How space is financed.
Plain-English guides to how space is financed, built from the deals on the register and the public documents behind them.
Randeep Bubbra | Lawyer | Making space financeable
Guides
Explainer · SubscribersExport credit for satellitesHow export credit agencies finance satellites, launches and insurance, with the Eutelsat OneWeb and Viasat EXIM deals as worked examples, and what operators and lenders should check.Explainer · SubscribersSecurity over satellites and the Cape Town Space ProtocolWhy lenders cannot simply take a mortgage over a satellite, how they build security over the company, contracts and ground segment instead, and where the unratified Space Protocol stands.Explainer · SubscribersInsurance in satellite financingsHow launch and in-orbit insurance work in a satellite financing, what counts as a total or partial loss, the exclusions that matter, and the lender protections to put in the policy.Explainer · SubscribersSpectrum as collateralWhy spectrum is often a satellite operator's most valuable asset, why lenders cannot take a direct pledge over most licences, and how deals capture its value through licence-holding companies and sale proceeds.Explainer · SubscribersGovernment anchor contracts and bankabilityHow government contracts and loans anchor satellite constellations, from IRIS² and Telesat Lightspeed to EIB lending, and which contract terms decide whether lenders will finance against them.Explainer · SubscribersWhat happened to the space SPAC convertiblesHow space companies that listed through SPACs moved from expensive equity to convertible notes, what the coupons and conversion terms on file show, and what boards and counsel should check before issuing.
Glossary
43 terms used in space financings and M&A, each in a sentence or two. Open the glossary
Tools for counsel
Checklists, filed clause wording, M&A terms from the merger agreements and a table of satellite security and transfer rules by country. Open the tools
Each guide opens with a free summary. The full guide is free with a work email, as are the register downloads.