NEW YORK, June 29, 2026, 16:58 EDT
- Rocket Lab NASDAQ:RKLB said it will acquire Iridium NASDAQ:IRDM in a deal valued near $8 billion, adding a profitable satellite network to its launch portfolio.
- Space Exploration Technologies Corp. NASDAQ:SPCX kept holding down the sector price after its record IPO and news it will join the Nasdaq-100 on July 7.
- For June so far, the trade is focused on a basic question for investors: what is the actual backlog, spectrum, cash, and subscriber revenue under each market cap?
Space and satellite stocks faced a tougher test this Monday than the SpaceX-driven rally that kicked off June, as investors started to focus on networks and contracts over just launch schedules. Rocket Lab Corporation NASDAQ:RKLB said it will buy Iridium Communications Inc. NASDAQ:IRDM in a deal valued at about $8 billion. The deal brings Rocket Lab access to L-band spectrum, over 2.55 million subscribers and $495 million in 2025 operational EBITDA to fold into its launch and spacecraft operations.
Monday’s rally didn’t look like a clean sweep for space stocks. Rocket Lab ended up 15.9% at $98.01. Iridium climbed 25.4% to $54.59. AST SpaceMobile Inc. NASDAQ:ASTS jumped 21.3% to $86.77. Planet Labs PBC NYSE:PL added 15.5% at $31.28. Viasat Inc. NASDAQ:VSAT closed up 23.8% at $76.69. SpaceX, which listed this month, finished the day up 7.0% at $164.19.
| Stock | Latest price | One-day move | Market value | Investor read |
|---|---|---|---|---|
| Space Exploration Technologies Corp. NASDAQ:SPCX | $164.19 | +7.0% | n/a | Stock runs as funds buy after IPO |
| Rocket Lab Corporation NASDAQ:RKLB | $98.01 | +15.9% | $59.3 bln | Iridium tie-up brings in new network revenue |
| Iridium Communications Inc. NASDAQ:IRDM | $54.59 | +25.4% | $5.8 bln | Deal goes through near $54 per share |
| AST SpaceMobile Inc. NASDAQ:ASTS | $86.77 | +21.3% | $25.2 bln | Direct handset connection plans |
| Planet Labs PBC NYSE:PL | $31.28 | +15.5% | $10.8 bln | Orders build up, demand for defense satellite data |
| Viasat Inc. NASDAQ:VSAT | $76.69 | +23.8% | $10.8 bln | Testing satellite broadband service |
| Redwire Corp. NYSE:RDW | $11.69 | +7.1% | $2.3 bln | Supplying equipment for space missions |
| Intuitive Machines Inc. NASDAQ:LUNR | $20.97 | +5.9% | $3.1 bln | Moon logistics focus |
Prices and market caps are from the regular session on June 29.
Investors may be watching the gap between reported revenue and market value more than short-term moves. Rocket Lab posted $200.3 million in revenue for the first quarter, up 63.5% from last year, and showed a $2.2 billion backlog. Planet reported $94.2 million in quarterly revenue, with backlog above $906 million. AST SpaceMobile held $3.5 billion in cash and equivalents but says 2026 revenue could come in at $150 million to $200 million, still below 1% of its market cap.
| Company | Metric investors can audit | Value | Ratio to market value or deal value |
|---|---|---|---|
| Rocket Lab Corporation NASDAQ:RKLB | Backlog | $2.2 bln | 3.7% of $59.3 bln market value |
| Planet Labs PBC NYSE:PL | Backlog | over $906 mln | around 8.4% of $10.8 bln market value |
| AST SpaceMobile Inc. NASDAQ:ASTS | 2026 revenue estimate | $150 mln-$200 mln | roughly 0.6%-0.8% of $25.2 bln market value |
| AST SpaceMobile Inc. NASDAQ:ASTS | Cash and equivalents including restricted | about $3.5 bln | about 13.9% of market value |
| Iridium Communications Inc. NASDAQ:IRDM | 2025 EBITDA guidance | $495 mln | about 6.2% of $8 bln deal enterprise value |
Rocket Lab CEO Peter Beck told Reuters that Iridium gives the acquirer “a very profitable business” and crucial “spectrum.” Caelus Partners president Micah Walter Range said the deal gives Rocket Lab an “initial customer base and distribution network.” The investor pitch is clear: Rocket Lab is buying a space business that already invoices customers monthly. Reuters
Valuation is the other issue. Rocket Lab reports a $2.2 billion backlog, which is less than 4% of its market cap as of June 29. The company has put out Q2 revenue guidance of $225 million to $240 million with an adjusted EBITDA loss between $20 million and $26 million. Investors are pricing in Neutron, bigger spacecraft, and a services layer that hasn’t shown up in financials yet.
Planet reported remaining performance obligations at $816 million, and backlog above $906 million, with 99% of annual contract value recurring. CFO Ashley Johnson put first-quarter revenue at a record $94.2 million, calling the backlog a source of “visibility and predictability.” Shares still change hands at roughly 12 times that backlog on market value at Monday’s close. Business Wire
AST SpaceMobile is still the cleaner pure play on capacity. The company launched BlueBird 8, 9 and 10 satellites on June 17, with its next batch, BlueBirds 11 to 13, expected to go up in the first half of August. The company is touting nearly 60 mobile network operator partnerships, reaching over 3 billion users. But its revenue outlook for 2026 is still small next to a $25.2 billion equity value. CEO Abel Avellan called this stacked BlueBird launch “just the beginning.” Business Wire
SpaceX set a new bar, pricing the biggest U.S. IPO ever at $135 per share. The offering raised $75 billion, putting its value at $1.77 trillion. Reuters said the shares jumped out of the gate, while some other space stocks fell as investors moved cash into SpaceX. Talley Léger, chief market strategist at The Wealth Consulting Group, called this “capital recycling.” Internazionale
Passive funds are the next forced buyers. Nasdaq said SpaceX will join the Nasdaq-100 on July 7. JPMorgan put passive inflows tied to the move at $4.3 billion, according to Reuters. “We think the stock is overvalued,” Morningstar strategist Michael Field told Reuters. That warning now hangs over smaller space stocks too. The higher the rally goes in June, the more the group has to show its spectrum, satellites and contract wins can hold up the prices. Reuters
