3 Satellite Stocks To Check Out Before SpaceX's IPO

Key Points

• With a rumored $1.75 trillion valuation, the anticipated SpaceX IPO could be transformative for the entire space and satellite industry.
• Satellite companies like BlackSky and Viasat, which provide geospatial intelligence and broadband or wireless services, respectively, have seen backlogs soar.
• Redwire may present a value prospect for investors banking on an increase in satellite infrastructure demand.

Elon Musk's SpaceX IPO, anticipated sometime this year, could be the biggest of all time based on a rumored valuation of $1.75 trillion—and savvy investors might want to start thinking about how other space stocks could be swept up for the ride. A number of companies in the burgeoning satellite industry may be primed for movement as the massive SpaceX event approaches, but more importantly, some of these firms have compelling investment theses all on their own.

Three stellar names that are not SpaceX include BlackSky Technology Inc. NYSE: BKSY, Viasat Inc. NASDAQ: VSAT, and Redwire Corp. NYSE: RDW. Not only do these companies stand to gain extra investor attention in the lead-up to the SpaceX IPO, but some or all of them may play a pivotal role in the ongoing Iran war or other geopolitical events in the near-term as well.

BlackSky's Technological Advantage Needs Continued Support From Growing Fundamentals

BlackSky operates a constellation of satellites used for geospatial intelligence and similar services. Although it is a pre-profit company with some inconsistency in its revenue growth (in the last quarter, revenue of $35.2 million missed analyst predictions by close to $2 million), it ended 2025 with a massive $345-million backlog and $240 million in contract bookings, indicating very strong customer interest.

This company's key advantage is its ability to offer satellite imagery in real time, a feat that many other competitors cannot match at this point. The benefits of this feature span everything from defense applications to weather services, disaster management, and more.

What investors should watch in 2026 is whether BlackSky can successfully convert its backlog and growing customer interest into realized sales. This will likely hinge on its ability to continue to deploy and scale its latest Gen-3 satellite systems.

Growing margin, continuing to firm up cash position, and minimizing capital expenditures will also be crucial. With a price-to-sales (P/S) ratio of 8.11, BlackSky may not have much room for missteps in these areas, but analysts remain confident based on a Moderate Buy rating and expectations of 25% in upside.

Return to Profitability as Viasat Prepares for Major New Satellite Launches

Broadband and wireless communications provider Viasat has already seen shares climb by about 25% year-to-date (YTD) after strong indications of improving fundamentals in its earnings report for Q3 fiscal 2026, the period ended Dec. 31, 2025.

After a $158-million loss in the prior-year quarter, the company swung back to profit with net income of $25 million and also noted positive free cash flow. On top of that, backlog climbed by 12% year-over-year (YOY) to nearly $4 billion.

Like BlackSky, Viasat is also banking on strong execution of a new generation of satellites—the ultra-high-capacity ViaSat-3—to continue to boost these fundamentals through the rest of the year and beyond.

Growing interest from the government, reflected in multi-year contracts, should provide stable, recurring revenue. The launch of the ViaSat-3 program should help to further increase the company's appeal to government clients as well as customers in the aviation and maritime industries.

There may be somewhat less room for near-term upside compared to BKSY, but VSAT still enjoys support from analysts overall with a Moderate Buy rating.

Potential Value Deal on a Satellite Infrastructure Firm

Redwire is a different type of satellite company from the others above—this firm is a space infrastructure that designs, services, and builds spaceflight and satellite hardware and software. Shares have remained roughly flat YTD amid a low gross margin for the latest quarter and wider-than-expected net losses. However, Redwire's backlog reached a record of more than $411 million with accelerating bookings toward the end of 2025, and management has predicted 2026 revenue between $450 million and $500 million, for about 42% YOY improvement at the midpoint.

With a P/S ratio of 4.52, Redwire is fairly attractively valued given its prospects for the quarters to come. Defense and space contracts are likely to continue to fuel growth in the remainder of this year, but the bigger question for this company may be profitability and whether it can successfully boost its margins.

Like the companies above, analysts are generally bullish on RDW shares, rating them a Moderate Buy overall. The consensus price target across Wall Street is nearly $14, which indicates strong upside potential of about 80%. 

Investors anticipating a boost in interest in Redwire as the SpaceX IPO approaches might find the company to be competitively valued after its latest dip.