Iridium's bankruptcy and rescue (1999-2000)
Motorola built the original Iridium network for billions of dollars, betting that travelers would pay for satellite phones. Demand never came, and Iridium filed for bankruptcy in 1999. The satellites nearly fell from orbit before private investors bought the whole system in 2000 for about $25 million.
The rescued company refocused on government, maritime, and remote-industry customers instead of consumers.
Iridium recovered, deployed a new constellation, and grew to millions of subscribers worth roughly $8 billion to Rocket Lab.
The same network once sold for $25 million is now being bought for around $8 billion. The gap shows how much the value of satellite connectivity and spectrum has changed.
