clearance, securities filing, and FCC applications move the proposed acquisition closer to completion.
Rocket Lab is also modifying the capital structure it expects to use to finance the Iridium deal.
When the companies signed the definitive merger agreement, Rocket Lab entered into commitments for a 364-day senior secured bridge term loan totaling $3.6 billion.
Deutsche Bank Securities, Wells Fargo Bank, Wells Fargo Securities and Deutsche Bank AG New York Branch provided the commitments.
Rocket Lab does not plan to rely on the bridge facility as its permanent financing structure. The company intends to replace the commitments with a combination of longer-term debt and equity financing. One component of that strategy involves Iridium’s existing term loan.
Rocket Lab and Iridium plan to seek amendments that would allow approximately $1.775 billion of Iridium term loan debt outstanding as of June 30, 2026 to remain in place after the acquisition closes.
If lenders approve the amendments, Rocket Lab said retaining the facility would reduce the amount needed under the bridge commitments and provide financing at more attractive rates than the bridge terms.
The amendments remain subject to lender consent, and Rocket Lab cautioned that there is no assurance they will be obtained. Rocket Lab has also announced a new at-the-market equity program. The program replaces one established in May 2026 and carries forward the unsold amount available under the previous program.
The proceeds raised through the ATM are intended to reduce the remaining bridge financing commitments. And the financing work illustrates the scale of the transaction and Rocket Lab’s effort to establish a more durable capital structure before completing the acquisition.
Iridium operates a global satellite communications network, while Rocket Lab currently spans launch services, spacecraft, satellites, and space components.
Rocket Lab views the acquisition as transformative because it would extend the company’s activities further into space-based applications and communications services.
The company already operates Electron and HASTE launch vehicles and is developing its reusable Neutron medium-lift rocket.
Its satellites and spacecraft components have also supported more than 1,700 missions in Earth orbit and deep space.
The proposed Iridium acquisition would add another major layer to that vertically integrated space strategy.
Remaining steps include completing the SEC registration process, securing Iridium shareholder approval, obtaining FCC authorization, and satisfying other conditions required under the merger agreement.
KEY QUOTES:
“Filing the Form S-4 and the FCC applications and receiving U.S. antitrust clearance are all major steps for us in the execution timeline for the Iridium acquisition.”
“These milestones continue to pave the way toward the completion of this transformative transaction that will position Rocket Lab to accelerate our future into space applications.”
Sir Peter Beck, Founder and CEO of Rocket Lab
