Rocket Lab replaces ATM equity program, eyes Iridium acquisition funding

Rocket Lab Corporation (Nasdaq: RKLB) has entered into a replacement equity distribution agreement with Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC, allowing the company to offer and sell shares of its common stock through an at-the-market program valued at up to $1.94 billion.

The new agreement replaces a prior equity distribution agreement dated May 20, 2026, carrying forward only the remaining unsold offering amount from that agreement. No additional shares beyond the previously unsold amount are being offered, and the prior agreement has been terminated.

Rocket Lab said it intends to use net proceeds from the program to fund cash payments related to its previously announced proposed acquisition of Iridium Communications Inc. and to reduce commitments under a senior secured debt bridge facility.

The company also disclosed separate updates on the Iridium acquisition, including the expiration of the Hart-Scott-Rodino waiting period, the initial filing of a registration statement on Form S-4 with the Securities and Exchange Commission, and the filing of applications with the Federal Communications Commission.

The offering is not contingent on the completion of the Iridium acquisition. If the acquisition is not completed or excess proceeds remain, Rocket Lab said it intends to use the funds for future growth, potential acquisitions, and general corporate and working capital purposes.

Sales under the program will be conducted by Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC as agents and/or principals on Nasdaq or otherwise, at prevailing market prices or negotiated prices. The agreement also includes provisions for certain forward sale agreements.

The company stated there is no assurance that any shares will be sold under the program, with timing and volume dependent on factors to be determined by the company.

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