Space investing is moving beyond the launch itself. Rocket Lab reports Monday after the close, giving investors a fresh test of launch demand, satellite manufacturing, backlog conversion, margins, and whether the commercial space economy can turn ambitious projects into repeatable revenue.
Portfolio Risk Rising (Sponsored)
Wall Street banks are warning that the next market crisis could be unlike anything investors have seen in decades.
If Goldman Sachs and Morgan Stanley are right, portfolios could remain under pressure for 10 years or longer.
After repeated market shocks since 2022, some experts believe the instability could continue well into the 2030s.
See How to Defend Your Portfolio Now
Theme: Launch, Satellite Manufacturing, Communications, Earth Observation, and Space Infrastructure
Space Is Becoming a Supply Chain
The space industry used to revolve around one major event: getting something into orbit.
That is changing.
Companies now build satellites, manufacture components, operate communications networks, sell imagery, provide lunar infrastructure, and manage data after the spacecraft reaches orbit.
That creates a much broader investment opportunity.
The rocket is only the first step. The more important question is what happens after launch.
Recurring Revenue Changes the Economics
A launch produces revenue once.
A satellite network can generate subscriptions for years. Earth-imaging systems can sell the same data to governments, insurers, farmers, energy companies, and defense customers. Communications networks can support recurring service contracts.
That shift matters because recurring revenue is easier to value than a schedule of individual missions.
The best space companies are trying to combine both.
What’s Driving It
Rocket Lab Is the After-Close Catalyst
Rocket Lab reports second-quarter results at 5:00 p.m. ET Monday, keeping the main catalyst ahead of readers.
The company enters the report after a record first quarter.
Revenue reached $200.3 million, up 63.5% year over year. GAAP gross margin hit a record 38.2%, while backlog increased to $2.2 billion, up 20.2% from the previous quarter.
The backlog was split between approximately $1.30 billion of Space Systems work and $921 million of Launch Services work.
That mix is important.
Rocket Lab is no longer just an Electron launch story. Spacecraft manufacturing, satellite components, solar products, software, and government systems are becoming a larger part of the business.
The Iridium Deal Changes the Scale
Rocket Lab also entered a definitive agreement to acquire Iridium for $54 per share, valuing Iridium at roughly $8 billion enterprise value.
The proposed combination would connect Rocket Lab’s launch and satellite-manufacturing capabilities with Iridium’s global communications network, spectrum, and service business. The transaction is expected to close around mid-2027, subject to approvals and customary conditions.
This makes Monday’s report more than a quarterly earnings check.
Investors need to understand how aggressively Rocket Lab plans to expand while preparing for a transformative acquisition.
Redwire Is Building the Hardware Layer
Redwire reported first-quarter revenue of $97 million, up 57.9%.
Backlog reached a record $498.1 million, while book-to-bill was 1.92. Gross margin improved to 26.6%, although adjusted EBITDA remained negative at $9.2 million.
The company supplies solar arrays, spacecraft structures, navigation technology, autonomous systems, and other hardware used across civil, defense, and commercial missions.
That puts Redwire closer to the components and infrastructure layer of the theme.
Intuitive Machines Is Moving Beyond Lunar Landers
Intuitive Machines reported record first-quarter revenue of $186.7 million, nearly triple the prior-year level, helped by its acquisition of Lanteris Space Systems.
Adjusted EBITDA turned positive at $2.7 million, while backlog reached a record $1.1 billion. Management maintained full-year revenue guidance of $900 million to $1 billion.
The company is also expanding beyond lunar delivery into communications, navigation, national-security systems, and orbital infrastructure.
Planet Is Monetizing Space Data
Planet Labs reported record quarterly revenue of approximately $94 million, up 42% year over year.
Remaining performance obligations increased 81% to $816 million, while backlog rose 72% to more than $906 million.
Planet operates a large Earth-imaging constellation and sells the resulting data through recurring contracts.
That gives the basket a very different business model from launch.
Here is the chain reaction:
More missions are funded → more spacecraft need to be built
More spacecraft are built → launch demand expands
More satellites reach orbit → communications and data capacity grows
Recurring services develop → revenue becomes more predictable
Delays or cost overruns persist → cash burn remains high
What’s Working
Backlogs Are Getting Larger
Several companies in the basket already have substantial contracted work.
Rocket Lab entered the quarter with more than $2 billion of backlog. Intuitive Machines ended Q1 at $1.1 billion. Planet’s backlog exceeded $900 million. Redwire reached nearly $500 million.
That does not guarantee revenue.
It does show that government and commercial customers are signing real contracts rather than merely discussing future missions.
Governments Remain Major Customers
Defense and civil-space spending provide an important foundation.
Intuitive Machines won hundreds of millions of dollars of new contracts in Q1, including work tied to NASA and the Space Development Agency. Redwire is participating in defense, autonomous-aircraft, and satellite programs.
Government demand can be slow and bureaucratic, but large programs can also provide years of visibility.
Data Can Be More Valuable Than the Satellite
Planet illustrates the shift toward recurring economics.
Its satellites continuously collect images that can be resold across agriculture, mapping, government, environmental monitoring, and other applications.
That means one satellite can support revenue across many customers and many years.
The long-term winners may be the companies monetizing what satellites produce, not simply the hardware itself.
What to Watch
Rocket Lab Needs Backlog to Convert
Watch revenue growth, gross margin, Space Systems performance, launch cadence, backlog conversion, and updated guidance.
A large backlog is useful only when missions move through production and into recognized revenue.
Delays can push revenue between quarters while costs continue.
Neutron Still Requires Capital
Rocket Lab is developing Neutron as a larger reusable launch vehicle.
That creates a much larger addressable market, but development consumes significant capital before commercial missions begin.
Investors need progress without allowing development spending to overwhelm the existing business.
Acquisitions Add Execution Risk
Rocket Lab’s proposed Iridium acquisition would dramatically expand the company.
Intuitive Machines has already integrated Lanteris. Redwire has also expanded through acquisitions.
Buying capabilities can accelerate growth. It can also increase debt, integration costs, and management complexity.
Space Remains Unforgiving
A software delay can be patched.
A launch failure, spacecraft malfunction, or deployment problem can destroy years of engineering work in minutes.
The upside is large precisely because execution is difficult.
Rocket Lab (RKLB)
What it does:
Rocket Lab provides launch services, spacecraft manufacturing, satellite components, solar systems, flight software, and space infrastructure.
Why it fits:
Rocket Lab is the direct after-close catalyst and the most complete public space platform in the basket.
First-quarter revenue, gross margin, and backlog all reached records.
What stands out:
This is the vertical-integration play.
Rocket Lab can build spacecraft, manufacture components, launch satellites, and potentially add recurring communications revenue through the proposed Iridium acquisition.
That creates more ways to monetize one mission.
What to watch:
Watch Space Systems growth, Electron launches, Neutron development, backlog conversion, gross margin, cash usage, and the Iridium transaction.
The Takeaway: Buy this first if you want the strongest direct catalyst and broadest exposure to the commercial space buildout.
The risk is execution. Rocket Lab is trying to expand launch, manufacturing, and communications at the same time.
AST SpaceMobile (ASTS)
What it does:
AST SpaceMobile is building a satellite network designed to provide broadband connectivity directly to ordinary mobile phones.
Why it fits:
AST gives the basket direct-to-device communications exposure.
The company’s investor calendar lists its second-quarter results webcast for August 10, adding another timely read on satellite deployment and commercialization.
What stands out:
This is the highest-upside communications concept.
If AST can connect standard smartphones directly through satellites, the addressable market could include areas where terrestrial networks remain weak or unavailable.
The business also benefits from partnerships with established mobile carriers rather than needing to build every customer relationship itself.
What to watch:
Watch satellite launches, constellation deployment, carrier partnerships, service availability, funding requirements, and the timeline toward commercial revenue.
The Takeaway: Buy this if you want the highest-growth satellite communications story and can tolerate major execution risk.
The risk is that deployment timelines or capital needs stretch before meaningful service revenue arrives.
America’s AI Buildout (Sponsored)
Taiwan Semiconductor just posted strong earnings and raised its full-year growth outlook above 40%.
But the bigger story may be its expanding U.S. investment. The chipmaker is reportedly adding another $100 billion to the $165 billion it already committed to American manufacturing.
That is $265 billion moving into U.S. chip infrastructure as the AI race accelerates.
One analyst believes this spending points to a much larger government-backed AI project now taking shape, and he has identified one little-known company that could be positioned directly in its path.
See the company positioned for America’s next AI buildout.
Redwire (RDW)
What it does:
Redwire builds spacecraft components, solar arrays, navigation systems, autonomous platforms, sensors, and defense technologies.
Why it fits:
Redwire gives the basket the hardware-and-components angle.
Q1 revenue rose 57.9%, while backlog reached a record $498.1 million.
What stands out:
This is the space supply-chain play.
Redwire does not need one constellation to dominate. It can sell technology into commercial, defense, European, and civil-space programs.
What to watch:
Watch backlog, book-to-bill, gross margin, adjusted EBITDA, defense awards, liquidity, and acquisition execution.
The Takeaway: Buy this if you want a higher-risk supplier tied to rising spacecraft and defense spending.
The risk is profitability. Rapid revenue growth still needs to translate into consistent positive EBITDA and cash flow.
Intuitive Machines (LUNR)
What it does:
Intuitive Machines provides lunar delivery, spacecraft, communications, navigation, data services, and national-security space systems.
Why it fits:
Intuitive Machines gives the basket government-backed infrastructure growth.
Q1 revenue reached a record $186.7 million and backlog climbed to $1.1 billion.
What stands out:
This is the lunar-to-infrastructure transition.
The company is moving beyond individual moon missions into communications, orbital services, and defense programs that can generate more recurring work.
What to watch:
Watch contract awards, backlog conversion, Lanteris integration, NASA programs, defense contracts, adjusted EBITDA, and cash flow.
The Takeaway: Buy this if you want a government-heavy space infrastructure company with a rapidly expanding backlog.
The risk is contract timing and acquisition execution.
Big Tech’s Bet (Sponsored)
Six of the biggest tech companies in the world just bought shares in the same small company.
The investor behind the tip called four of the original "Magnificent Seven" stocks two decades ago.
Get the details here.
Which country's reform story do you find most investable right now?
Planet Labs (PL)
What it does:
Planet operates Earth-observation satellites and sells imagery, geospatial data, and analytics to governments and commercial customers.
Why it fits:
Planet gives the basket the cleanest recurring-data model.
Its latest quarter produced record revenue and sharply higher backlog.
What stands out:
This is the space-data subscription stock.
Planet can capture images once and monetize the information repeatedly across different industries and customers.
That creates a less capital-intensive revenue opportunity after the satellites are already operating.
What to watch:
Watch recurring contract value, government demand, backlog, satellite replacement costs, margins, and cash generation.
The Takeaway: Buy this if you want the clearest recurring-revenue space model rather than another launch or manufacturing bet.
The risk is that customer growth and margins fail to scale fast enough to justify continued constellation investment.
Elite Trade Club Insider
A CEO Sold $2.4 Million After an Earnings Pop. Another Insider Put $256 Million Behind a Complex Trade.
One company just delivered stronger sales, raised parts of its outlook, and watched its stock jump into the weekend. Its CEO responded by selling more than 200,000 shares across three sessions.
The other filing is dramatically larger: 2 million shares worth nearly $256 million. But this is not a conventional open-market dump. The structure gives the seller cash exposure today while leaving open the possibility that he ultimately keeps the shares.
You’re reading the free version. Here’s what we held back.
Every day, insiders and institutions move millions before the market catches on. We surface the data behind those moves before the rest of the market sees it.
A subscription gets you:
The insider buys, options bets, and dark pool moves the free edition can't show you. Unlocked every weekday.
A Sunday Deep Dive that tells you where to look before Monday's bell rings.
The Friday Smart Money Brief: who bought, who sold, where the big options bets landed, and where institutions are hiding volume. Three data layers. One email.
A Monthly Insider Scorecard so you always know whether smart money is buying or selling the market.
Every past Insider edition, unlocked, on elitetrade.club. Go back and see what you missed.
$25/mo or $250/yr. 30-day money back guarantee. Cancel anytime. Founding member pricing: lock in $25/mo before we raise it.
You Read This Far. Here's Where the Real Work Lives.
We run three live portfolios on Autopilot, and everything about them is public: every position, every allocation, every trade, visible the moment it happens.
We keep our own money in each one, because analysis you won't fund yourself is just content.
THE UNBREAKABLE STACK
Our growth book: durable software and cybersecurity names built to compound quietly for years.
THE HORMUZ PREMIUM
Our energy thesis: built for how that sector actually pays, over quarters, not headlines.
THE SQUEEZE
The defensive sleeve: staples and steady compounders, boring on purpose, built for the nights you'd rather sleep than watch futures.
And here's the part that makes it effortless: Autopilot does the trading for you. Connect the brokerage you already use (Robinhood, Schwab, Fidelity, and more) and every move we make gets mirrored in your own account automatically.
Your money never leaves your brokerage. It stays in your account, under your control, and you can override any trade or disconnect anytime. Autopilot even rebalances automatically when allocations drift, and you get a notification every time something happens.
No watching tickers. No timing entries. No fat-finger mistakes at market open. You pick the portfolio, we do the work, your account follows along.
Pick the one that fits your risk level, or run all three:
Live portfolios, real positions, our own capital at stake. Your funds stay in your own brokerage account. Past performance doesn't guarantee future results.
That’s all for today. Thank you for reading. If you have any feedback, please reply to this email.
Best Regards,
— Adam Garcia
Elite Trade Club
Click here to get our daily newsletter straight to your cell for free.
P.S. Just like this newsletter, it's 100% free*, and you can stop at any time by replying STOP.
