The Space Race: 7 Stocks, 7 Different Bets
From rockets and satellite internet to lunar exploration, the space economy is creating new investment opportunities. But which companies have real businesses today—and which are still selling tomorrow’s potential?
Space is having its moment on Wall Street.
SpaceX’s blockbuster IPO has brought fresh attention to an industry once dominated by government budgets and scientific missions. Today, space is increasingly about commercial infrastructure: connecting smartphones, launching satellites, supporting national security and, eventually, building a presence on the Moon.
But here’s what investors should understand: the space economy isn’t one business.
A rocket manufacturer, a satellite network operator and a lunar exploration company may all benefit from growing investment in space. Yet their revenue models, profitability and risks are dramatically different.
| Company | Launch | Satellite networks | Spacecraft & components | Government & defence | The Moon |
|---|---|---|---|---|---|
| SpaceXSPCX | |||||
| Rocket LabRKLB | |||||
| Lockheed MartinLMT | |||||
| AST SpaceMobileASTS | |||||
| Intuitive MachinesLUNR | |||||
| RedwireRDW | |||||
| IridiumIRDM |
Here are seven companies shaping the industry—and the investment cases behind them.
One-year stock performance
1. SpaceX (SPCX) — The Industry Leader
What it does: SpaceX operates the Falcon rocket family, develops Starship and owns Starlink, the satellite internet network. Its growing AI operations have also become an important part of the investment story.
The numbers: In Q2 2026, its connectivity business generated approximately US$4.29 billion in revenue, up 66% year-on-year.
Stock performance: SpaceX only listed in June 2026, so a full one-year return isn’t available. Its shares have been volatile since listing, reflecting enthusiasm for its growth prospects and concerns over capital expenditure.
2. Rocket Lab (RKLB) — The Challenger
What it does: Rocket Lab launches small satellites with its Electron rocket, manufactures spacecraft and components, and is developing the larger Neutron rocket.
The numbers: Q2 2026 revenue reached US$234 million, up 62% year-on-year. Its contracted backlog stood at US$2.36 billion.
Stock performance: Rocket Lab has been a volatile growth stock, with investor sentiment closely tied to Neutron milestones and the company’s expanding ambitions.
3. Lockheed Martin (LMT) — The Established Contractor
What it does: Better known for fighter jets and missiles, Lockheed Martin also manufactures satellites, missile-warning systems and spacecraft for government customers.
The numbers: Q2 2026 group sales were US$20.1 billion, up 11%. Its Space division contributed approximately US$3.5 billion.
Stock performance: Its shares tend to be driven by broader defence spending, earnings and government contracts rather than commercial-space excitement alone.
4. AST SpaceMobile (ASTS) — The Smartphone Disruptor
What it does: AST SpaceMobile is building a satellite network designed to deliver cellular broadband directly to ordinary smartphones, reducing reliance on terrestrial mobile towers.
The numbers: Q2 2026 revenue was approximately US$31.5 million, with the company guiding towards US$150–200 million for the full year.
Stock performance: ASTS has experienced significant price swings as investors reassess the potential of direct-to-device satellite connectivity.
5. Intuitive Machines (LUNR) — The Moon Economy
What it does: Intuitive Machines develops lunar landers, communications systems and infrastructure for missions to the Moon, including work associated with NASA.
The business: Its revenue is driven largely by government and mission-related contracts rather than recurring consumer subscriptions.
Stock performance: LUNR is a particularly event-sensitive stock, with mission results and government contract announcements capable of driving sharp movements.
6. Redwire (RDW) — The Infrastructure Supplier
What it does: Redwire supplies spacecraft components, sensors, power systems and other technologies used in space and defence programmes.
The numbers: Q2 2026 revenue reached approximately US$117 million, with contracted backlog of around US$542 million.
Stock performance: Redwire has experienced substantial volatility as investors weigh growth in space infrastructure against losses and execution risks.
7. Iridium Communications (IRDM) — The Established Network
What it does: Iridium operates a global satellite communications network serving aviation, maritime, government and enterprise customers.
The numbers: Q2 2026 revenue was US$225.2 million, up 4%, with recurring service revenue accounting for 72% of sales.
Stock performance: Shares have been influenced by Rocket Lab’s announced acquisition, making the stock partly a transaction-related investment rather than a standalone satellite-growth bet.
THE EDIT
- The opportunity
- Space is becoming a commercial infrastructure industry, with potential demand from communications, defence, data and exploration.
- What we’re watching
- Rocket Lab’s Neutron programme and Iridium acquisition, AST SpaceMobile’s commercial rollout, and whether emerging space companies can turn contracts and technology into sustainable cash flow.
- The biggest risk
- Expectations. Several space stocks are valued for businesses that may take years to reach their full potential.
For investors, the most important question isn’t simply which company will win the space race.
It’s which company can turn the space race into lasting profits—and whether its share price already assumes it will.
For informational purposes only. Not investment advice.
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