Space Stocks: A Complete Investor Guide to the Space Economy

Last updated: December 2025

The global space economy has moved well beyond government-funded exploration. Today, it includes commercial launch providers, satellite operators, defense contractors, data analytics firms, and emerging in-space services. For investors, “space stocks” represent multiple distinct business models, each with different risk, capital intensity, and revenue stability.

This article organizes space stocks by where they operate in the space value chain, highlights key private players, and provides a clear framework for understanding investable opportunities.

1. Launch & Space Transportation

What this category includes: Rocket manufacturing, launch services, and payload delivery to orbit, including emerging cislunar and lunar logistics.

Important Private Companies

SpaceX – Vertically integrated launch provider offering orbital and deep-space launch services via Falcon 9, Falcon Heavy, and the next-generation Starship system. SpaceX dominates the global launch market through high cadence, reusability, and vertical integration, with launch serving both external customers and its internal Starlink constellation.
Blue Origin – Developer of reusable launch vehicles including New Shepard (suborbital) and New Glenn (orbital-class). The company focuses on long-term space infrastructure, human-rated systems, and government launch contracts, with tourism as a secondary activity.
Relativity Space – Launch startup pursuing rapid design iteration through large-scale additive manufacturing. Its strategy centers on reducing production timelines and costs, though it remains pre-commercial at scale.
Astra Space – Small-launch company now private, focused on simplified launch architectures and low-cost access to orbit, following challenges with reliability and capital intensity as a public company.

Public Companies

RKLB – Rocket Lab A launch and space systems company operating the Electron small-lift rocket and developing the Neutron medium-lift vehicle. Rocket Lab increasingly diversifies revenue through spacecraft components, satellite buses, and mission services.
LUNR – Intuitive Machines Commercial and government lunar transportation provider focused on Nova‑C–class landers, including Odysseus (IM‑1) and Athena (IM‑2). The company generates revenue primarily from NASA’s CLPS program and lunar payload delivery services.

2. Satellite Manufacturing & Space Hardware

What this category includes: Design and production of commercial and mixed-use satellites, spacecraft, payloads, and space-qualified hardware.

Important Private Companies

Maxar Technologies – Satellite manufacturer and Earth observation company taken private. Maxar has deep heritage in high-resolution imaging satellites and spacecraft platforms used by governments and commercial customers.
Thales Alenia Space (France / Italy) – One of the world’s leading satellite manufacturers, producing telecommunications, navigation, and scientific spacecraft for commercial operators, space agencies, and institutional clients.

Public Companies

RDW – Redwire Corporation Space infrastructure and hardware supplier providing payloads, components, solar arrays, and in-space manufacturing technologies. Redwire positions itself as a "picks-and-shovels" provider to the growing space economy.
BA – Boeing Aerospace prime with satellite, spacecraft, and human spaceflight programs embedded within a broader commercial aviation and defense portfolio, including legacy satellite platforms and exploration systems.
AIR:EPA – Airbus (Europe – Netherlands / France) Major global aerospace company with significant satellite manufacturing and space systems capabilities through its Defence and Space division, serving commercial operators and governments.

3. Satellite Operators & Data Services

What this category includes: Ownership and operation of satellite constellations monetized through connectivity, imagery, or data services.

Important Private Companies

Starlink (SpaceX) – Low‑Earth‑orbit satellite broadband network delivering global internet connectivity via a rapidly expanding constellation. Starlink operates on a vertically integrated model and has secured access to wireless spectrum licenses from EchoStar / DISH (SATS) to support hybrid terrestrial–satellite connectivity.
Project Kuiper (Amazon) – Amazon’s low-Earth-orbit satellite broadband initiative aimed at providing global internet connectivity. Kuiper is tightly integrated with Amazon’s cloud (AWS), logistics, and consumer ecosystem, with launches planned primarily via third-party providers.
OneWeb (United Kingdom) – Satellite connectivity operator focused on enterprise, aviation, maritime, and government customers, with a business model centered on wholesale and managed services rather than consumer broadband.

Public Companies

ASTS – AST SpaceMobile Developing a direct‑to‑device satellite network designed to connect unmodified smartphones to space-based cellular broadband, targeting partnerships with mobile network operators worldwide.
IRDM – Iridium Communications Operator of a global LEO satellite constellation providing voice and data services to aviation, maritime, government, and IoT customers, with high recurring revenue and long contract durations.
GSAT – Globalstar Satellite communications company combining niche connectivity services with valuable spectrum assets that can be leveraged through partnerships with larger technology and telecom firms.
PL – Planet Labs Earth‑imaging operator running one of the world’s largest constellations of observation satellites, monetizing frequent global imagery through subscription-based data and analytics services.

4. Ground Infrastructure & Space Systems

What this category includes: Ground stations, antennas, mission operations, secure communications, and command-and-control systems that enable space services.

Public Companies

VSAT – Viasat Satellite communications company providing broadband services, terminals, and ground infrastructure to commercial, aviation, maritime, and government customers.
KTOS – Kratos Defense Defense-focused technology company supplying satellite ground systems, communications, and command-and-control solutions for space and missile defense missions.
LHX – L3Harris Technologies Provider of space sensors, secure communications payloads, and ground systems supporting defense, intelligence, and civil space missions.

5. Defense & National Security Space

What this category includes: Space systems supporting military and intelligence missions, spanning both physical space assets and software layers that exploit space-derived data.

Important Private Companies

Anduril (Software-centric defense) – Defense technology company developing autonomous sensing networks, space-domain awareness capabilities, and AI-driven command-and-control software for national security customers.
Palantir (Software-centric defense) – Data analytics and integration company whose platforms fuse satellite, sensor, and intelligence data to support military and intelligence decision-making.

Public Companies

LMT (Hardware-centric defense) – Lockheed Martin Prime contractor for major U.S. and allied defense space programs, including missile warning satellites (SBIRS / Next‑Gen OPIR), protected military communications, and classified ISR systems.
RTX (Hardware-centric defense) – Raytheon Technologies Supplier of space-based sensors, missile detection payloads, and secure communications technologies supporting missile defense and early‑warning architectures.
NOC (Hardware-centric defense) – Northrop Grumman Lead contractor on missile defense and early‑warning satellites, classified payloads, and advanced space-based sensing platforms.

6. Space Tourism & Human Spaceflight

What this category includes: Commercial human spaceflight experiences and privately operated orbital infrastructure.

Important Private Companies

Blue Origin – Conducts suborbital human spaceflight via New Shepard, offering space tourism experiences while leveraging those missions to mature human-rated systems.
Axiom Space – Developer of commercial space station modules and organizer of private astronaut missions, aiming to build a standalone commercial orbital outpost.

Public Companies

SPCE – Virgin Galactic Space tourism company focused on suborbital human spaceflight experiences, with revenues driven by ticket sales and flight cadence rather than satellite deployment.

7. Emerging In-Space Economy & Resources

What this category includes: In-orbit servicing, debris removal, space manufacturing, and early lunar infrastructure.

Important Private Companies

Astroscale (Japan) – Pioneer in orbital debris removal and satellite life‑extension services, addressing sustainability challenges in Earth orbit.
Varda Space Industries – Developing in-space manufacturing platforms aimed at producing high‑value materials that benefit from microgravity environments.

Public Companies

VOYG – Voyager Technologies Space infrastructure and in-space services company focused on commercial space stations (e.g., Starlab), orbital logistics, and NASA-linked development programs—more oriented toward long-duration orbital presence than tourism.

8. Space ETFs & Diversified Exposure

What this category includes: Funds offering basket-style exposure to space-related companies across multiple segments.

Public ETFs

UFO – Procure Space ETF Thematic ETF focused on satellite operators, launch providers, and space infrastructure companies worldwide.
ARKX – ARK Space Exploration ETF Innovation-focused ETF with partial space exposure alongside aerospace, robotics, and advanced technology holdings.

Final Notes for Investors

A sound space investing framework separates transportation and logistics, manufacturing, operators, ground systems, and defense overlays. Rather than treating space as a single theme, investors benefit from understanding where each company fits in the space economy, how it generates revenue, and the risks inherent to each segment.