Terran Orbital’s Top Client Nears Funding Deal for Multibillion-Dollar Constellation Venture

Gettyimages 1244859919
Terran Orbital may be close to receiving a major payment from its biggest customer, CEO Marc Bell announced internally at a company-wide meeting earlier this month. While Terran is pursuing other lucrative contracts that could comprise billions in work, its $2.4 billion contract with Rivada is by far the largest it has secured so far. Earlier this quarter, Terran had to adjust its full-year financial outlook after Rivada delayed paying an incremental $180 million toward that total contract award. “I had dinner with [Rivada CEO] Declan Ganley last week in DC,” Bell told staff during the meeting, a recording of which was obtained by TechCrunch. As of November, Terran reported a backlog of future work of $2.6 billion, of which $2.4 billion is from the Rivada contract.