The Space Financing Handbook
How the 177 space financings recorded since 2015 are structured, priced and protected: the market by year and instrument, a worked example of each structure, coupons by rating, the lenders, export credit and government money, and a lender checklist.
Randeep Bubbra | Lawyer | Making space financeable
Three of the findings
177 funded space financings since 2015
2026 alone brought US$62.7bn across 28 financings to 30 Oct 2026, led by SpaceX's first bonds and its bridge loan.
Public money is a core lender
35 government and export credit financings, from EIB venture debt to export credit loans for satellites built abroad. The most active public lenders: European Investment Bank, Bpifrance, Export-Import Bank of the United States.
Most space debt prices as high yield
The median fixed coupon across 44 bond tranches is 6.5%. Unrated tranches have a median of 6.88%.
Inside
This handbook reads the InfraOrbit register as it stood on 30 Oct 2026. Every figure comes from a financing record with its primary source, and every worked example links back to that record.
Data to 30 Oct 2026. Figures come from the register's primary sources: filings, prospectuses, credit agreements and official announcements.
Get the handbook- 01Key findings
- 02The market at a glance
- 03How the deals are structured
- 04Pricing: what the rating buys
- 05Who lends
- 06Government and export credit money
- 07What lenders check
- 08Questions for 2027
- 09Appendix: the largest financings
- 10Method and sources
General information on public documents, not legal or investment advice. Views are personal. Working on a financing like these? Contact us.