German Optical Communications Terminal Supplier Mynaric Exits Chapter 11 Proceedings, Sets Course Toward Rocket Lab
German laser communications startup, Mynaric, completed its financial restructuring this week, renewing prospects for a potential acquisition by Rocket Lab, but resulting in losses for existing investors.
The primary challenge stemmed from unfavorable timing, according to Mynaric’s cofounder and CTO, Joachim Horwath. Mynaric made substantial investments in expanding its production facilities concurrently with advancements in its optical communications technology. Subsequently, the company encountered supply-chain disruptions, which led to millions of euros worth of incomplete inventory. Combined with slower-than-anticipated customer adoption, these factors placed significant financial strain on Mynaric, necessitating external support to maintain operations.
A total of $169.5M (€145.9M) in financing was provided by lenders affiliated with PIMCO. This comprised an initial loan of $95M (€81.8M) in April 2023, followed by $49.5M (€42.6M) in bridge loans disbursed between October 2024 and February 2025. A final loan of $25M (€21.5M) was granted in February 2025 to facilitate restructuring and enable the complete transfer of ownership.
Horwath noted, “PIMCO consistently offered support, recognizing the value and future potential of our technology. However, they made it clear their assistance would ultimately entail taking ownership.” As a result, shareholders saw their holdings eliminated through the restructuring process. Nonetheless, Horwath emphasized that the outcome was preferable to other alternatives. Mynaric avoided workforce reductions and is able to continue advancing its technologies without the risk of asset liquidation. “This was not bankruptcy; PIMCO ensured we were well supported, albeit with a change of ownership,” said Horwath. “Other companies in Germany have not fared as well.”
Rocket Lab, which had announced its intent to acquire Mynaric in March, indicated it would resume negotiations following the completion of restructuring, engaging with the new owners, JVF-Holding. Mynaric has supplied its CONDOR Mk3 optical communications terminals for Rocket Lab’s development of 18 satellites under a $515M (€443.4M) prime contract with the US Space Development Agency for the Tranche 2 Transport Layer-Beta. Optical terminals use laser beams to transmit high bandwidth data between satellites, forming a crucial part of the mesh satellite network planned by the U.S. Space Development Agency for improved communications, surveillance, and missile tracking. Although demand for optical communications is high in the space industry, satellite manufacturers face challenges sourcing laser systems, propulsion, and radiation-hardened components due to limited supply and high costs.
The proposed integration of Mynaric into Rocket Lab aligns with broader strategic objectives beyond vertical consolidation. As Rocket Lab’s first proposed acquisition in Europe, the transaction could facilitate expanded contracts and foster stronger partnerships within the continent, especially amid increased investment in sovereign laser communication capabilities. Rocket Lab has highlighted the importance of reliable intersatellite laser communications for constellation operators and intends to scale production to enhance affordability and dependability in this domain.
Rocket Lab stands to acquire Mynaric for an anticipated $75M (€64.6M), significantly below the over $300M (€258M+) invested in the company to date.
Related:
Rocket Lab to expand into laser communications with Mynaric acquisition
Forrester’s Digest: Mynaric exits Chapter 11
Mynaric's Restructuring: A Gamble on Laser Communication's Future?