Iridium Project

By Jeremy Galvan

  • Research and Development

    Start of Iridium

  • Iridium Project was announced

    Set to launch in 1996 with an estimated 1.4 million subscribers.

  • Analyst predict customers to exceed 1.8 million by 2001.

    700,000 customers needed to be profitable
    System can support up to ten million customers.

  • 3.47 billion contract with Motorola

  • Raised 800 Million

    Involved160 countries to allocate LEO Spectrum Secured 14 investors, first meeting of the28 board members from 17 different countries.

  • 1.6 billion total raised

    800 more in addition to the initial 800 million
  • Period: to

    Cellular networks expanded

    Turned into a major competitor

  • Set September 1998 commercial activation milestone

    EARLY 90’s 6 different companies market was at 4 billion.
    Early 90’s redesigning of the satellite
  • Period: to

    Redesigned phones

    underestimated growth of cellular

  • 5 Iridium Satellites in orbit

  • Raised 240 million

    NASDAX IPO favored by analyst

  • 47 satellites in orbit, first test worked

    1997 cost projection of 3.5 billion was raised to 4.9 billion

  • Stock all time high $72

  • Milestone missed for commercial launch

  • Commercial service launched

    1998 end only 3000 customers

  • Banks require Iridium to sign 27,000 new customer in the next qtr.

  • Shortage of handsets, Kyocera several months late delivering.

  • Handset price now $1000 down from $3000, also reduced rates

  • Chapter 11

  • Only 55,000 customers

  • 1.54 million revenue.

    Owed creditors 100 million plus on 3.4 billion debt

  • End of commercial service

  • System turned off