Space is no longer just a sci-fi setting of astronauts and far-off planets. It’s now a practical, terrestrial investment theme built on three emerging layers: getting to space, building and operating in space, and turning activity up there into useful services down here. The first layer is launch—rockets that make access routine and affordable. In 2024, the world attempted a record 259 orbital launches, a cadence that averaged one every 34 hours, showing how “routine” has become the new baseline. The second layer is orbital infrastructure—satellites, sensors, antennas, and the “plumbing” that moves power and data around low Earth orbit (a few hundred miles up). The third is applications: images that help farmers and insurers, signals that guide ships and planes, and internet from the sky that reaches places fiber never will. As of mid-2025, there are roughly 11,700 active satellites, with totals approaching 15,000 when you include inactive craft. Most sit in low Earth orbit.
In this report, we highlight the top space technology stocks to watch, curated for pure-play exposure to launch, Earth observation, in-space infrastructure, and next-gen satcom.
Why space technology, why now?
Three forces have converged to put space technology stocks into the limelight:
- The cost curve finally broke and the cadence exploded. SpaceX flew 134 Falcon missions in 2024 off the back of reusable rockets. Falcon 9’s rideshare slots run roughly $6,500 per kilogram, which compresses costs for everyone who builds in orbit. At the same time, standardized “small satellites” did for space hardware what PCs did for computing—smaller, cheaper, faster to iterate. Software-defined payloads and steerable “spot beams” also let operators reprogram satellites in orbit, shifting capacity to where demand appears. Put simply, space has moved from heroic projects to repeatable products.
- Demand has widened and deepened. Governments want resilient communications and better awareness in a contested world. The European Union is funding IRIS², a €10.6 billion, ~290-satellite secure connectivity constellation slated to begin service around 2030—an explicit push for sovereign, space-based broadband. Companies want always-on connectivity for ships, planes, and remote assets. Starlink shows the scale of that appetite: more than six million customers in over 140 markets. Direct-to-device is the next unlock
- Business models are maturing to match. Instead of one-off spacecraft, many space companies now sell subscriptions to data and connectivity, much like cloud software. The result is compounding utility as networks densify. It’s also a flywheel: cheaper launch begets more satellites, which beget better services, which attract more users, which fund more capacity. Europe expects satellite counts to climb sharply this decade, with projections of up to 100,000 in orbit by 2030. U.S. policies and NASA initiatives reflect similar expectations.
Of course, space is capital-intensive, regulated, and technically unforgiving. But moats are forming where it counts: proven launch cadence, “flight heritage” hardware, long-term government contracts, and platforms that improve with scale.
Launch & Space Transportation
Launch & Space Transportation is the logistics layer of orbit: reliable, repeatable rides for satellites and cargo. The market is shifting from rare events to weekly cadence, with reusability pushing costs down and demand up. This segment of space technology stocks offers leveraged exposure to the ecosystem—every payload starts here—tempered by execution risk, capital intensity, and a simple rule: reliability and turnaround time matter more than headlines.
Rocket Lab (NASDAQ: RKLB)
HQ: USA & New Zealand; Small-launch leader expanding into medium-lift.
Rocket Lab is the second-most active launch provider in the world, after SpaceX. This California/New Zealand-based company’s flagship is its Electron rocket, a petite 18-meter launcher tailored for sending up payloads of a few hundred kilograms: small sats, CubeSats, etc. In an industry where most rockets are skyscraper-sized, Electron carved out a niche launching more modest missions on a rapid cadence. By 2025, Rocket Lab had completed over 60 successful launches, effectively becoming the go-to option for customers who can’t or won’t rideshare on larger rockets.
Rocket Lab’s ambitions go far beyond small launch; it aims to become an end-to-end space solutions provider. It’s acquired companies that make satellite components (solar panels, reaction wheels) and it builds its own satellite platforms (the Photon spacecraft). The company’s big upcoming milestone is its new medium-class rocket, Neutron. Slated for a debut test flight by late 2025, Neutron is a partially reusable rocket designed to lift ~13 tons to orbit, putting it in the same class as SpaceX’s Falcon 9.
Neutron would serve the growing megaconstellation launch market and to compete for national security launches that are too big for Electron. If Neutron succeeds, Rocket Lab graduates from small-launch specialist to a full-spectrum launch provider, with one foot in the smallsat boom and another in higher-end markets. Because SpaceX remains private, Rocket Lab is currently the closest public proxy for investors wanting exposure to frequent launch activity.
Firefly Aerospace (NASDAQ: FLY)
HQ: USA; Launcher-and-lunar upstart targeting defense and commercial demand.
Firefly went public in August 2025 and is making a name in both orbital launch and lunar landings, a rare combo. Think of Firefly as a smaller rival to SpaceX and Rocket Lab that has its own twist: it can not only launch satellites, but also deliver payloads to the Moon. The company’s Alpha rocket reached orbit in 2023 and has since executed responsive launches for the U.S. Space Force (showing it can go from notice to lift-off in under 30 hours, a new record).
Alpha fills a niche for small-to-medium payloads of ~1 ton to orbit, at roughly $15 million per launch, making it ideal for dedicated launches on short timelines such as national security missions. Firefly has also partnered with Northrop Grumman to provide a new first stage for the Antares rocket (replacing reliance on Russian engines). This partnership segues into Firefly’s development of a larger rocket, code-named Eclipse for medium-class launches.
Firefly’s lunar program is especially noteworthy. In January 2025, Firefly’s Blue Ghost Mission 1 (a lunar lander) successfully soft-landed on the Moon and operated a suite of NASA instruments for two weeks. This made Firefly one of the first commercial companies to land on the Moon, and NASA was impressed enough to award Firefly a $177 million follow-on contract. Under NASA’s CLPS program, Firefly has missions booked to send payloads to the Moon through 2029.
Avio SpA (BIT: AVIO)
HQ: Italy; European launch and propulsion specialist.
Based in Italy, Avio builds the Vega family of rockets for the European Space Agency – Europe’s workhorse light launcher for Earth observation satellites and scientific missions. Avio also produces critical components (the large solid boosters) for the new Ariane 6 heavy launcher. If Europe is launching something, Avio is probably involved. Lately, that’s been a positive: Europe is doubling down on its launch capabilities, especially after losing access to Russian Soyuz rockets in 2022 and retiring the Ariane 5. Vega and Ariane 6 are the pillars of that plan, and Avio is key to both.
Vega’s upgraded version (Vega-C) failed on a late-2022 mission due to a motor issue. But Avio engineered a fix, and in December 2024 Vega-C successfully lofted a Sentinel satellite for the EU’s Copernicus program. With Vega-C flying again, Avio has a queue of missions to execute. The company is concurrently researching reusable tech for a post-2030 “Vega Next.” Meanwhile, Ariane 6’s debut is slated for 2025, and Avio’s contribution—the P120C solid boosters—has already been proven in tests. Every Ariane 6 launch will generate revenue for Avio as a subcontractor.
Avio offers a steadier, more industrial play within the space sector. It’s not a flashy startup promising moon colonies; it’s an established manufacturer with decades of rocketry experience, essentially operating as a European defense/space contractor. Europe’s security concerns (exacerbated by the Ukraine war) mean more funding for domestic spy satellites, secure communications satellites, etc.
SpaceX (Private)
HQ: USA; Dominant reusable launcher and LEO broadband operator.
No discussion of space technology would be complete without SpaceX. While not publicly traded (yet), it’s the bellwether for the space sector. With reusable boosters, SpaceX has slashed the cost to orbit and seized a dominant share of commercial launches. Their Falcon 9 rockets have become the industry’s workhorse, launching so frequently (134 missions in 2024 alone) that competitors are struggling to keep up. This high cadence has also enabled SpaceX to loft thousands of Starlink satellites, blanketing the globe in broadband coverage. Starlink now reportedly generates the majority of SpaceX’s revenue and even turned cashflow-positive in late 2023.
SpaceX’s next act, the Starship super-heavy launch system, could blow the space market wide open. Standing nearly 120 meters tall, Starship is designed to be fully reusable and carry 100+ tons per flight. It would reduce launch costs so dramatically (pennies on the dollar vs. today) that ambitious projects like Mars colonization, massive space factories, or point-to-point Earth travel become feasible. After an early test flight in 2023 that ended explosively, SpaceX has methodically iterated on Starship. Regulators and engineering challenges still need to be overcome, but even a few successful orbital flights would rewrite the economics of space.
For space technology stocks, SpaceX is both the rising tide and their toughest competitor. Its achievements expand the addressable market – for example, cheaper launch means more satellites (good for manufacturers) and more experiments in orbit (good for suppliers like Redwire or MDA). At the same time, SpaceX’s success forces others to innovate or specialize; launch providers must find niches SpaceX hasn’t cornered. So while retail investors can’t buy SpaceX directly, its influence is felt in the valuations and prospects of every other space stock.
Earth Observation & Remote Sensing
Earth Observation & Remote Sensing turns pictures and radio signals from orbit into answers on the ground. Constellations now revisit the same site multiple times a day, while AI converts imagery into alerts and forecasts. Government demand is steady; commercial use is broadening across industries. Among space technology stocks, this segment offers subscription-like revenue and data moats—long archives and high revisit rates—yet faces pricing pressure if raw pixels commoditize without differentiated analytics.
Planet Labs (NYSE: PL)
HQ: USA; Largest Earth-imaging fleet with moat of historical geospatial data.
Planet Labs can be thought of as “Earth’s photographer.” The company operates a fleet of over 200 miniature satellites that collectively image the entire Earth, every day. This has generated a one-of-kind visual dataset of our planet at a scale that no one else has. Planet sells this data—used for tracking crops, forests, floods, urban growth, and even military movements—via a subscription, making its business model resemble a SaaS wrapped around a hardware-intensive operation.
Planet’s growth prospects center on two things: its data moat and the rising demand for geospatial intelligence. Having years of imagery of every spot on Earth creates a deep historical archive and a real moat, since new entrants can’t rewind time to collect past data. Planet is also moving up the value chain by layering AI analytics on top of its raw images. This would include services like alerting a company if a competitor’s parking lot suddenly fills up, or a government if illegal deforestation is detected.
These higher-level analytics carry better margins, and deals in 2025 reflect this strategic shift. Planet snagged a €240 million multiyear contract with the German government to provide dedicated capacity on its newest high-resolution Pelican satellites and AI-powered monitoring for maritime and border security. That single deal is worth roughly 11% of Planet’s annual revenue. Similar partnerships with the U.S. Navy, NATO, and others are in the works.
BlackSky (NYSE: BKSY)
HQ: USA; High-revisit imaging with AI analytics for rapid geointelligence.
BlackSky is a specialist in real-time geospatial intelligence. If Planet Labs is akin to a broad “Google Earth,” BlackSky is more like a security camera for high-interest locations. It operates a smaller fleet of imaging satellites (a mix of Gen-2 and new Gen-3 spacecraft) that can revisit the same spot up to 15 times a day, catching events as they unfold. Its Spectra software platform then automatically tips, cues, and analyzes those images, using AI to flag anomalies.
BlackSky has found a sweet spot selling this capability to government and defense customers. By mid-2025, its contracted backlog had swelled to $356 million – roughly three times its annual revenue – thanks largely to deals with international governments who want “eyes in the sky” without building the satellites themselves. For example, it recently won a contract to help Latin American governments track drug trafficking patterns.
BlackSky offers a focused bet on the “insights” layer of the space business. It’s focused on monitoring the critical 5% of locations that matter most, with speed measured in minutes. As it deploys the rest of its Gen-3 satellites (bringing very high resolution imagery) and continues to refine its AI alerts, BlackSky is positioned to become a leading “geo-intel” provider. It could be likened to an early-inning Palantir for space data, with a path to scale via recurring revenue contracts in rapid satellite tasking and analysis.
Spire Global (NYSE: SPIR)
HQ: USA; Radio-frequency “ears in the sky” constellation.
Spire Global has a different approach: instead of taking pictures, it listens. Spire’s constellation of 100+ nanosatellites soaks up radio-frequency signals across the planet – tracking ship locations via their AIS beacons, tracking airplanes via ADS-B, and even measuring weather by how GPS signals bend through the atmosphere. This makes Spire an “ears in the sky” network that then sells this data to national weather services, commodity traders, and even defense agencies tracking “dark ships” that have muted transmitters. It’s a capital-light, recurring revenue model once the satellites are up.
In April 2025, Spire sold its maritime data division to Kpler for $233 million. Spire used the case windfall to pay off its debt, essentially deleveraging the company overnight. Spire now has a debt-free balance sheet and expects to double down on its other core segments: weather and aviation data services, and especially its Space Services unit—a potentially high-growth offering where Spire uses its satellites and expertise to fly custom payloads or collect bespoke data for clients (like a “satellite-as-a-service” model).
Spire has seen an influx of interest from defense and government clients in 2025, as geopolitical tensions drive countries to seek more of their own data streams. NATO’s new Commercial Space Strategy, for instance, could translate into contracts to provide weather and reconnaissance data to European militaries. Also, with climate change, high-precision weather data is at a premium for industries like insurance and agriculture.
Satellogic (NASDAQ: SATL)
HQ: Uruguay; Low-cost, high-frequency sub-meter imaging.
Satellogic is a new player in Earth observation that aims to mass-produce relatively low-cost satellites. Where Planet went for “many tiny eyes” and Maxar (now private) built a few exquisite, very high-resolution satellites, Satellogic’s strategy is in-between: build dozens, soon hundreds, of satellites that take high-resolution images (around 70 cm)—but at a fraction of traditional costs by keeping them small and identical. The ultimate goal is a 200+ satellite network that could remap the entire planet in high resolution on a daily basis by the latter 2020s.
Satellogic moved its incorporation from the British Virgin Islands to the U.S. (Delaware) in 2025, a shift to open doors with U.S. government customers. Shortly after, Satellogic announced a marquee multi-year defense contract worth $30 million. That deal is with an undisclosed strategic customer (likely a U.S. or allied defense agency). Satellogic’s satellites will use on-board AI processing to analyze images and send insights down to the customer with ultra-low latency.
Notably, industry heavyweight Maxar recently partnered with Satellogic to use its high-revisit imagery alongside Maxar’s very-high-resolution imagery for national security missions. That kind of partnership highlights Satellogic’s niche: its images may not be the absolute sharpest, but they can be taken far more often and at lower cost—useful for monitoring change.
In-Space Infrastructure & Exploration
In-Space Infrastructure & Exploration builds the hardware and services that make space useful: power systems, robotics, satellite buses, lunar landers, and the plumbing that moves data and fuel. It’s the “picks and shovels” tier of the theme, tied to civil, defense, and commercial programs with long horizons. Among space technology stocks, this segment offers diversified exposure and contract visibility, offset by slower development cycles and the need to prove capabilities in flight.
Redwire (NYSE: RDW)
HQ: USA; Space infrastructure supplier of power, structures, avionics, and more.
Redwire is assembling the “building blocks” of the new space economy. Formed through a spree of acquisitions, it provides the behind-the-scenes hardware—think space station components, robotics, deployable solar arrays, and in-space 3D printers—that make ambitious missions possible. The company has been rapidly scooping up niche innovators. This strategy gives Redwire a diversified portfolio selling to NASA, the Pentagon, and commercial satellite builders.
Redwire is not stopping at selling parts, though. It’s moving up the value chain to lead projects like orbital manufacturing. It’s pioneering microgravity manufacturing techniques—for example, crystallizing pharmaceuticals in orbit for purer drugs. In fact, Redwire’s SpaceMD initiative just inked a deal to commercialize space-grown drug discoveries and earn royalties back on Earth. Such breakthroughs target emerging markets that could be worth billions as private space stations come online.
Redwire’s recent pivot into defense via its Edge Autonomy drone acquisition further bolsters its moat. This multi-domain approach (space and sky) means short-term revenue from military tech while its space infrastructure initiatives mature. Overall, Redwire offers a picks-and-shovels play on the space sector: not launching rockets or taking astronauts to Mars, but quietly providing the essential tech that makes all those grand ventures feasible.
Intuitive Machines (NASDAQ: LUNR)
HQ: USA; Commercial lunar transport and infrastructure services.
Houston-based Intuitive Machines is one of the first public pure-plays on Moon exploration, building small robotic landers to carry NASA and commercial payloads to the lunar surface. In 2024, it broke a 50-year dry spell by (at least partially) landing its Nova-C craft on the Moon, signaling that private companies can now do what only superpowers once did. Its upcoming missions aim for the Moon’s south pole, laden with experiments to prospect for ice and resources. These missions would be the first steps toward a lunar economy.
Importantly, Intuitive has a close partnership with NASA. Through the Commercial Lunar Payload Services (CLPS) program, NASA pays Intuitive to deliver science instruments to the Moon’s surface. These contracts give Intuitive a growing backlog (over $250 million as of mid-2025) and a clear revenue stream as each mission hits milestones. Beyond landers, the company won a massive $4.8 billion NASA communications network contract, hinting at expansion into lunar satellites or relay services.
This is a high-risk, high-reward venture. Flight delays and a recent lander tip-over remind us that lunar landing is tough. But each success could cement Intuitive Machines as a “lunar FedEx” by the late 2020s. For patient investors, Intuitive offers a play on the infrastructure of a potential lunar marketplace, from moon mining to Moon-based broadband, at an early stage. Few companies its size have a shot at shaping a brand-new off-world economy as Intuitive Machines does.
MDA Space (TSX: MDA)
HQ: Canada; Satellites and space robotics with government-backed programs.
MDA Space is a 55-year-old veteran of the space industry that’s reinvented itself for modern growth. Based in Canada, it’s known for building the original robotic arms on the Space Shuttle and International Space Station. Today, MDA pairs that golden pedigree with fresh ambitions in satellites and robotics. In essence, MDA is a profitable, established player positioned to supply the “nuts and bolts” (and robot arms) for the Moon and beyond.
One side of MDA’s business is satellite manufacturing at scale via its “factory line” approach. It’s currently the prime contractor for Telesat’s Lightspeed project, a planned constellation of 198 broadband satellites – a C$2.4 billion program for MDA. In fact, MDA has secured multiple mega-projects: over 50 satellites for Globalstar’s next-gen network (C$1.1 billion value) and 100 satellites for a new direct-to-cell phone constellation. These wins mean a record-high order backlog and multi-year revenue visibility.
The other side is space robotics, where MDA remains a world leader. It’s developing Canadarm3 for NASA’s Lunar Gateway, a sophisticated robotic arm set under a C$1 billion contract. Canadarm3 will be critical for assembling and maintaining the Moon-orbiting station, and the tech will spin off to commercial uses; MDA is already marketing it for space station and lunar rover applications.
ispace Inc (TYO: 9348)
HQ: Japan; Lunar landers and resource-utilization tech pursuing transport and mining.
ispace Inc is a Japanese company aiming to turn the Moon into the next economic frontier. As NASA and China plan lunar bases, ispace wants to be the logistics provider for scientific gear, mining equipment, etc. The company made headlines with its April 2023 attempt to land a private spacecraft on the Moon. That mission got tantalizingly close to success before losing contact during final descent. In 2025, its Mission 2 orbiter reached lunar orbit and lined up a landing attempt. While the outcome was again disappointing (another hard landing), they were able to hit each mission milestone until the final minutes.
ispace is the epitome of high-risk, high-reward. It’s one of the only public companies dedicated to lunar development. The addressable market could be enormous; some estimates size the “lunar economy” at $1 trillion in the coming decades. Already, ispace has secured a ¥4.8 billion (~$33 million) contract as part of NASA’s CLPS program (teaming with Draper) to put a rover on the Moon’s far side, and it’s backed by Japan’s space agency.
If ispace can pull off its first commercial soft landing and start stringing successes together, it could secure an early-mover advantage in lunar transport and resource utilization. That would position it as a key supplier in a lunar ecosystem that, while nascent now, has hefty long-term tailwinds from Artemis and international interest.
Next-Gen Satcom: Direct-to-Device & LEO
Next-Gen Satcom brings the internet from space to everyday devices, from fixed terminals to ordinary smartphones. LEO constellations cut latency, and direct-to-device aims to make coverage truly global. The market looks like telecom with a rocket engine: heavy upfront capital, then recurring service revenue and network effects as more users join. This segment of space technology stocks offers massive addressable markets, but it demands patience on deployment schedules and regulatory approvals.
AST SpaceMobile (NASDAQ: ASTS)
HQ: USA; Direct-to-device satellite connectivity for ordinary smartphones.
AST SpaceMobile is attempting something that once sounded like science fiction: connecting standard mobile phones directly to satellites. The company’s BlueWalker 3 test satellite, with an antenna array the size of a tennis court, proved the concept by making the first-ever direct voice calls from space to ordinary cell phones in 2023. Since then, AST has also demonstrated video calls and even a 5G connection from space.
The potential market is enormous: billions of mobile users could stay connected everywhere, and mobile network operators (like AT&T and Vodafone, which are AST partners) can extend their service footprint via these satellites. Instead of launching thousands of small satellites, AST plans to deploy a smaller number of very large, powerful satellites that can communicate directly with unmodified phones. It’s a bold, capital-intensive approach, but the payoff would essentially tap into the trillions of dollars of global telecom services by adding a space-based layer.
In essence, AST SpaceMobile is building cell towers in orbit, which could fill coverage gaps in remote areas and over oceans, all without users needing any special equipment on the ground. It represents a high-risk, high-reward crossover of the space and telecom themes. The company has passed key technical milestones (proving it can beam 4G/5G signals from orbit). The next challenges are scaling up to a full production constellation and navigating regulatory approvals around the world.
Eutelsat Group / OneWeb (EPA: ETL)
HQ: France; Multi-orbit GEO+LEO operator positioned as a non-US alternative.
Eutelsat’s merger with OneWeb in 2023 created a unique multi-orbit satellite operator. The combined company pairs Eutelsat’s GEO fleet (long used for TV broadcasting and broadband) with OneWeb’s constellation of hundreds of LEO satellites (for low-latency global coverage). This multi-orbit strategy is about offering integrated services: for example, an airline or ship could use OneWeb’s LEO network for fast, low-latency internet, while Eutelsat’s GEO satellites provide additional capacity or coverage as needed.
OneWeb’s business model (prior to the merger) was to partner with telecom companies and governments to connect remote and enterprise markets, rather than sell directly to consumers. The merged firm has backing from major governments and telecom players (the UK government and India’s Bharti are shareholders), reflecting a geopolitical drive for a non-U.S. satellite communications alternative. The thesis is that as demand grows for ubiquitous connectivity, Eutelsat-OneWeb’s integrated GEO/LEO network will be well-placed to win contracts in aviation, maritime, and government sectors.
They are already involved in Europe’s secure satellite program (IRIS²) and have inked agreements to bundle OneWeb’s low-latency service with other satellite offerings. The key challenge ahead is executing and financing OneWeb’s next-generation constellation to increase capacity, especially in the face of competition from SpaceX’s Starlink and others. Still, if successful, the Eutelsat-OneWeb combo positions itself as a one-stop provider of high-throughput and low-latency connectivity. It’s a bet that a hybrid GEO-LEO model can compete effectively against single-architecture rivals.
Starlink (Private, SpaceX subsidiary)
HQ: USA; Global LEO broadband leader across consumer and enterprise.
SpaceX’s Starlink has rapidly become the world’s largest satellite constellation and a disruptive force in telecommunications. With thousands of satellites in low Earth orbit, Starlink delivers high-speed internet to millions of users globally. It has turned what was once a niche service (satellite internet) into a mainstream option, connecting remote villages, ships at sea, and even airplanes.
In Ukraine, Starlink terminals kept the military and civilians online when terrestrial networks were knocked out. Governments have taken note; Starlink is now considered “indispensable” by parts of the U.S. government, from embassies to battlefields. Starlink’s commercial subscriber growth has also been explosive, with annual revenues already in the billions and climbing quickly. This success is pressuring traditional satellite operators and has sparked a race by others (like Amazon’s Project Kuiper).
SpaceX leveraged its reusable rockets to deploy this network at an unprecedented pace, faster than any prior satellite venture. Though still private, Starlink’s impact is felt industry-wide: driving up launch demand, forcing competitors to innovate, and even influencing policy debates about space usage. Put simply, Starlink has brought space-based internet to the mass market, and its model is reshaping the future of satellite communications.