- Terran Orbital’s major customer Rivada raising $2.4B for satellites.
- Deal unlocks $180M in delayed payments to Terran.
- New financing allows Rivada’s 300-satellite mega-constellation, made by Terran.
$2.4B for a satellite constellation
Terran Orbital’s biggest customer, Rivada Space Networks, is nearing the close of $2.4 billion in funding to build a massive satellite constellation manufactured by Terran.
Terran CEO Marc Bell said Rivada CEO Declan Ganley told him financing documents had been finalized, and money could arrive by Christmas, unlocking outstanding payments for a 300-satellite order.
The Rivada deal
Rivada signed a $2.4 billion February deal for Terran to construct the satellites, which comprise most of Terran’s revenue backlog.
But Rivada delayed issuing $180 million in payments last quarter, spurring Terran to adjust financial guidance.
Billion-dollar satellite deals
Bell said the new Rivada financing would allow owed amounts to be paid, dramatically lifting Terran’s stock price, which has cratered since its SPAC merger.
Beyond the Rivada contract, Terran is pursuing other deals, including satellites for the Space Development Agency, potentially worth billions.
