WASHINGTON — Soaring demand for backup connectivity after subsea cables were cut in the Red Sea is helping push Rivada Space Networks closer to fully financing its $2.4 billion constellation plans, according to CEO Declan Ganley.

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Jason Rainbow writes about satellite telecom, finance and commercial markets for SpaceNews. He has spent more than a decade covering the global space industry as a business journalist. Previously, he was Group Editor-in-Chief for Finance Information Group,...