Iridium Communications Inc. said that it is going to launch its new spacecrafts replacing the prior ones, via a Falcon 9 rocket, under a project worth $2.9bn.

The Company is aiming to undertake the upgradation of the network carrying 66 satellites by the end of 2015.

It has entered into an agreement with SpaceX Corporation for placing its new satellites into the orbit.

The deal, which the company shared with Falcon, amounts to $492m, thus becoming one of the biggest launch agreements to be observed in the world.

At present, the project headed by Iridium has been identified as the largest space exploration endeavor.

According to a Company spokesperson, the Falcon rocket has the capability of striking a number of satellites in the orbit in one go. The company has been looking forward to add one more rocket maker to the project, added the spokesperson.

Currently, Iridium has its customer base expanded across the world, possessing as many as 360,000 subscribers who make use of its network for calling and transmitting data.

Iridium constellation is operational in the orbit at 780km from Earth. Falcon 9 has produced Elon Musk, a medium-to-heavy-lift vehicle which has the capacity of carrying cargo and scientists to the International Space Station.