Everyone's treating this as a bold move to challenge SpaceX, but let me flip it: RKLB is swapping launch optionality for operational complexity. Iridium has decades of legacy satellite infrastructure and recurring revenue — sounds great until you realize RKLB just took on the margin burden of satellite operations *and* the integration risk of stitching two fundamentally different businesses together. The "shortcut" narrative conveniently skips the math: satellite operators run at thin, capital-

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