Space stocks have skyrocketed
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Space stocks have skyrocketed in recent weeks as investor interest in SpaceX’s upcoming IPO continues to grow. The anticipated IPO of the world’s best-known space company has also fueled demand for space industry stocks already trading on the market. Due to limited supply, the influx of capital is concentrated on a small number of stocks, resulting in rapid and significant price increases. However, this could be a double-edged sword, as if SpaceX’s debut fails to clear the high bar set for it, disappointment could easily spread to the entire sector. In our analysis, we present three space industry players already listed on the stock market.
Space stocks have surged in recent weeks, as the entire sector has been strong on the back of the hype surrounding SpaceX’s IPO. Ahead of SpaceX’s anticipated IPO, investors have begun buying liquid space stocks that are already trading on the market. SpaceX’s high valuation could set a new benchmark for the entire sector and encourage the market to re-price industry players. Furthermore, there are currently a limited number of space industry stocks on the markets, so capital is concentrated on a few targets, which has triggered rapid, significant price increases.
At the same time, this effect could also be dangerous, because if the SpaceX IPO fails to meet the sky-high expectations and the stock price heads downward after the debut, investors may punish the entire space sector, triggering a significant correction (profit-taking), even if the companies’ fundamentals are otherwise sound. In this analysis, we present three stocks that have been publicly traded for some time and are key players in the sector.
Rocket Lab
Rocket Lab is an American aerospace company with two main business divisions: launch services and space systems. The company’s Electron rocket is used to place small satellites into orbit; the HASTE variant can be used for hypersonic test missions; while the Neutron, currently under development, targets the medium-lift, partially reusable rocket market.
The Space Systems Division supplies satellite platforms, solar array systems, sensors, optical systems, communication terminals, and other critical space hardware components to commercial and government customers. Rocket Lab thus covers many areas of the space sector, enabling it to serve government and constellation programs more quickly, more affordably, and more reliably.
Rocket Lab’s stock price has risen significantly in recent years, though with sharp fluctuations. The latest rally began following its earnings release on May 7, as the stock rose more than 45 percent in the two days after the report. The company achieved record quarterly revenue of $200 million (+63.5%; year-over-year), while its order backlog rose above $2.2 billion. The company exceeded all key guidance metrics and also forecast a revenue range of $225–240 million for Q2, which is also higher than analysts’ expectations.
Another major catalyst was the largest launch contract in the company’s history: an unnamed customer booked five Neutron and three Electron launches for the period between 2026 and 2029.
Back in late 2025, Rocket Lab signed an $816 million contract with the Space Development Agency to manufacture 18 missile defense satellites, and in May, it signed additional defense and space program contracts with various U.S. agencies. Just recently, it acquired Motiv Space Systems, a company that manufactures robotic arms, actuators, and precision vehicle components used in Mars rovers and lunar vehicles. With this acquisition, it has also taken an important step toward space robotics.
Redwire
Redwire is a different kind of company; it plays a role primarily in the development of space infrastructure, and its defense division is also becoming increasingly significant. The space technology division manufactures components and systems required by satellites, space stations, and other space vehicles. These include, for example, deployable solar panels, satellite power supply systems, navigation equipment, and radio frequency communication devices. It also manufactures research equipment that can be used to conduct pharmaceutical or biological experiments on the space station.
The defense division has gained greater importance following the acquisition of Edge Autonomy. With this acquisition, Redwire now offers military drones—such as the Stalker and Penguin systems—as well as optical and infrared camera systems that can be mounted on drones and other platforms. These are primarily used for reconnaissance, surveillance, target identification, and military intelligence gathering. The company is thus no longer just a space hardware supplier but also a defense player with military drones, and it is winning an increasing number of contracts; most recently, in May, it signed a $15 million contract with the U.S. Army.
Following the release of its first-quarter results on May 6, the stock price jumped 10 percent. Redwire reported quarterly revenue of $97 million (+58% year-over-year), while its contract backlog grew to a record $498 million. The company won nearly twice as many new orders as it recognized in revenue for the quarter.
The margin picture has also improved: the gross margin in Q1 was 26.6%, compared to 14.7% a year earlier. This is an important indicator, as it remains to be seen whether development programs, acquisitions, and one-off projects can be used to build a scalable, higher-value-added operating model. The strong operating results in the first quarter may reinforce this narrative. At the same time, the net loss actually increased to $76.5 million, though this was partly due to compensation related to the Edge Autonomy acquisition.
The stock price more than doubled in May alone, driven by the company’s unique, positive fundamental news (record backlog, improving margins, a drone contract, and a Stalker order from the U.S. Army) as well as the SpaceX hype.
AST SpaceMobile
AST SpaceMobile is building a satellite-based mobile broadband network capable of communicating directly with standard mobile phones (direct-to-device). The company does not intend to build its own subscriber base but rather to offer supplemental coverage in partnership with existing mobile network operators (e.g., AT&T, Verizon, Vodafone) in areas where terrestrial networks are lacking or uneconomical. This differs from the Starlink model, which provides internet access via a proprietary terminal or dedicated antenna. The goal of ASTS is to provide 4G/5G-like connectivity to the user’s existing smartphone without the need for a separate device. The technological foundation is provided by BlueBird satellites, which enable wide coverage and direct phone connectivity.
The U.S. Federal Communications Commission (FCC) has authorized ASTS to provide commercial direct-to-device services in the United States. The company can now launch satellites and use low-frequency spectrum in partnership with telecommunications providers.
For now, however, ASTS remains a rather speculative stock. The company’s vision is ambitious: global coverage, connectivity without ground infrastructure, emergency and military applications, and monetization through telecom partnerships. In contrast, Q1 revenue was only $14.7 million—lower than expected—and the company is still operating at a loss, as satellite manufacturing and launch are capital-intensive operations.
In the coming period, it will be crucial to see whether the company can successfully launch its 45 BlueBird satellites into orbit, not least because a similar launch attempt failed recently—meaning the risks here are quite high. In addition, serious competition is beginning to emerge in the market: in addition to its own satellite service, Startlink has also entered into a partnership with T-Mobile, while Amazon recently acquired Globalstar for $11 billion, which not only has existing satellite infrastructure but also frequency licenses suitable for mobile satellite services, ground stations, and operational experience. In other words, an increasing number of major players are showing interest in the service.
Additional players
In addition to the three companies presented here, we list a few more players in the space industry, though this list is by no means exhaustive. Planet Labs collects daily Earth observation data using a large satellite fleet, which can be used by government, agricultural, insurance, and defense clients. The company not only captures images but also offers a continuously updated geospatial data infrastructure that can be processed using AI, from which added value can be generated (e.g., crop yields, military movements, supply chains, port activity). BlackSky also offers a similar service, capturing high-frequency images of Earth and then analyzing them on its AI-based platform called Spectra. Its client base is currently heavily focused on defense and intelligence.
Sidus Space is a small American company that designs, manufactures, and operates satellites after launch, as well as provides satellite data services. Intuitive Machines, on the other hand, focuses primarily on lunar landers, lunar surface transportation, and space infrastructure. It delivers scientific and technological equipment to the lunar surface, particularly in connection with the Artemis program, but in the long term, it could also become a provider of communications and infrastructure services necessary for lunar surface operations.
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