SpaceX has confidentially filed for what could be the largest initial public offering in history, targeting a valuation of up to $1.75 trillion with a roadshow expected to kick off in June.
The listing will be a landmark moment for the space economy, and a rising tide that could lift other publicly traded space companies already delivering real revenue and winning serious contracts.
Here are three Space shares to put on your radar:
- BlackSky Technology (NYSE: BKSY)
- Rocket Lab (NASDAQ: RKLB)
- Intuitive Machines (NASDAQ: LUNR)
BlackSky Technology (NYSE: BKSY)
BlackSky operates a constellation of low-earth-orbit satellites and its proprietary Spectra platform to deliver real-time, AI-enhanced geospatial intelligence. Essentially, on-demand eyes in the sky. The company can task satellites and return analysed imagery in under 90 minutes, serving defence, intelligence and national security customers including the NGA, NRO and Department of Defense.
The investment case centres on BlackSky’s transition to its next-generation Gen-3 satellites, which are already delivering very-high-resolution imagery and exceeding performance expectations.
Full-year 2025 revenue hit a record $106.6 million, with Q4 revenue up 16% year-on-year to $35.2 million. Backlog stood at $345 million, bolstered by over $130 million in new contract bookings during Q1 2025 alone.
Recent wins include an eight-figure international contract for a sovereign Gen-3 intelligence solution and expanding relationships in India. The company is guiding 2026 revenue of $120–$145 million and adjusted EBITDA of $6–$18 million, a meaningful step toward sustained profitability. For a small-cap with deep ties to government intelligence budgets and a genuine technology edge, BlackSky looks well-placed to benefit from increased space spending.
Rocket Lab (NASDAQ: RKLB)
Rocket Lab is arguably the most credible pure-play space company on the public markets and has been gaining investor attention. It operates two business lines: Launch Services (its workhorse Electron rocket and the hypersonic HASTE vehicle) and Space Systems (satellites, components and spacecraft). The company is also developing Neutron, a medium-lift launch vehicle designed to compete more directly with SpaceX’s Falcon 9.
The numbers speak for themselves. Full-year 2025 revenue hit a record $602 million, up 38% year-on-year, with Q4 revenue of $180 million.
Backlog surged 73% to $1.85 billion, underpinned by an $816 million prime contract from the Space Development Agency to design and build 18 missile-tracking satellites.
Rocket Lab flew 21 missions in 2025 with a 100% success rate and posted record gross margins of 44% (non-GAAP) in Q4. Q1 2026 guidance points to revenue of $185–$200 million, maintaining strong momentum. With proven launch capability, a growing satellite manufacturing business and Neutron on the horizon, Rocket Lab is the closest thing to a SpaceX proxy that public market investors can actually buy.
Intuitive Machines (NASDAQ: LUNR)
Intuitive Machines made history as the company behind the first commercial lunar landing (IM-1 in 2024) and has rapidly evolved from a lunar lander startup into a broader space infrastructure and services business.
Its revenue comes primarily from NASA contracts: Commercial Lunar Payload Services (CLPS), the Near Space Network Services (NSNS) programme and engineering services under OMES III. But it is actively diversifying into national security and commercial orbital services.
Full-year 2025 revenue came in at $210.1 million, with the company executing across lunar delivery, satellite communications and orbital transfer vehicle development. The real story is what’s ahead: management is guiding for $900 million to $1 billion in 2026 revenue and expects positive adjusted EBITDA for the full year, a roughly fivefold jump driven by contract ramp-ups and recent acquisitions including KinetX, a space navigation software firm. Combined backlog stands near $943 million. The company has also won work on the Missile Defense Agency’s SHIELD programme.
Customer concentration (NASA accounts for the bulk of revenue) remains the key risk, but this is understandable in the early stages of the space industry life cycle. The pipeline and the company’s ambitions are hard to ignore.