Raising money for space.
For CFOs and treasurers at satellite operators and launch companies, and founders of space technology companies: the capital routes that are open and what peers paid.
Randeep Bubbra | Lawyer | Making space financeable
13 space convertibles with published terms are on the register, at a median conversion premium of 25%. Satellite operators have also used high-yield bonds, hybrids, export credit and 8 government or export credit programmes.
Where to start
Latest bonds and convertibles
| Date | Financing | Type | Amount |
|---|---|---|---|
| 28 Sep 2026 | Voyager Technologies US$402m convertible senior notes due 2032 | Convertible | US$402.5m |
| 15 Jul 2026 | AST SpaceMobile US$1.0bn 1.625% convertible notes due 2034 | Convertible | US$1bn |
| 24 Mar 2026 | SES €650m 7.375% perpetual hybrid | Bond | €650m |
| 5 Mar 2026 | Eutelsat €1.5bn senior notes (5.75% 2031 and 6.25% 2033) | Bond | €1.5bn |
| 11 Feb 2026 | AST SpaceMobile US$1.0bn 2.25% convertible notes due 2036 | Convertible | US$1bn |
| 13 Nov 2025 | Voyager Technologies US$435m 0.75% convertible senior notes due 2030 | Convertible | US$435m |
| 24 Oct 2025 | AST SpaceMobile US$1,000m convertible senior notes due 2036 | Convertible | US$1bn |
| 9 Sep 2025 | Planet Labs US$400m 0.50% convertible notes due 2030 | Convertible | US$400m |
Questions treasurers ask
What conversion premium should we expect?
The markets page lists every space convertible with published terms. The median premium on file is 25%; the right level for a deal depends on the share price, volatility and borrow.
Do capped calls come with most deals?
Many do. The markets table shows the cap price and how far above the share price it sits for each deal that disclosed one.
How do I benchmark a term sheet?
Start with the comparable deals on the register, then book 20 minutes with Randeep to talk through how your terms compare.
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.