The order book tells a different story: it more than doubled
Rocket Lab has surged 424.5% in 12 months with Q1 revenues up 63.5% YoY and a $2.2B order backlog, benefiting from SpaceX IPO anticipation. AST SpaceMobile, focused on satellite connectivity, has gained 328.2% in 12 months and projects 147% revenue growth for 2026 with FCC authorization.
- Rocket Lab stock up 424.5% in 12 months; Q1 revenues $200.3M (+63.5% YoY)
- AST SpaceMobile stock up 328.2% in 12 months; projects $150-200M revenue for 2026
- SpaceX IPO expected June 12 at ~$75B raise, $1.75T valuation; Musk retains 85% voting control
- Rocket Lab order backlog: $2.2B; signed 31 new launch contracts in Q1 2026
Rocket Lab and AST SpaceMobile offer investors exposure to the booming space sector as SpaceX prepares for what could be the largest IPO in history, expected around June 12.
Wall Street has turned its gaze upward. As SpaceX prepares to go public in what could be the largest initial public offering in history, smaller space companies already trading on the market are experiencing a surge of investor interest that has nothing to do with their own announcements and everything to do with the sector's sudden visibility.
Rocket Lab and AST SpaceMobile represent two distinct bets on the space economy, and both have benefited enormously from the anticipation surrounding Elon Musk's rocket company. Rocket Lab, which focuses on launch services, has climbed nearly 60 percent since March when rumors of SpaceX's IPO first circulated. Over the past year, the stock has gained 424.5 percent, measured from its low point of $23.92 set in late May of the previous year. The company reported first-quarter revenues of $200.3 million, a jump of 63.5 percent from the same period a year earlier and a marked acceleration from the 38 percent growth it posted across all of 2025. The bottom line showed a loss of seven cents per share, but the order book tells a different story: it more than doubled to $2.2 billion, and the company signed 31 new launch contracts during the quarter alone—more than it secured in the entirety of 2025. Among those contracts was a $190 million order from the U.S. Department of War for 20 hypersonic test flights.
AST SpaceMobile operates in a different corner of the space economy, building a satellite network designed to connect directly to standard smartphones without any hardware modifications. Its stock has gained 32.5 percent year-to-date and 328.2 percent over the past twelve months, though investors should note the volatility: the shares have fallen 25.9 percent from their January peak of $129.89. First-quarter revenues came in at $14.74 million with earnings of 66 cents per share, but management projects revenues between $150 and $200 million for the full year 2026—a roughly 147 percent increase from the $70.9 million the company generated in 2025. The company also holds more than $1.2 billion in contractual revenue commitments. In April, the Federal Communications Commission authorized AST SpaceMobile's commercial service in the United States, a regulatory milestone that removes a significant hurdle.
The catalyst for all this activity is SpaceX itself. The company, formally known as Space Exploration Technologies Corp, is scheduled to debut on the Nasdaq around June 12 under the ticker SPCX. The offering aims to raise approximately $75 billion and value the company at roughly $1.75 trillion. SpaceX reported revenues of $18.6 billion in 2025, a 33 percent increase from the prior year, though it posted a net loss of $4.3 billion during the first quarter ending March 31. The company has built its business on government contracts with NASA and the Department of Defense, providing launch services and communications systems.
Musk's involvement adds both appeal and uncertainty to the offering. His loyal base of followers—many of whom have invested in Tesla over the years through both stock purchases and vehicle sales—represents a ready audience for SpaceX shares. The company plans to offer retail investors access through Schwab, Fidelity, Robinhood, SoFi, and E*Trade when trading begins. Yet Musk remains a polarizing figure. A year ago, his controversial stewardship of the Department of Government Efficiency drew protests at Tesla dealerships, and the company's image suffered particularly in European markets, where electric vehicle sales declined. The IPO will test whether investor appetite for space exploration outweighs concerns about the man steering the rocket.
After the offering, Musk will retain 85 percent voting control of SpaceX and will serve as CEO, president, and chief technology officer. The smaller space companies trading today have already benefited from the sector's moment in the sun. Whether that momentum persists once SpaceX goes public—and whether it can sustain the valuations investors have assigned to it—remains the question that will define the space sector's next chapter.
Notable Quotes
The company signed 31 new launch contracts during the quarter alone—more than it secured in the entirety of 2025.— Rocket Lab's Q1 2026 performance
Management projects revenues between $150 and $200 million for the full year 2026—a roughly 147 percent increase from the prior year.— AST SpaceMobile guidance for 2026
The Hearth Conversation Another angle on the story
Why are Rocket Lab and AST SpaceMobile surging now, specifically? SpaceX hasn't gone public yet.
The anticipation itself is the fuel. When investors hear that the largest IPO in history is coming to a sector they've largely ignored, they start looking around at who else is already there and profitable. These companies have spent years building customer relationships and contracts. Now they're suddenly visible.
But Rocket Lab lost money in the quarter. How is that a good investment?
The loss per share was small—seven cents—and the order book doubled to $2.2 billion. The company is growing revenue faster than it's spending money. That's the profile of a business scaling up. Losses at that stage don't scare investors if the trajectory is steep enough.
AST SpaceMobile is more volatile. It dropped 25 percent from its January high. What happened?
That's the nature of smaller companies in hot sectors. They run on narrative and momentum. When sentiment shifts, even slightly, the stock swings hard. But the FCC authorization in April was real—it removed a regulatory risk that had been hanging over the company. That's why it's still up 328 percent over the year despite the volatility.
Is Musk's reputation a problem for SpaceX's IPO?
It's a real tension. He has a core of devoted followers who will buy the stock regardless. But Tesla's sales in Europe dropped because of his political moves. The question is whether space exploration—which feels more abstract and futuristic than electric cars—insulates SpaceX from that same backlash. We won't know until the stock starts trading.
What happens to Rocket Lab and AST after SpaceX goes public?
That depends on whether SpaceX's debut validates the entire sector or just SpaceX itself. If the IPO pops and stays strong, it proves there's real investor appetite for space. These smaller companies could keep climbing. If SpaceX stumbles or the stock disappoints, the halo effect disappears and these companies have to stand on their own fundamentals.