OHB's multi-pronged offensive: defence JVs, rocket test, and a €1B+ KKR share sale
What's the deal? German space company OHBDealroom has a profile for this one. Try Dealroom → SE is expanding on three fronts at once: military joint ventures, a maiden rocket launch, and a potential €1B+ equity placement. Chief executive Marco Fuchs has called the current moment a "gold rush" for the space industry.
In spring 2025, OHB sealed two defence-focused partnerships in quick succession. The first, cleared by Germany's cartel office on April 16, pairs it with Rheinmetall Digital to build military satellite communications for the Bundeswehr. The second, announced May 19, creates the "KIRK" consortium with AI firm Helsing, Kongsberg Defence & Aerospace, and HENSOLDT to develop space-based tactical surveillance systems.
"Space systems are crucial to making the Bundeswehr one of the strongest and most modern armies in Europe," Fuchs said.
Meanwhile, OHB's rocket subsidiary Rocket Factory Augsburg (RFA) is targeting July 1 for the maiden flight of its RFA ONE from SaxaVord in the Shetland Islands. The rocket will carry seven satellites coordinated by the German Aerospace Center (DLR). Series production is planned from 2028, with up to 25 launches per year in the medium term.
On the financial side, KKR — which holds roughly 29% of OHB — plans to sell around 20 percentage points of its stake through a placement that could raise more than €1B. A syndicate of seven banks, including BerenbergDealroom has a profile for this one. Try Dealroom → and CommerzbankDealroom has a profile for this one. Try Dealroom →, is handling the deal. The founding Fuchs family retains control with 65% of voting rights.
Why now? Rising European defence budgets and ESA programmes are fuelling demand. OHB's order book hit an all-time high of €3.35B as of March 31, up 45% year-on-year. First-quarter total output rose 15% to €279.3M, adjusted EBITDA climbed 37% to €27.3M, and earnings per share surged 165% to €0.52.
SpaceX's expected IPO in mid-June 2026 is also lifting sector valuations across the board, giving OHB — the last listed pure-play space stock among Europe's major system houses — a benchmark boost.
What could go wrong? OHB's tight free float is a persistent risk. Only 5.68% of its 19.15 million shares are freely tradable, meaning small orders can trigger outsized price swings. A failed RFA ONE test flight would dent credibility for the group's proprietary launch ambitions. And the defence joint ventures depend on Bundeswehr procurement timelines, which are notoriously unpredictable.
The signal: OHB's multi-front push reflects a broader European pivot: space is no longer just a science endeavour but a defence priority. With NATO allies racing to build sovereign capabilities in satellite communications and surveillance, companies that can bridge civil and military space stand to benefit most. The KKR stake sale and bond authorisation — up to €1.2B in convertible instruments through 2031 — signal that OHB expects capital-intensive constellation projects ahead and wants the firepower to compete.
Read more: aktiencheck.de
