Launch Vehicles and Services Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › CAPITAL GOODS › LAUNCH VEHICLES AND SERVICES

Funding Certainty Turns an Agreed Deal into the Period's Re-Rating Story

What moved, what companies announced, and what changed in M&A across launch vehicles and services for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Launch Vehicles and Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   INDUSTRIALS › CAPITAL GOODS › LAUNCH VEHICLES AND SERVICES

   This is the cover for NeuraCap's bi-weekly Launch Vehicles and Services industry events and M&A update for September 14–28, 2026.

   We open with the two-week scorecard for Launch Vehicles and Services, covering what changed, who moved and most likely why, what transacted, and what it means. This update sets up the period's central story: funding certainty behind an agreed acquisition.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › CAPITAL GOODS › LAUNCH VEHICLES AND SERVICES Funding Certainty Turns an Agreed Deal into the Period's Re-Rating Story What moved, what companies announced, and what changed in M&A across launch vehicles and services for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Launch Vehicles and Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Funded Deals and Flight Cadence Carried the Period

   This page summarizes the two-week period's market moves and M&A activity in one page, covering five covered names.

   We start with the headline: all five covered names rose, and the median move ran to +12.5%, well ahead of the S&P 500's +1.6%. Rocket Lab's fully funded acquisition of Iridium anchored the period, closing the funding question that had left the deal's completion open. Flight cadence stayed steady, with two Electron missions flying inside the window even as the M&A process advanced. So what: funding certainty, not new deal announcements, was the signal investors rewarded.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Funded Deals and Flight Cadence Carried the Period The two-week period in one page · 5 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Launch Vehicles and Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 5 of 5 Covered Names Rose; The Median Move Was +12.5% The median move ran ahead of the S&P 500 at +1.6% over the same window. Direction was uniform across the covered set. 2 Rocket Lab Closed the Funding Question on Its Agreed Acquisition Rocket Lab USA, Inc. (RKLB) reported on Sep 15 that it had fully funded its pending acquisition of Iridium Communications, completing a $1.94 billion ATM equity offering and terminating a $3.6 billion bridge loan facility, with closing expected in mid-2027. The shares ended the window +18.2%, with the largest single day on Sep 21 at +8.2%. 3 Cadence Held While the Deal Worked Through Approvals The 96th and 97th Electron missions flew on Sep 19 and Sep 25, and Firefly Aerospace Inc. (FLY) completed a new cleanroom to scale Blue Ghost lander and Elytra vehicle production. 4 One Agreed Transaction, No Completions in the Record The trailing precedent set stands at 10 transactions with a median of 12.1x EV/EBITDA. This two-week period added an agreed deal rather than a closed one. +18.2% Best mover — Rocket Lab USA, Inc. (RKLB) worst: KRMN +2.7% · 5 up / 0 down of 5 covered +12.5% Sector median two-week return vs S&P 500 +1.6% 1 Transaction agreed in the two-week period from company announcements; not yet in the precedent record 1 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   One Name Carried the Move, and Its Own Record Explains It

   This page ranks the two-week public market moves, showing one name drove the period's return.

   Rocket Lab's shares moved +18.2% over the window, against a sector median of +12.5% and a sector-relative materiality bar of +18.7%. The move traces to the company's own record: the funding close on its agreed Iridium acquisition. Attribution here links only to filings and headlines recorded in the window; where no driver is on record, the page states that plainly. So what: this is a company-specific catalyst, not a sector-wide re-rating.

   Everything on this page

   PUBLIC MARKET MOVERS One Name Carried the Move, and Its Own Record Explains It Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median +12.5% · S&P 500 +1.6% · materiality bar ±18.7% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Launch Vehicles and Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median +12.5% Rocket Lab USA, Inc. (RKLB) +18.2% Shares moved following the Sep 15 announcement that Rocket Lab fully funded its pending acquisition of Iridium Communications, completing a $1.94 billion ATM offering and terminating a $3.6 billion bridge facility. The evidence suggests buyers rewarded funding certainty on an agreed deal, not the announcement of the deal alone. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Flight Cadence, Approvals and Capacity Moved in the Same Window

   This page lists the two-week period's highest-impact industry events, each linked to its source filing or article.

   The window's leading events include Rocket Lab's funding close on its Iridium deal, two completed Electron missions, and Firefly Aerospace's new cleanroom to scale Blue Ghost and Elytra production. Each entry links back to its underlying filing or article, and the 'why it matters' read is ours, not asserted fact. So what: cadence and capacity moved alongside the deal, showing the sector's operating base held steady through the M&A news.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Flight Cadence, Approvals and Capacity Moved in the Same Window The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Launch Vehicles and Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 25 · NEWS · GlobeNewsWire Rocket Lab launched its 97th Electron mission for a constellation operator A second dedicated mission inside the window shows operating tempo holding while an acquisition works through approvals. Cadence and deal execution were carried at once. Flight rate is the KPI that keeps a growth story credible during a transaction. Sep 24 · NEWS · GlobeNewsWire Iridium stockholders approved the pending acquisition by Rocket Lab Shareholder approval clears one of the remaining conditions on the period's headline transaction. It shortens the list of gates between agreement and completion. Agreed deals in this sector close through a sequence of gates, not one event. Sep 22 · NEWS · GlobeNewsWire Firefly Aerospace completed a new cleanroom to scale Blue Ghost and Elytra production Production capacity is the constraint on moving from launch into spacecraft and in-space vehicles. A Core-tier name added that capacity inside the window. Capacity additions show where operators expect funded demand to land next. Sep 19 · NEWS · GlobeNewsWire Rocket Lab launched its 96th Electron mission with an Earth-observation payload Cadence on a vehicle with flight heritage is the binding input to unit cost and to manifest conversion. Mission success keeps the stand-down risk that slips a manifest off the table. Repeat dedicated small-lift missions are how the unit cost curve gets walked down. Sep 18 · NEWS · 24/7 Wall Street Trade commentary questioned Rocket Lab's position after an agency launch slot went to a competitor Government award flow is the durable floor beneath commercial constellation demand, and it concentrates among on-ramped providers. A single slot is a manifest data point rather than a capability verdict. Watch funded manifest conversion, not individual award headlines. Sep 17 · NEWS · 24/7 Wall Street FCC granted a first-step regulatory clearance on Rocket Lab's pending Iridium acquisition Regulatory review sits on the critical path for any change of control in this sector. A first clearance narrows the timing risk on a transaction expected to close in mid-2027. Clearance timing is part of the price in launch and space systems deals.

5. 05
   M&A & STRATEGIC ACTIVITY

   Rocket Lab Locks in the Funding for Its Agreed Iridium Acquisition

   This page details the period's one agreed transaction and the trailing precedent set it joins.

   Rocket Lab locked in the funding for its agreed acquisition of Iridium Communications, completing a $1.94 billion ATM equity offering and terminating a $3.6 billion bridge facility. This joins a trailing precedent set of 10 recorded deals at a median of 12.1x EV/LTM EBITDA. No transactions closed in the window; the period added an agreed deal, not a completion. So what: the deal's economics are now locked in, sharpening the read for anyone pricing the next launch-services transaction.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Rocket Lab Locks in the Funding for Its Agreed Iridium Acquisition September 14–28, 2026 · 1 agreed by company announcement · precedent transactions: 10 recorded deals · median 12.1x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Launch Vehicles and Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 15 · Rocket Lab USA, Inc. (RKLB) Rocket Lab funded its pending acquisition of Iridium Communications in full Funding with equity rather than the bridge is consistent with a buyer protecting balance-sheet flexibility ahead of a mid-2027 close. NeuraCap reads it as appetite for owning services and constellation revenue alongside launch. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 10 Recorded precedent transactions the reference set buyers and sellers price against 12.1x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Two-Week Period Changes for Operators, Buyers and Advisors

   This page translates the two-week period's evidence into observations for operators, buyers and advisors.

   For owners and operators, cadence and mission success carried the message, with two Electron missions and a new cleanroom addition. For acquirers, the reference set gained one agreed deal rather than a completion, holding at 10 transactions and a median of 12.1x EV/EBITDA. For advisors, the case to lead with is funding certainty paired with the flight record. So what: these are observations drawn from the recorded evidence, not recommendations.

   Everything on this page

   WHAT IT MEANS What the Two-Week Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Launch Vehicles and Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / Revenue (CY2027E) median 5.4x 5 companies in the study 3 valuation tiers Standing thesis: Launch Vehicles and Services Is One Propulsion, Structures and Subsystems Group With a Very Wide Price Range FOR OWNERS & OPERATORS Cadence and Mission Success Did the Talking Two Electron missions flew inside the window and a Core-tier name added cleanroom capacity for spacecraft production. FOR ACQUIRERS The Reference Set Gained an Agreed Deal, Not a Completion The trailing record carries 10 transactions at a median of 12.1x EV/EBITDA, and this window added one agreed transaction rather than a closed one. FOR ADVISORS Lead with Funding Certainty and the Flight Record The period's evidence is specific: a fully funded acquisition, a first-step regulatory clearance, stockholder approval, two Electron missions and a production capacity addition.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains the sources and methodology behind the update's figures and claims.

   Every figure in this update links back to the filing, price record or article it was taken from, and the sources drawn on for the period are listed on this page. Market data runs through Sep 28, 2026, and driver attributions use calibrated language reflecting our read of the recorded evidence. So what: readers can verify any number here against its original source before acting on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Launch Vehicles and Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260928T110713Z_355_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: globenewswire.com · 247wallst.com

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