3 Space Stocks That Could Outshine SpaceX After Its IPO

Key Points

• SpaceX shares have fallen about 11% since their June 12 IPO debut, partly due to share supply dynamics and typical post-IPO underperformance rather than a weaker space sector outlook.
• Rocket Lab, AST SpaceMobile, and Intuitive Machines each offer distinct growth strategies, from reusable rockets and satellite-to-phone connectivity to lunar infrastructure tied to NASA's Artemis program.
• All three alternative space stocks remain unprofitable with notable risks, but analysts assign them substantial upside price targets, suggesting patience and disciplined position sizing are key for investors.

It’s been about one month since SpaceX's NASDAQ: SPCX initial public offering (IPO), and the stock is down approximately 11% from its first trade on June 12. But cynics shouldn’t take a victory lap quite yet.

Some of the pullback is due to a simple, mechanical reason. There are a massive number of shares outstanding that haven’t been soaked up by institutional investors. Plus, IPOs have a track record of “underperforming” after their debut.

Taking a step back, this isn’t a repudiation of the overall space thesis. As of July 14, SpaceX's market cap is $1.85 trillion. That’s down from the $2.1 trillion market cap at its debut, but it’s a strong signal that investors expect future growth in this sector.

A better explanation for the SPCX pullback may be that some of the capital and attention that had moved away from smaller space companies is returning. Many of these companies are working with SpaceX and rely on multi-year government and telecommunications contracts. 

For investors looking for opportunities outside SPCX, here are three names to consider, along with the key objective each company aims to achieve.

Rocket Lab: More Than Just Rocket Launches

Rocket Lab NASDAQ: RKLB investors are quick to note that the company’s business model relies on more than rocket launches. That shows up in the company’s topline, where Space Services is now the company’s largest revenue contributor. This high-margin business will be good for the company’s bottom line and got a boost from its $8 billion acquisition of Iridium Communications.

However, as of the company’s Q1 2026 earnings report, Rocket Lab is not profitable on a GAAP or non-GAAP basis. That’s a key reason RKLB is down approximately 21% over the 30 days ending July 13, despite being added to the NASDAQ-100 index.

The company needs a catalyst, and that’s likely to come from the launch business. Rocket Lab is scheduled to launch its Neutron reusable rocket in late 2026. The medium-lift rocket will allow Rocket Lab to compete with SpaceX for larger payloads and constellation contracts. To that end, Rocket Lab has already signed contracts for five dedicated Neutron missions alongside 31 new Electron and HASTE bookings.

The largest concern is valuation. Even after the pullback, RKLB trades around 72x sales. A company like Rocket Lab will command a higher multiple, and analysts give the stock a consensus price target of $111.88, an upside of over 38% from its price on July 14. Execution risks exist, but the upside shouldn’t be dismissed.

AST SpaceMobile: A Long Game That's Starting to Pay Off

AST SpaceMobile NASDAQ: ASTS is developing a space-based cellular broadband network designed to connect standard mobile phones and other devices directly to satellites. It’s the definition of playing the long game, but so far, it’s paying off.

In its Q1 2026 earnings report, the company said it was on track to achieve its full-year revenue guidance between $150 million and $200 million.

This is driven by mobile network partners with Verizon Communications NYSE: VZ and AT&T NYSE: T, as well as the U.S. Government. AST SpaceMobile is targeting roughly 45 BlueBird satellites to be in orbit by year-end.

Analysts are forecasting even stronger revenue growth over the next two years, with the company expected to turn a profit in 2028. 

But at the moment, investors have to account for the company’s significant cash burn. That doesn’t make ASTS uninvestable, but it also means that volatility should be expected.

Intuitive Machines: The Space Stock With the Clearest Path to Profits

The common denominator for space companies, including SpaceX, is that they are not yet profitable. However, Intuitive Machines NASDAQ: LUNR may have the clearest line of sight to profitability.

In the company’s Q1 2026 earnings report, it guided to approximately $1 billion in full-year 2026 revenue and ended the quarter with a backlog of around $1.1 billion. NASA is the company’s key customer as Intuitive Machines is aligned with the Artemis program. That will take the company’s revenue pipeline into the next decade.

That said, among the three companies on this list, Intuitive Machines may pose the greatest operational risk. Lunar missions are often delayed, and the stock prices of companies linked to those delays can be affected. But after a pullback of approximately 35% in the three months ending July 13, investors will find it difficult to ignore the analysts who give LUNR a consensus price target of $31.50, a 105% gain.

Time Works for Patient Investors

Many retail investors rushed into the space sector, believing these stocks were going to the moon. That’s not an incorrect assumption, but the timing will be choppy. There will be some failures along the way, and this is a capital-intensive business with many companies, including SpaceX, that are not yet profitable.

All of which means that timing and position size are critical. Committing capital across market cycles, rather than trying to time tops and bottoms, is likely to be a winning strategy. The space economy is real and growing. But it will still require patience.