One question I've tried to answer is: has Iridium ever made enough money to even pay back the cost to put the satellites up. Using Google for all these rough numbers the first constellation cost $5 billion before Iridium (the first company) went bankrupt. For the second generation constellation launched between 2017 and 2019 it says $3 billion (for sats and launch). Compared to $400 million cumulative net income for Iridium (the second company) since bankruptcy restructuring ended in 2009. So as a non-investor (I only have boring index funds, no individual stocks) it seems like Iridium is a bad investment because it's a company that has spent 21+ years to turn $8 billion into $400 million (depending on when you want to start counting).

When Amazon bought Globalstar a couple months ago I had the same question and it's pretty much the same answer. For Globalstar there was basically 0 net income so the return on investment looked like it mostly came from spectrum gambling. Maybe that's the value for Iridium as well? Iridium does have some net income of around $100 million last year, but I don't know if RocketLab's vertical integration is going to be enough to flip the script. If RocketLab could have built and launched the Iridium Next constellation for $2 billion in 2017 would $100 million of net income 10 years later be a success?