In a significant shift for the European space industry, German defense giant Rheinmetall is reportedly preparing a competing bid for Mynaric, the Munich-based laser communications specialist. This move, reported on February 22, 2026, directly threatens the acquisition agreement previously signed by Rocket Lab in September 2025.
The intervention by Rheinmetall introduces a “national solution” narrative that aligns with growing German regulatory resistance to foreign ownership of critical dual-use space technology.
From Financial Restructuring to Geopolitical Asset
The current bidding war follows a tumultuous period for Mynaric, which exited German “StaRUG” restructuring proceedings in August 2025. The company had struggled with supply chain delays and capital intensive manufacturing, leading to a management overhaul that saw the departure of CEO Mustafa Veziroglu in late 2024. While Rocket Lab initially stepped in to provide a $150 million lifeline and vertical integration into its spacecraft production line, the German Ministry of Economic Affairs has reportedly delayed final approval, citing the strategic importance of Mynaric’s optical inter-satellite links (OISLs) for European sovereignty.
The Case for a National Solution
Rheinmetall’s interest is driven by the militarization of Low Earth Orbit (LEO) and the necessity for secure, jam-resistant communication for the Bundeswehr and the broader IRIS² European satellite constellation. By keeping Mynaric’s IP within a German-owned defense prime, Rheinmetall aims to secure a domestic supply chain for laser communication terminals (OCTs). This positioning contrasts with Rocket Lab’s plan to utilize Mynaric to fulfill high-volume contracts for the U.S. Space Development Agency (SDA), where Mynaric already serves as a key supplier for the Tranche 1 and 2 transport layers.
Executive Perspectives on Strategic Growth
In earlier statements regarding the company’s trajectory, Andreas Reif, Mynaric’s Chief Restructuring Officer, emphasized the company’s resilience:
“This marks a pivotal moment for Mynaric. With the StaRUG process behind us and strong financial backing… we are well-positioned to scale our operations and continue serving our customers with innovative and mission-critical technology.”
Meanwhile, Sir Peter Beck, Founder and CEO of Rocket Lab, has remained committed to the deal:
“Rocket Lab is pursuing every part of the space value chain. Acquiring Mynaric strengthens our satellite communications capability and supports our vision of operating our own constellations to provide data and services from orbit.”
Regulatory Outlook and the German Ministry Decision
The final fate of Mynaric rests with the German Ministry of Economic Affairs. Regulators must weigh the immediate financial stability offered by Rocket Lab’s established aerospace ecosystem against the long-term sovereign interests championed by Rheinmetall. A decision is expected in the coming months, which will determine if Mynaric becomes the European production hub for a New Zealand-founded, U.S.-headquartered firm or the space-comms cornerstone of Germany’s largest defense contractor.