Isar Aerospace signs €150M convertible bond deal to bolster sovereign European access to space

Bavaria-based Isar Aerospace, a satellite launch service company, has signed an agreement with Eldridge Industries for a €150M convertible bond. The company received regulatory approvals to proceed with the deal.

Eldridge Industries is a US-based diversified investment firm that deploys capital across multiple sectors, including insurance, asset management, technology, mobility, sports and gaming, media and music, real estate, and consumer markets. 

The firm focuses on partnering with experienced management teams who have established track records in scaling businesses and demonstrating operational leadership. Based in Miami, Florida, Eldridge maintains a presence throughout the US and operates an international office in London.

Capital utilisation

Isar Aerospace will use the funds to support the expansion of its cost-efficient launch services globally and contribute to European access to space.

Daniel Metzler, CEO and co-founder of Isar Aerospace, says, “We are catering to the rising global demand for satellite launch services and provide global markets and governments with independent and flexible access to space. This investment demonstrates strong confidence from global markets in our efforts to build a new space champion.”

Developing next-generation rockets

Founded in 2018 by Daniel Metzler, Josef Fleischmann, and Markus Brandl, Isar Aerospace aims to lower the entry barriers to space. It is a launch service provider that specialises in developing and operating launch vehicles for small and medium-sized satellites and satellite constellations.

The company provides commercial launch services primarily targeting the growing market for small and medium-sized satellite deployments. Their main offering centres around their Spectrum launch vehicle, designed to transport payloads into Earth’s orbit.

Isar Aerospace uses vertical integration and industrial production methods to reduce the cost of space access and to support Europe’s independent space transportation capabilities in the global launch market.

Based near Munich with over 400 international employees across five locations, the company is on a mission to democratise space access for future generations.

In March 2025, Isar Aerospace became the first European commercial space company to launch an orbital rocket from continental Europe. The Spectrum test flight from Norway’s Andøya Spaceport lasted 30 seconds before a controlled termination and yielded flight data for future missions.

The company has raised over €400M in private funding, making it the most capitalised independent New Space company in Europe. Key developments include a €15M ESA contract awarded in November 2024 and a €65M Series C extension featuring investment from NATO’s Innovation Fund, reflecting institutional support for its strategy.