We have many more newcomers this week and we want to welcome you to our page. The way our schedule usually works is on Sunday/Monday we release a “What to Expect” for the upcoming week were we talk about important earnings for the week and our thesis. Also what we are watching behind it and then during the week we talk about some common trends we are seeing or a stock pick for a company that we think is set up nicely for a run or has a great business that we want to tell our readers about. Today we are focused on a new trend that has gained some traction in the recent months and now with Elon Musk hinting at a possible SpaceX IPO, we thought it was the perfect time to talk about the space race, and what this means for investing.

This is the first time that Elon himself has hinted at a possible IPO, and the valuations for the company for the debt it is raising has been off the charts. SpaceX’s latest reported private valuation, since it is private, was driven by secondary share sales and insider tender offers, which valued the company around $800 billion as of late 2025, making it one of the most valuable private companies on the planet right next to OpenAI. Before that, tender offers earlier in 2025 placed its valuation near the $350–$400 billion range, which shows how bullish the private markets are on this sector and doing so in such a short amount of time. While exact public financials aren’t disclosed, analysts estimate SpaceX revenue around $15 billion in 2025 and potentially $22–$24 billion in 2026, led by its Starlink satellite internet business, which is what provides internet to millions in rural places around the globe and has been used as a safety and support mechanism during natural disasters. Although many hate Ark Invest and cathie Wood has not had a great track record, it is important to note that one prominent projection from ARK Invest suggests SpaceX could grow to roughly $2.5 trillion by 2030 under a base case, and in more optimistic scenarios stretch toward $3 trillion if strategic growth assumptions materialize. These models hinge on Starlink widespread adoption, massive scaling of launches, and future transport/logistics services enabled by Starship. Personally we don’t see why this can’t happen. Starlink is great, it has proven that it could be used anywhere in the world and has benefitted so many people in countries that are under constant attack. It also plays hand in hand with so many other environmental issues that we face with the massive backlash companies like Verizon have been seeing around their cell towers.

While the major announcement will be the SpaceX IPO, there are a couple of companies that are currently public that we think could be great do possibly look into and are actually building out some meaningful revenue and contracts that have seen massive shoot ups over the last couple of months and have caught the eyes of investors like ourselves to take a deeper dive into these stocks. The stocks that we have our eyes on we wanted to give our readers a brief description before we dive into these stocks hopefully in future thesis papers that we are planning to write, so stay tuned.

Rocket Labs (RKLD): Rocket Lab has evolved from a small-satellite launch provider to a vertically integrated space company with growing government and commercial contracts. This is one of the only companies that we want to note that has seen some meaningful revenue outside of SpaceX and the defense contractors. It has completed dozens of Electron launches and is developing a cheaper rocket that could dramatically improve economics and expand its addressable market. Just this year they secured major U.S. Space Force/Space Development Agency contracts worth hundreds of millions, and has completed over 100 missions into space over the last couple of months. They companies stock has been on an insane trajectory as of late, and is up almost 200% in the last year, but we do still believe there is more room to grow.

Voyager Technologies (VOYG): A newer public entrant via a 2025 IPO, which if you follow us you know that we like to hold off on investing in IPOs right off the bat. They are building in-orbit infrastructure and space station technologies alongside aerospace systems. Its strategy focuses on commercial space station development and payload integration, and they are currently one of the leaders in the space. It is widely believed that over time we will be sending more and more people into space and there needs to be a place that these people can stay. We think this is a great company to be one of the space infrastructure stocks. We are holding off on this stock for now and waiting for the IPO hype to die down before we do an analysis on the company for our subscribers.

L3Harris Technologies(LHX): L3Harris is a diversified aerospace and defense firm with a significant space segment, including satellite components, sensors, and propulsion technologies. It was one of the prime contractors chosen in recent multi-billion dollar satellite production awards, which is massive in the space sector, where the main beneficiary of space travel is the government, and building revenue through contracts is the best way to do so. Defense stocks have historically more resilient during economic droughts. We will be doing an analysis on this stock in the near future.

Companies we are currently avoiding but are keeping an eye out for:

Right now these are the only three companies outside of the major defense contractors that we are looking into. There are many stocks right now that are seeing major booms that we think is just noise and could be very very dangerous for retail investors who are just trying to ride the hype and reddit wave. Some of these we have experienced and are very skeptical about are the ones below.

Sidus Space (SIDU): Sidus Space was named an awardee under the U.S. Missile Defense Agency’s SHIELD program, with a $151 billion ceiling. Being part of this award signals to the market that Sidus is now in the tent with larger defense contractors and could win task orders under this umbrella, which like we said with L3Harris, is a key growth narrative. Another growth catalyst is the current CEO joining the Canaveral Port Authority Board, which can be interpreted as expanding strategic positioning in the space ecosystem. This is a great first step for the company for the long term, but there are some negatives.

Even with these two major bullish headlines, the company still remains a high-risk, speculative stock for several reasons. Negative gross and operating margins. Ongoing net losses with limited revenue scale relative to expenses. Their most recent financial results show revenue growth but still negative profitability, reflecting high expenses, even as revenue expands modestly. Past quarterly figures showed significant operating cash burn, and although the company raised capital, the runway remains a concern. Without strong, recurring revenue inflows or consistent government task orders, liquidity risk persists. To sustain operations and fund growth, Sidus has raised equity multiple times, which dilutes existing shareholders. Like we have said with Nebius, SOFI, and other stocks, stock dilution is a killer and we hate when it happens. We think this will happen very very soon after this deal was announced and will be waiting it out.

Virgin Galactic: Virgin Galactic is one of the biggest commercial space tourism and research flights which has traded widely as retail and speculative traders chase big narrative moves despite inconsistent flight schedules. Personally we remain very skeptical with this stock, as we don’t think this could be as profitable as people have made it out to be, and even if they charge an exhorbant amount of money it would still take government contracts for the company to start seeing meaningful revenue. The company has also seen massive delays in launches and there are not many people who have the disposable income to go to space.

Intuitive Machines (LUNR): Intuitive Machines specializes lunar exploration and NASA contracts; spacecraft systems and currently has contracts with NASA and lunar mission involvement bring headline risk and excitement. Fiscal performance is small relative to valuation and the company relies so heavily on mission specific revenue that it is impossible to predict future revenue for the company. We are not currently investing in this company and have no intentions to do so in the near future unless a major future revenues contracts is announced.

This newsletter is provided for informational and educational purposes only and reflects the personal opinions of the authors. It does not constitute financial, investment, legal, or tax advice, nor is it intended as a recommendation or solicitation to buy, sell, or hold any securities.

All views expressed are subject to change without notice. Any projections, estimates, or forward-looking statements are hypothetical in nature, based on assumptions that may not materialize, and are provided for illustrative purposes only. Actual results may differ materially.

The authors may hold positions in the securities discussed and may change such positions at any time without notice. Readers should conduct their own independent research and consult with a licensed financial professional before making any investment decisions. No representation or warranty is made regarding the accuracy or completeness of the information provided, and no liability is accepted for losses arising from reliance on this content. This publication is not registered as an investment adviser, and the authors are not acting in any fiduciary capacity.

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