German launch services company Isar Aerospace has secured €150 million through a convertible bond agreement with Miami-based Eldridge Industries. Isar Aerospace conducted the inaugural flight of its two-stage, 28-metre-tall Spectrum rocket from Norway’s Andøya Spaceport in March 2025. Although the vehicle failed less than 30 seconds after liftoff, the company described the mission as a valuable first test. Work is now underway for a second launch attempt, with the company confirming in March that it is already in the process of manufacturing its second and third Spectrum rockets.
On 25 July 2025, Isar Aerospace announced that it had signed a €150 million convertible-bond agreement with Eldridge Industries. The instrument provides the company with funding in the short term, and the debt can later be converted into equity in the form of shares, typically at a pre-agreed valuation during a future financing round or an IPO.
“This investment demonstrates strong confidence from global markets in our efforts to build a new space champion,” said Isar Aerospace CEO Daniel Metzler. According to a 25 June press release, the company plans to utilize the €150 million in new funding will be used to expand its launch capabilities and its production facilities in Munich.
Prior to securing this additional funding, Isar Aerospace closed a €65 million Series C extension in June 2024. At the time, the company stated it had raised over €400 million in total. With the addition of the €150 million convertible bond, that figure rises to over €550 million, excluding the company’s share of the €95 million committed by the German government to Isar Aerospace, Rocket Factory Augsburg, and HyImpulse. The new financing further cements Isar Aerospace’s position as Europe’s most well-funded launch startup.
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