InfraOrbitThe capital behind space.
InfraOrbit register · 2015 to 2026

Space company convertibles

Convertible notes from the new space companies, led by AST SpaceMobile, with conversion terms and capped calls where filed.

Randeep Bubbra | Lawyer | Making space financeable

15Financings on file
US$7.2bnFunded volume (US$ eq.)
9Issuers and borrowers
US$1.0bnLargest financing
2015: US$0m152016: US$0m162017: US$0m172018: US$350m1802019: US$0m192020: US$0m202021: US$0m212022: US$425m2202023: US$0m232024: US$355m2402025: US$3.6bn2542026: US$2.4bn262
Space company convertibles: funded volume by year. US$bn equivalent at approximate annual average rates; contingent and unfunded programme commitments are excluded.

Largest financing

AST SpaceMobile US$1.0bn 1.625% convertible notes due 2034, 15 Jul 2026.

Banks and lenders named

UBS (1).

Counts are financings on file where the bank or lender is named. All lenders.

Financings

DateFinancingTypeAmount
28 Sep 2026Voyager Technologies US$402m convertible senior notes due 2032ConvertibleUS$402.5m
15 Jul 2026AST SpaceMobile US$1.0bn 1.625% convertible notes due 2034ConvertibleUS$1bn
11 Feb 2026AST SpaceMobile US$1.0bn 2.25% convertible notes due 2036ConvertibleUS$1bn
13 Nov 2025Voyager Technologies US$435m 0.75% convertible senior notes due 2030ConvertibleUS$435m
24 Oct 2025AST SpaceMobile US$1,000m convertible senior notes due 2036ConvertibleUS$1bn
9 Sep 2025Planet Labs US$400m 0.50% convertible notes due 2030ConvertibleUS$400m
13 Aug 2025Intuitive Machines US$345m 2.5% convertible notes due 2030ConvertibleUS$345m
25 Jul 2025AST SpaceMobile US$500m 2.375% convertible notes due 2032ConvertibleUS$500m
22 Jul 2025BlackSky US$160m 8.25% convertible senior notes due 2033ConvertibleUS$160m
25 Jun 2025AST SpaceMobile US$225m 4.25% convertible notes due 2032 (additional)ConvertibleUS$225m
25 Jun 2025Isar Aerospace €150m convertible bond (Eldridge Industries)Convertible€150m
27 Jan 2025AST SpaceMobile US$400m 4.25% convertible senior notes due 2032ConvertibleUS$400m
1 Feb 2024Rocket Lab US$355m 4.25% convertible notes due 2029ConvertibleUS$355m
14 Jan 2022Virgin Galactic US$425m 2.50% convertible senior notes due 2027ConvertibleUS$425m
14 Jun 2018Intelsat US$350m 4.50% convertible senior notes due 2025ConvertibleUS$350m

Totals are US$ equivalents of funded deals at approximate annual average rates; programme-level and conditional commitments are listed but left out. Records come from public, primary sources. How the register is built.

Randeep Bubbra
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