Commercial space is moving from prestige projects to a major industry, and investors are now treating it that way. The article points to NASA’s successful April mission, Artemis 2, which flew around the Moon and carried astronauts beyond Earth orbit for the first time since Apollo ended in 1972, as well as SpaceX’s recent public offering at a valuation of more than $1 trillion. That IPO, the piece says, made Elon Musk the world’s first trillionaire and underscored that space is now a powerful capital market theme.
According to KeyBanc analyst Michael Leshock, NASA’s large budgets and surging demand for satellites are creating an ideal backdrop for commercial space companies. He says SpaceX has proved that control of access to space can make a company dominant, and he identifies Rocket Lab and Firefly Aerospace as two names with strong buy ratings on Wall Street.
Rocket Lab, founded about 20 years ago, launches small satellites into low Earth orbit and is developing its larger Neutron rocket to challenge SpaceX. Its Electron rocket has completed 88 launches, and Rocket Lab is second only to SpaceX in total private launches. In the first quarter of 2026, revenue jumped 63% to $200.3 million, while its backlog reached $2.2 billion, including contracts with the U.S. military and Anduril. KeyBanc kept an overweight rating and set a $135 target, about 29% above the current price, after the stock had already risen nearly 300% over the past year.
Firefly Aerospace, founded in 2017, became the first commercial company to land a probe on the Moon last year and says it is the only firm able to launch a satellite on 24 hours’ notice using its Alpha rocket. It is also developing the medium-lift Eclipse rocket, expected next year. First-quarter 2026 revenue rose 45% to $80.9 million, beating forecasts, and the company recently won a $75 million NASA contract to deliver rovers to the Moon’s south pole. Leshock set a $50 target, implying 61% upside, and says Firefly’s Moon exposure could create significant long-term upside as deliveries continue.
