Lending to space, read from the documents.
For banks, private credit funds and export credit agencies lending to satellite operators, launch companies and space infrastructure: what has been done, on what terms, and how security works.
Randeep Bubbra | Lawyer | Making space financeable
The register holds 59 space financings since 2015, with 7 banks named on 10 of them. 21 satellite bond tranches are on file, and US$12.4bn of bonds falls due in the next five years.
Where to start
Most active banks on file
| Bank | Financings | Latest |
|---|---|---|
| Barclays | 1 | 4 Nov 2019 |
| Deutsche Bank | 1 | 4 Nov 2019 |
| J.P. Morgan | 1 | 20 Feb 2026 |
| RBC Capital Markets | 1 | 3 May 2023 |
| Societe Generale | 1 | 4 Nov 2019 |
| UBS | 1 | 25 Jun 2025 |
| Wells Fargo | 1 | 4 Nov 2019 |
Latest loans and export credit
| Date | Financing | Type | Amount |
|---|---|---|---|
| 20 Feb 2026 | Redwire amended credit agreement | Bank facility | US$120m |
| 11 Feb 2026 | Eutelsat export credit financing for OneWeb LEO satellites | Export credit | €975m |
| 21 Jan 2026 | Viasat US EXIM direct loan for ViaSat-3 F1 launch and insurance | Export credit | US$188.7m |
| 30 Dec 2025 | Indra acquisition financing for Hispasat | Acquisition finance | €700m |
| 19 Jun 2024 | SES acquisition financing for Intelsat | Acquisition finance | €3bn |
| 30 May 2023 | Viasat US$1.35bn acquisition financing for Inmarsat | Acquisition finance | US$1.35bn |
| 3 May 2023 | Maxar take-private by Advent | Acquisition finance | US$6.4bn |
| 20 Dec 2021 | Intelsat DIP-to-exit financing on emergence from Chapter 11 | Bank facility | US$7.88bn |
Questions lenders ask
Can a lender take security over a satellite?
Yes, under the law of the country whose regulator licenses the operator, usually with a pledge of the operator's shares. The Space Protocol is not in force. The security-by-country table sets out each regime.
Can a lender take security over spectrum?
Usually not over the licence itself. Lenders take security over the operator, the licence's proceeds and its economic value, and covenants on its use. See the guide on spectrum as collateral.
Which banks lend most to space?
On the register, the banks named most often are Barclays, Deutsche Bank, J.P. Morgan. Many deals do not name their banks, so the directory is a floor, not a league table.
Working on one of these deals? Book 20 minutes with Randeep to see how your terms compare with the market. General information, not legal advice.