Iridium satellite constellation (1998)
Iridium launched 77 satellites for a global satellite phone network, a bet of roughly $5 billion on low Earth orbit communications. The service worked technically, but the market did not materialize at the price point, and the company filed for bankruptcy in 1999.
Service continued under new ownership for a fraction of the original investment.
Iridium proved LEO constellations work; its collapse showed the danger of building huge capacity before demand exists.
Sateliot is building toward 500 satellites in incremental batches, launching as technology matures and operators sign on. It is a deliberate contrast to Iridium's build-first, ask-questions-later approach.
