Iridium's first satellite constellation (1998-1999)
Iridium launched 66 satellites for a global phone network, an enormous early bet on a low-orbit constellation. The buildout cost billions, and the company filed for bankruptcy in 1999 as subscribers failed to materialize.
Iridium's assets were sold for a fraction of the build cost after bankruptcy.
The network survived under new owners and still operates, but the saga became a warning about constellation economics.
Iridium shows the risk in any constellation: the cost comes up front, before the revenue. Synspective must fund 30 satellites before the full fleet pays off.
