InfraOrbitThe capital behind space.
Market observatory · data to 27 Oct 2026

The market. In perspective.

What the register shows about space finance since 2015: what is being financed, how volumes have moved, who arranges the debt, how the bonds are rated and how deal sizes compare. Every chart is drawn from the records and leads back to them.

Randeep Bubbra | Lawyer | Making space financeable

66financings on file
US$83bnfunded since 2015
146investment and M&A deals
8/26bond issues with a public rating
What the register shows
  1. 2024 is the largest year on file, at US$28.0bn funded.
  2. The last three years (2024 to 2026) raised 7.0 times the first three (2015 to 2017).
  3. Bonds make up 40% of funded volume.
  4. Deutsche Bank leads more volume than any other bank, at US$1.4bn of deals led.
  5. 2 of the 8 rated bond issues (25%) were investment grade at issue.
Register composition

What is being financed?

Bonds: 31Convertibles: 15Bank and acquisition loans: 11Government and other: 9
66financings
Bonds3147%Convertibles1523%
Bank and acquisition loans1117%
Government and other914%

One instrument per record. Volume counts funded debt and government money at US$ equivalents; programme-level and conditional commitments are counted, not added.

Show the figures
InstrumentFinancingsFunded (US$)
Bonds31US$33.0bn
Convertibles15US$7.2bn
Bank and acquisition loans11US$25.1bn
Government and other9US$17.9bn
Geography

Where the money is raised.

USUS$36.8bn
LuxembourgUS$19.9bn
FranceUS$6.4bn
CanadaUS$4.4bn
UKUS$3.1bn
GermanyUS$169m

By the borrower's or issuer's country as recorded; EU programmes count as European Union.

Show the figures
CountryFunded (US$)Financings
United StatesUS$36.8bn37
LuxembourgUS$19.9bn14
FranceUS$6.4bn7
CanadaUS$4.4bn2
United KingdomUS$3.1bn2
GermanyUS$169m1
Dated records

Financing history, 2015–2026.

0510152015Bonds, 16: 4416Bonds, 17: 2217Bonds, 18: 5Convertibles, 18: 1618Bonds, 19: 6Bank and acquisition loans, 19: 3919Bonds, 20: 3Bank and acquisition loans, 20: 2Government and other, 20: 1620Bonds, 21: 1Bank and acquisition loans, 21: 1221Bonds, 22: 2Convertibles, 22: 1Government and other, 22: 1422Bonds, 23: 1Bank and acquisition loans, 23: 2323Bonds, 24: 4Convertibles, 24: 1Bank and acquisition loans, 24: 1Government and other, 24: 51124Bonds, 25: 1Convertibles, 25: 9Bank and acquisition loans, 25: 11125Bonds, 26: 2Convertibles, 26: 3Bank and acquisition loans, 26: 1Government and other, 26: 2826
BondsConvertiblesBank and acquisition loansGovernment and other

By date of signing, pricing or announcement. Volume in US$bn at approximate annual average rates; 2026 runs to 27 Oct 2026. Select a bar to open its records.

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YearBondsConvertiblesBank and acquisition loansGovernment and otherTotal
2015––––0 · US$0m
20164 · US$3.5bn–––4 · US$3.5bn
20172 · US$2.2bn–––2 · US$2.2bn
20185 · US$5.0bn1 · US$350m––6 · US$5.4bn
20196 · US$5.3bn–3 · US$5.3bn–9 · US$10.6bn
20203 · US$1.5bn–2 · US$35m1 · US$1.0bn6 · US$2.6bn
20211 · US$739m–1 · US$7.9bn–2 · US$8.6bn
20222 · US$1.3bn1 · US$425m–1 · US$316m4 · US$2.0bn
20231 · US$733m–2 · US$7.8bn–3 · US$8.5bn
20244 · US$9.1bn1 · US$355m1 · US$3.2bn5 · US$15.3bn11 · US$28.0bn
20251 · US$1.1bn9 · US$3.6bn1 · US$791m–11 · US$5.6bn
20262 · US$2.5bn3 · US$2.4bn1 · US$120m2 · US$1.3bn8 · US$6.3bn
Equity and M&A

Who is buying and backing the sector.

0102030Venture and growth rounds, 2015: 442015M&A, stakes and JVs, 16: 1116M&A, stakes and JVs, 17: 1Venture and growth rounds, 17: 3417M&A, stakes and JVs, 18: 1Venture and growth rounds, 18: 4518M&A, stakes and JVs, 19: 1Venture and growth rounds, 19: 7819M&A, stakes and JVs, 20: 5Venture and growth rounds, 20: 6Listed equity, IPOs and SPACs, 20: 11220M&A, stakes and JVs, 21: 4Venture and growth rounds, 21: 14Listed equity, IPOs and SPACs, 21: 112921M&A, stakes and JVs, 22: 2Venture and growth rounds, 22: 7Listed equity, IPOs and SPACs, 22: 21122M&A, stakes and JVs, 23: 4Venture and growth rounds, 23: 9Listed equity, IPOs and SPACs, 23: 31623M&A, stakes and JVs, 24: 5Venture and growth rounds, 24: 7Listed equity, IPOs and SPACs, 24: 31524M&A, stakes and JVs, 25: 10Venture and growth rounds, 25: 7Listed equity, IPOs and SPACs, 25: 52225M&A, stakes and JVs, 26: 7Venture and growth rounds, 26: 8Listed equity, IPOs and SPACs, 26: 41926
M&A, stakes and JVsVenture and growth roundsListed equity, IPOs and SPACs

146 deals; 135 disclose a value. Value counts only what is disclosed, so it understates the market.

Show the figures
YearM&A, stakes and JVsVenture and growth roundsListed equity, IPOs and SPACs
2015–4 · US$1.2bn–
20161 · US$730m––
20171 · US$3.6bn3 · US$478m–
20181 · US$9.2bn4 · US$748m–
20191 · US$0m7 · US$1.0bn–
20205 · US$2.4bn6 · US$2.9bn1 · US$25m
20214 · US$1.3bn14 · US$5.0bn11 · US$4.1bn
20222 · US$80m7 · US$2.1bn2 · US$126m
20234 · US$18.4bn9 · US$859m3 · US$115m
20245 · US$6.3bn7 · US$631m3 · US$275m
202510 · US$49.8bn7 · US$1.6bn5 · US$3.2bn
20267 · US$253.6bn8 · US$2.6bn4 · US$376m
Currency

Which currencies fund it.

USD: US$50.2bnEUR: US$31.1bnCAD: US$1.9bn
60%in US dollars
USDUS$50.2bn60%
EURUS$31.1bn37%
CADUS$1.9bn2%

Currency of issue for funded records; euro, sterling and krona amounts are converted at approximate annual average rates.

Show the figures
CurrencyFunded (US$)Financings
USDUS$50.2bn41
EURUS$31.1bn24
CADUS$1.9bn1
Credit quality

How the bonds are rated.

02462015No public rating found, 16: 2216No public rating found, 17: 2217No public rating found, 18: 5518B and below, 19: 1No public rating found, 19: 5619B and below, 20: 1No public rating found, 20: 232021BBB, 22: 1No public rating found, 22: 1222BB, 23: 1123BB, 24: 2No public rating found, 24: 1324BBB, 25: 1125BB, 26: 1126
BBBBBB and belowNo public rating found

8 of 26 bond issues have a public rating: 0 from the SEC pricing term sheet, 1 from the issuer's own release and 7 from Fitch's issuer rating on the issue date. Where agencies differ, the middle of three or the lower of two. Coupons by rating →

Show the figures
Rating at issueBond issuesVolume (US$)
BBB2US$1.9bn
BB4US$5.1bn
B and below2US$1.0bn
No public rating found18US$21.0bn
Deal size

How big the deals are.

US$ · log scale
US$10mUS$100mUS$1bnUS$10bnUS$100bnBondsIridium US$360m 10.250% senior notes due 2023: US$360mIntelsat US$400m 9.750% senior notes due 2025: US$400mViasat US$400m 6.500% senior notes due 2028: US$400mSES €400m 2.0% notes due 2028: US$457mMaxar Technologies US$500m 7.75% senior notes due 2027: US$500mEutelsat €500m 1.125% bond due 2021: US$554mSES €500m 0.875% notes due 2027: US$560mViasat US$600m 5.625% senior notes due 2027: US$600mSES €550m hybrid bonds (2016): US$609mEutelsat €600m senior notes due 2029: US$649mEutelsat €600m 2.25% bond due 2027: US$672mEutelsat €600m 1.5% bond due 2028: US$685mIntelsat US$700m 8.500% senior notes due 2024: US$700mViasat US$700m 5.625% senior notes due 2025: US$700mViasat US$733m 7.500% senior notes due 2031: US$733mSES €625m hybrid bonds (2021): US$739mSES €650m 7.375% perpetual hybrid: US$754mSES €750m 3.5% notes due 2029: US$790mSES €750m 4.625% hybrid bonds (2016): US$830mEutelsat €800m 2.00% bond due 2025: US$945mIntelsat US$1,000m 9.50% senior notes due 2023: US$1.0bnMaxar Technologies US$1,000m 9.75% senior notes due 2023: US$1.0bnSES €1bn hybrid dual-tranche bonds: US$1.1bnSES €1bn senior notes (4.125% 2030 and 4.875% 2033): US$1.1bnHughes Satellite Systems US$1,500m senior notes (2 tranches): US$1.5bnIntelsat US$1,500m 7.25% senior notes due 2025: US$1.5bnEutelsat €1.5bn senior notes (5.75% 2031 and 6.25% 2033): US$1.7bnViasat US$1,975m 9.000% senior notes due 2029: US$2.0bnIntelsat US$2,000m 8.500% senior notes due 2024: US$2.0bnInmarsat US$2.08bn 6.75% senior secured notes due 2026 (take-private financing): US$2.1bnEchoStar US$5.36bn 10.75% senior secured notes due 2029 and DBS financing: US$5.4bnMedian US$739mConvertiblesBlackSky US$160m 8.25% convertible senior notes due 2033: US$160mIsar Aerospace €150m convertible bond (Eldridge Industries): US$169mAST SpaceMobile US$225m 4.25% convertible notes due 2032 (additional): US$225mIntuitive Machines US$345m 2.5% convertible notes due 2030: US$345mIntelsat US$350m 4.50% convertible senior notes due 2025: US$350mRocket Lab US$355m 4.25% convertible notes due 2029: US$355mAST SpaceMobile US$400m 4.25% convertible senior notes due 2032: US$400mPlanet Labs US$400m 0.50% convertible notes due 2030: US$400mVoyager Technologies US$402m convertible senior notes due 2032: US$402mVirgin Galactic US$425m 2.50% convertible senior notes due 2027: US$425mVoyager Technologies US$435m 0.75% convertible senior notes due 2030: US$435mAST SpaceMobile US$500m 2.375% convertible notes due 2032: US$500mAST SpaceMobile US$1,000m convertible senior notes due 2036: US$1.0bnAST SpaceMobile US$1.0bn 1.625% convertible notes due 2034: US$1.0bnAST SpaceMobile US$1.0bn 2.25% convertible notes due 2036: US$1.0bnMedian US$400mBank and acquisition loansCesiumAstro debt raise of US$15m: US$15mABL Space Systems debt raise of US$20m: US$20mRedwire amended credit agreement: US$120mIndra acquisition financing for Hispasat: US$791mSES €1.2bn syndicated revolving credit facility: US$1.3bnViasat US$1.35bn acquisition financing for Inmarsat: US$1.4bnIridium US$1,450m credit facility: US$1.4bnTelesat Canada 2019 refinancing: US$2.5bnSES acquisition financing for Intelsat: US$3.2bnMaxar take-private by Advent: US$6.4bnIntelsat DIP-to-exit financing on emergence from Chapter 11: US$7.9bnMedian US$1.4bnGovernment and otherEIB €150m loans to SES (2024): US$162mViasat US EXIM direct loan for ViaSat-3 F1 launch and insurance: US$189mEIB €300m loan to SES: US$316mEIB €300m loan for Poland's satellite programme: US$325mUK Government and Bharti Global acquisition of OneWeb out of Chapter 11: US$1.0bnEutelsat export credit financing for OneWeb LEO satellites: US$1.1bnGlobalstar funding from Apple for the new MSS constellation: US$1.5bnTelesat Lightspeed government loans (Canada and Quebec): US$1.9bnIRIS² concession contract (SpaceRISE): US$11.5bnMedian US$1bn

One dot per funded financing at its US$ equivalent; the line marks the median. Select a dot to open the record.

Show the figures
InstrumentDealsMedian (US$)Largest (US$)
Bonds31US$739mUS$5.4bn
Convertibles15US$400mUS$1.0bn
Bank and acquisition loans11US$1.4bnUS$7.9bn
Government and other9US$1.0bnUS$11.5bn

Financing benchmarks Bond coupons and convertible terms Maturity calendar Lenders How the register is built

Built from the register, which is checked against each issuer's own documents, and rebuilt with every register update. Counts are of records on file, not a census of the market. Working on a space financing? Book 20 minutes with Randeep to see how your terms compare.

Randeep Bubbra
InfraOrbit Weekly

The week in space finance, read from the filings.

Deals, terms and the clauses behind them, for the people financing satellite operators, launch and space infrastructure. By Randeep Bubbra.

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