Rocket Lab To Acquire Iridium For ~$54 Per In Cash And Stock At EV Of ~$8B; IRDM Holders To Receive $27 Per Share In Cash Plus Calculated Ra

The acquisition will be one of the most transformative deals in the space industry, joining together two innovative American companies to play a leading role in the U.S. space economy.

It merges Rocket Lab's leading launch capabilities and satellite manufacturing with Iridium's global satellite communications network, spectrum, and 500-plus strong partner ecosystem to create a competitive, vertically-integrated space company that designs, builds, launches, and operates its own constellations, delivering critical communications capability to millions of users worldwide.

The transaction will give Rocket Lab an immediate foothold in space-based applications, including both proprietary and standards-based satellite Internet of Things (IoT) and direct-to-device (D2D), PNT, and critical safety-of-life services, creating a formidable challenger in the global telecom market.

Rather than simply continuing the Iridium network, Rocket Lab will build upon it to scale into untapped markets and pioneer new space-based services to the benefit of global customers.

Iridium’s globally harmonized L-band spectrum and low Earth orbit (LEO) satellite network provide a secure, resilient foundation for reliable satellite communications and PNT services across government, defense, aviation, maritime, and commercial markets.

Supporting more than 2.55 million active subscribers worldwide, Iridium delivers highly reliable, weather-resilient connectivity and an alternative PNT architecture for applications where Global Positioning Systema (GPS) and other Global Navigation Satellite Systema (GNSS) are degraded or unavailable.

Combining Rocket Lab's launch, spacecraft manufacturing, and space systems expertise with Iridium's global network and L-band spectrum will accelerate innovation, positioning the combined company to support the development and deployment of Iridium's next-generation constellation.

This includes direct-to-device (D2D/Iridium NTN DirectSM) services, which will grow into an important new capability for U.S. national security and emergency response, helping to ensure reliable, resilient communications when and where they are needed most, particularly where traditional networks are unavailable or compromised. "This is a defining moment for the space industry and the start of a new era of strategic, accelerated growth for Rocket Lab and Iridium," said Sir Peter Beck, founder and CEO of Rocket Lab. "Iridium has built the gold standard in secure, safety critical global satellite connectivity.

It is relied upon by maritime fleets, the aviation industry, governments, and heavy industrial organizations who operate in the most remote off-the-grid locations.

By marrying Iridium's deep heritage, trusted infrastructure, and highly sought-after spectrum with Rocket Lab's extensive and proven launch and manufacturing capabilities, we have the capability to unlock entirely new markets.

We will go far beyond maintaining a legacy; we are going to build upon it to pioneer next-generation space applications and deliver sought-after capabilities to existing and new customers." "As the worlds of space and terrestrial communications continue to converge, more critical services will depend on space-based capabilities," said Matt Desch, CEO, Iridium. "Success will come from those who can bring new innovations to space quickly and sustain them over time as efficiently as possible.

We’re excited about being able to accelerate the next generation of IoT, aviation, maritime, PNT, and national security capabilities, and pursue new innovative applications as part of Rocket Lab - a fully integrated, end-to-end space company.

That’s an incredible opportunity for our customers, partners, employees, and stockholders." Transaction Highlights: Strengthens Rocket Lab’s Strategic Vertical Integration: Creates an end-to-end space company spanning launch, spacecraft, spectrum, and on-orbit communications services through a proprietary network.

Expected to eliminate third-party launch costs for constellation deployment and replenishment and captures launch margin internally while guaranteeing orbital access as launch capacity tightens, ensuring continuity of service to customers.

Unlocks Entry to Space Applications Market: Provides Rocket Lab with immediate access to a proven constellation of LEO satellites and an established global communications customer base, realizing the company’s long-term strategic vision to expand beyond launch services and spacecraft manufacturing into a vertically-integrated space applications company with recurring revenue from satellite services.

Provides Access to Globally-Coordinated Spectrum: Adds globally-coordinated L-band spectrum that enables reliable user communications.

Unifies Two Trusted Government Partners: The transaction combines two deeply trusted, long-standing defense partners, combining their specialized strengths to deliver highly resilient, next-generation capabilities directly to the warfighter across denied, degraded, and disadvantaged environments.

Accelerates Growth and New Market Opportunities: Positions the combined entity to deliver next-generation satellite communications, resilient PNT, and emerging defense and commercial space services.

Diversifies Financial Profile with Recurring Cash Flow Streams: In 2025, Iridium delivered $871.7M revenue1, $495M OEBITDA1 or 57% OEBITDA margin1, providing substantial recurring cash flow to fund growth.

Transaction Details Under the terms of the transaction, Iridium stockholders will receive $27.00 in cash and a number of shares of Rocket Lab common stock calculated pursuant to an exchange ratio (subject to a collar) for each share of Iridium common stock outstanding at the closing.

The collar is banded from $67.50 to $112.50.

The transaction has a notional value of $54.00 per share of Iridium common stock, implying an enterprise value for Iridium of approximately $8.0 billion.

Complete details on the calculation of the exchange ratio will be in