Rocket Lab funded the cash portion of their Iridium buyout by selling 29.3 million new shares at $66 each. This raised $1.94 billion and let them cancel the $3.6 billion bridge loan they originally planned to use. It adds about 5% dilution for now, but it avoids taking on heavy debt while the company is still unprofitable. The total deal values Iridium at $8 billion, with closing expected in mid-2027. Iridium shareholders will get $27 in cash plus a fraction of a Rocket Lab share for each share they own. Total dilution could reach 12% by the time it closes. The financing choice protects their balance sheet, but RKLB is still trading around 40x revenue. The stock remains expensive at current levels.