TLDR
- SpaceX went public in mid-June and now carries a $2 trillion valuation, making it the biggest IPO ever
- Stifel analyst Jonathan Siegmann rates SpaceX, Rocket Lab, Kratos, Applied Aerospace, MDA Space, and Spire Global as Buy
- Rocket Lab’s Neutron rocket, capable of lifting nearly 30,000 pounds, is expected to begin flights by end of 2026
- Rocket Lab is acquiring satellite communications specialist Iridium Communications in an $8 billion deal
- AST SpaceMobile has partnerships with both Verizon and AT&T, and analysts expect revenue to grow 340% in 2027
SpaceX went public in mid-June 2026 in what became the biggest IPO in history. The company is now valued at $2 trillion, and its stock has become one of the most talked-about on Wall Street.
The company’s rise is built on reusable rockets. In 2015, SpaceX landed a rocket booster after returning from space. That moment changed the economics of the space industry by driving down launch costs dramatically.
Space Exploration Technologies Corp., SPCX
SpaceX also runs Starlink, its satellite broadband service. Starlink now serves over 12 million customers and generated nearly $4.2 billion in revenue last year, with profit margins above 60%.
Stifel analyst Jonathan Siegmann said in a Tuesday report that all three space end markets — defense, commercial, and government — are moving in a positive direction at the same time. He rates SpaceX as a Buy with a $190 price target.
Rocket Lab Is Closing the Gap
Rocket Lab is one of the most direct competitors to SpaceX in the launch market. Its Electron rocket has completed 91 missions and deployed over 262 satellites.
The company is developing a larger rocket called Neutron. It can carry nearly 30,000 pounds into orbit and is expected to start flights before the end of 2026.
Rocket Lab is also buying Iridium Communications in an $8 billion deal. Iridium specializes in satellite-based communications, which would give Rocket Lab a new revenue stream tied to its existing launch and satellite hardware business.
Siegmann rates Rocket Lab as a Buy. The worldwide launch market is projected to more than double by 2035, reaching $70 billion per year, according to Precedence Research.
AST SpaceMobile Takes on Starlink
AST SpaceMobile is going after Starlink’s satellite broadband business. The company currently has fewer than a dozen satellites in orbit, but it has partnerships with both Verizon and AT&T.
Starlink works with T-Mobile. Having two major carrier partners gives AST SpaceMobile a different route to market.
Analysts expect AST’s revenue to grow 140% in 2026 and accelerate to 340% growth in 2027. The company is expected to turn profitable by 2028.
The satellite broadband market is forecast to grow at an average rate of 13.5% per year through 2035, reaching over $40 billion annually, per Precedence Research.
Siegmann’s full Buy list includes SpaceX, Rocket Lab, Kratos Defense, Applied Aerospace, MDA Space, and Spire Global. Other space companies he does not cover include AST SpaceMobile, Planet Labs, and Firefly Aerospace.
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