- The FCC accepted the Iridium license-transfer applications for filing, which starts a public-comment period. The step is procedural and does not approve Rocket Lab's acquisition.
- Rocket Lab raised $1.944 billion gross through 29.3 million new shares, an average of $66.35 per share before fees, and terminated its $3.6 billion senior bridge commitment. Friday's $64.57 close sat 2.7% below that calculated sale price.
- Iridium holders vote at 08:30 EDT on Sept 24. FCC comments are due Oct 15 and final replies Nov 9, so the regulatory path extends beyond the shareholder vote.
- Space peers sold off together Friday: AST SpaceMobile fell 6.68% and Intuitive Machines 5.88%, alongside Rocket Lab's 4.79% decline on 32.17 million shares, 1.55 times its 10-session average.
- Analyst targets on Rocket Lab span Raymond James' $80, Berenberg's $83, Bank of America's $110 and Cantor Fitzgerald's $122, implying 24% to 89% upside to the $64.57 close.
- SpaceX asked the FCC to examine Iridium's conduct toward rival satellite operators while stating it does not oppose the acquisition, putting a competitor on record inside the review.
Quotes
“The company raised $1.944 billion gross through the offering.”
“Rocket Lab remains unprofitable, missed recent quarterly earnings expectations, and faces significant valuation, integration, and execution risks related to the acquisition”
“ARKX gained 2%, outpacing SPY's 1% rise, as space names broadly led the market on the news.”