(https://www.cnbc.com/2026/06/29/rocket-lab-buys-iridium.html) on the headline looks like vertical integration—launch provider bolts on satellite constellation. The reality is uglier. You're combining two companies that both depend on customer growth to offset massive sunk capex. The second one fails. Look at the timing: rates are sticky, bond markets are pricing duration risk, and Wall Street just whacked duration-heavy tech.

Research these companies