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Space & Defense 2026 – SIDU, ASTS, LUNR, ONDS, PL nel nuovo contesto USA–Cina–Russia

Space & Defense 2026 – Five Small Caps in the New U.S.–China–Russia Power Game

SIDU, ASTS, LUNR, ONDS and PL are not just “hot tickers”. Their satellites, landers, drones and imaging constellations are becoming building blocks of a Western answer to China’s dual-use space programs, Russia’s drone war and a world where infrastructure and data are contested every single day.

Editorial / educational content only. No investment recommendation or trading signal.

Global context – why this topic is not “sci-fi” anymore

Over the last decade, space and drones have moved from the margins of defence to the center of the board. The war in Ukraine, the Red Sea crisis, missile tests in Asia and escalating tension in the South China Sea have all shown the same thing: whoever controls or can deny access to data, connectivity and low-cost aerial threats gains leverage far beyond their GDP or troop numbers.

China is reshaping the map with commercial-looking but deeply dual-use constellations and a lunar base project that rivals Artemis. Russia has shown that it is willing to blow up old satellites, jam GNSS, hack commercial satcom links and saturate cities with cheap drones. Europe is scrambling to catch up with sovereign constellations like IRIS², while Israel quietly deploys laser weapons and layered counter-UAS architectures that everyone else is now trying to copy.

The five small caps covered here sit right in the middle of that storm: they do not define national strategy on their own, but their technologies are exactly what bigger players need to plug the gaps.

China & Russia: lunar base, mega-constellations and ASAT

  • Jilin-1 and Chinese imaging. Jilin-1 is China’s flagship commercial imaging system, already with well over a hundred satellites in orbit and plans for hundreds more. It mixes video, high-res optical, wide swath and infrared sensors – perfect for tracking fleets, bases, logistics corridors and anything that moves on land or sea.
  • ILRS – the China–Russia International Lunar Research Station. Beijing and Moscow are building a parallel ecosystem to Artemis: a long-term lunar base at the south pole, with phases running into the 2030s, and explicit plans for nuclear power and large-scale infrastructure. Officially “scientific”, in practice it will host comms, navigation and observation payloads in cislunar space.
  • Anti-satellite and co-orbital threats. Russia has already tested direct-ascent ASAT weapons and deployed “inspector” satellites that approach Western assets; both Russia and China are investing in electronic warfare and cyberattacks against satcom, as seen in the early days of the Ukraine war.

Europe, Israel and other Western responses

  • IRIS² and 5G-from-space. The EU’s IRIS² constellation aims to give Europe sovereign secure satcom, combining LEO, MEO and GEO and building on trials like Eutelsat/OneWeb’s 5G NTN tests. At the same time, national governments are signing interim deals with Starlink or studying their own LEO systems – a sign of both urgency and fragmentation.
  • Israeli layered counter-drone defence. Israel has deployed systems like Rafael’s Drone Dome, Elbit’s ReDrone and now high-energy lasers such as Iron Beam, creating a multi-layered shield against rockets, mortars and UAVs. These systems, battle-tested in dense threat environments, are becoming reference points for NATO and EU “drone wall” discussions.
  • New Western peers. On the imaging side, Maxar’s WorldView Legion and Finland’s ICEYE SAR constellations give NATO-grade optical and radar coverage; on the telecom side, Lynk Global and Sateliot are pushing direct-to-device and 5G IoT from orbit; for counter-UAS, Anduril, Rheinmetall and Hensoldt provide interceptors, modular SHORAD and sensor fusion systems.

How the five small caps fit into this landscape

In this ecosystem, our five focus names map roughly like this:

  • SIDU – small intelligent satellites and on-orbit AI: the “brains” that help Western space architectures react faster to threats and anomalies.
  • ASTS – direct-to-cell connectivity: a potential backup network when ground infrastructure is down, and a sovereignty play for Europe and other allies.
  • LUNR – lunar and cislunar infrastructure: one of the commercial entry points into the Artemis ecosystem that competes, in practice, with ILRS.
  • ONDS – drones and counter-UAS: the “dirty work” of defending ports, railways and bases against cheap aerial threats.
  • PL – global imaging and analytics: the Western commercial analogue to systems like Jilin-1, feeding both defence and open-source intelligence.
Tags: space, defence, dual-use, small caps, U.S.–China–Russia, EU, Israel

SIDU – Sidus Space: small “brains in orbit” for Western early-warning

Space-as-a-Service, LizzieSat® smallsats and FeatherEdge™ AI compute nodes
SPACE DEFENCE AI / DATA

In your dedicated report, Sidus Space is framed as a micro-cap “space-as-a-service” story built around its LizzieSat® smallsat bus and FeatherEdge™/Orlaith edge-computing modules. The company wants to be more than a bus builder: the pitch is to deliver end-to-end services where customers buy answers (detections, alerts, insight) instead of raw imagery.

Operational use in today’s world

  • Protection of critical infrastructure. After Nord Stream and repeated incidents around subsea cables and pipelines, NATO and EU planners want dedicated constellations that stare at “boring but vital” assets – gas lines, ports, LNG terminals, rail choke points. A LizzieSat® layer with IR/optical payloads and on-board AI can automatically flag unusual ship tracks, heat blooms or patterns that may suggest sabotage, without sending terabytes of data to the ground.
  • Space domain awareness and missile defence. The same AI compute units can fuse radar, optical and RF data to detect potential ASAT manoeuvres, co-orbital inspectors or unusual launches. In a world where Russia tests ASATs and China expands its presence into cislunar space, “smart” smallsats can become early-warning nodes that complement larger, more expensive platforms.
  • Support for multi-domain ops. By acting as low-latency relay and sensor nodes, LizzieSat® units can link ground forces, drones, ships and other satellites. In practice, that means integrating with systems like ONDS’ drone and counter-UAS networks or maritime surveillance platforms.
The strategic value is not in one single satellite, but in a swarm of cheap, reconfigurable nodes that can be retasked quickly as threats evolve.

Images / product links

Peer & competitors

Western peers: Terran Orbital, Spire, Satellogic and Loft Orbital are all building smallsat platforms and in-orbit services; Maxar’s WorldView Legion and ICEYE’s SAR fleets provide higher-end imaging but with less focus on small AI nodes.

Chinese counterparts: firms like Chang Guang Satellite Technology (Jilin-1) and Spacety are deploying their own smallsat constellations with imaging and RF payloads, giving Beijing similar “commercial-looking” tools for strategic surveillance.

Related Merlintrader articles

Key risks: intense competition in smallsats and NewSpace, execution risk on multi-mission LizzieSat® roadmap, need to convert tech demos into recurring defence and infrastructure contracts instead of one-off missions.

ASTS – AST SpaceMobile: orbital backup network for crises and sovereignty

Direct-to-Cell, BlueWalker / BlueBird and the “always-on” layer above fragile ground networks
SPACE TELECOM

AST SpaceMobile wants to move the cellular tower into orbit. Its BlueWalker 3 demonstrator and future BlueBird satellites use huge phased-array antennas to talk directly to ordinary 4G/5G phones on licensed spectrum. The ambition is simple: when the ground network stops, the phone should still work.

Geopolitical use cases

  • Ukraine-style and Red Sea-style crises. In a war or large-scale hybrid attack, fibre cuts, tower strikes and cyberattacks can switch off entire regions. A direct-to-cell layer lets civil defence, armed forces and civilians keep basic connectivity (voice, messaging, low-bitrate data) even if every mast in the region is down.
  • European sovereignty dilemma. Europe is working on IRIS² and national secure constellations, but these will not be fully ready before the 2030s. Meanwhile, governments rely on Starlink and other foreign providers for sensitive communications. A D2D system with operations centers on European soil – whether via ASTS, Lynk, Sateliot or a consortium – is part of a bigger push to avoid over-dependence on any single U.S. or Chinese platform.
  • Commercial + strategic dual role. In peacetime, ASTS can sell coverage to mobile operators for rural, maritime and off-grid users. In crises, the same network becomes a strategic asset: a reserve communications layer that can be activated by governments and operators for emergency use.
Direct-to-Cell is turning into a three-way race: big players like SpaceX/T-Mobile, “pure” D2D providers like ASTS and Lynk, and regional IoT-focused constellations like Sateliot.

Images / product links

Peer & competitors

U.S. & allied peers: – Lynk Global, already testing D2D voice and SMS with operators in Türkiye, South Africa and others. – Starlink / T-Mobile “T-Satellite”, enabling satellite messaging and selected apps on regular phones in dead zones. – Sateliot, a Spanish 5G NB-IoT constellation focusing on IoT and backed by EU funding, positioning itself as sovereign European IoT connectivity.

Chinese counterparts: – GalaxySpace, which has already demoed mobile-to-satellite 5G broadband between Beijing and Bangkok, and could evolve into a Chinese D2D solution tightly integrated with local operators.

Related Merlintrader articles

Key risks: technical and regulatory complexity (3GPP, interference, spectrum), massive capital needs, competition from Starlink+telcos and Lynk/Sateliot; public controversy on sky pollution and astronomy that could result in regulatory pressure.

LUNR – Intuitive Machines: Moon and cislunar space as the next strategic high ground

Nova-C landers, CLPS, Artemis vs ILRS and long-term cislunar infrastructure
SPACE / MOON

Intuitive Machines is one of the commercial pillars of NASA’s CLPS program. Through Nova-C landers (“Odysseus” and follow-ups) and the acquisition of legacy Maxar Space Systems capabilities, LUNR wants to become a full-fledged “space prime”: landers, spacecraft buses and mission services for both civil and national security customers.

Strategic meaning of the Moon today

  • Artemis vs ILRS: two ecosystems, two “clubs”. Artemis and CLPS create a U.S.-led ecosystem where companies like LUNR, Astrobotic and Firefly build landers and surface infrastructure. ILRS – driven by China and Russia – aims to build a rival base at the lunar south pole, with nuclear power and a coalition of partners outside the Artemis Accords. The competition is about who sets norms, owns infrastructure and controls the most valuable sites.
  • Cislunar as resilience and vantage point. Long-term, cislunar space can host relay satellites, navigation beacons and sensors that are physically separated from crowded LEO. If low orbits ever become unusable due to debris or ASAT activity, cislunar assets could provide a “higher” layer of comms and space domain awareness.
  • Science, industry and defence converging. CLPS missions carry scientific payloads, commercial experiments (materials, telecom, in-situ resource utilisation) and early infrastructure elements. The line between “science mission” and “proof of concept for future military-relevant infrastructure” is getting thin.

Images / product links

Peer & competitors

U.S. & allied peers: – Astrobotic (another major CLPS lander provider). – Firefly Aerospace and others developing landers and cislunar stages. – ispace (Japan) with commercial landing ambitions and potential dual-use aspects.

Chinese / Russian counterparts: – CNSA’s Chang’e missions and ILRS roadmap with Russia, including plans for a nuclear-powered base at the south pole. – Russian Luna missions that, although delayed, remain part of the ILRS reconnaissance and infrastructure plan.

Related Merlintrader articles

Key risks: extreme technical risk (lunar landing), dependence on Artemis budgets and U.S. political cycles, emerging competition from ILRS and other CLPS providers, and the possibility that cislunar infrastructure takes longer than expected to generate strong revenue.

ONDS – Ondas Holdings: drones, counter-UAS and hybrid war on the ground

From niche wireless to a multi-domain defence-tech platform
DEFENCE / DRONES

In your coverage, Ondas is the “case study of transformation”: through acquisitions like American Robotics, Airobotics and Iron Drone, the company has turned into a focused defence-tech provider with two key arms: Ondas Autonomous Systems (drones, ground robots, counter-UAS) and Ondas Networks (private secure networks for rail, energy, ports and utilities).

Real-world use in the drone war era

  • Ukrainian lessons applied to NATO. The daily barrage of Shahed-type drones, FPV swarms and improvised UAVs over Ukraine has forced all militaries to take low-cost drone defence seriously. Persistent patrol drones, automated interceptors and sensor-fused command centers are now seen as essential assets around ammo depots, power plants and logistics hubs – exactly the type of deployments Ondas pitches for its autonomous systems.
  • Critical infrastructure protection. Ports, LNG terminals, refineries, cross-border bridges and rail nodes are attractive targets for both state and non-state actors. A combined solution of fixed sensors, roaming drones, ground robots and private networks allows for 24/7 surveillance and rapid response, without relying solely on high-end, high-cost air defence.
  • Export to “frontline” and partner states. NATO’s eastern members and key Middle Eastern partners want affordable, modular counter-UAS systems they can deploy quickly and upgrade every year. Ondas is one of several defence-tech players trying to fill that niche below the giants.
The strategic logic is to build a “drone firewall” around the most valuable assets – something Europe is now trying to scale into a continental “drone wall” concept.

Images / product links

Peer & competitors

Israeli leaders: – Rafael Drone Dome (radar, EO, jamming and hard-kill interceptors). – Elbit ReDrone, modular C-UAS for borders, airports and bases. – Iron Beam, a high-energy laser already deployed for short-range defence against rockets and UAVs.

European & U.S. peers: – HENSOLDT Xpeller / Elysion, modular counter-UAS sensors and effectors used at airports and events. – Rheinmetall Skynex and “drone defence toolbox”, SHORAD systems explicitly tailored to drone threats, now entering service in Italy and being marketed across Europe. – Anduril (U.S.), with systems like Roadrunner-M – a reusable interceptor UAV integrated into naval and land-based counter-UAS architectures.

Related Merlintrader articles

Key risks: heavy reliance on defence/infrastructure budgets, need to integrate multiple acquisitions smoothly, competition from both legacy primes and fast-moving start-ups in niches like counter-UAS, electronic warfare and drone swarms.

PL – Planet Labs: Western answer to Chinese mega-constellations like Jilin-1

PlanetScope, SkySat, Pelican and the race to “see everything, all the time”
IMAGING DATA / INTELLIGENCE

In your deep dive, Planet is clearly positioned as a data infrastructure company rather than just “pretty satellite pictures”: global daily-ish coverage from PlanetScope/SuperDove, high-res tasking from SkySat and Pelican, and analytic products that sit on top for defence, intelligence, ESG and risk.

Role in the global intelligence picture

  • Mirror to Jilin-1 and other Chinese constellations. China’s Jilin-1 and Gaofen series provide high-resolution optical and radar data with fast revisit, clearly useful for military and strategic analysis. Planet is the commercial counterpart on the Western side: a “good enough + very fast” imaging grid that can support everything from traffic analysis to monitoring Russian troop movements or naval build-ups.
  • Sanctions enforcement and shadow fleet tracking. With oil and commodity sanctions, tracking tankers that switch off AIS, change flags and perform ship-to-ship transfers in remote waters has become a core use case. Planet imagery is already widely used in OSINT and investigative work to expose such patterns.
  • Support to European and Nordic sovereign capabilities. While Planet is a U.S. company, allies like Finland are building their own SAR constellations (ICEYE) to complement optical data and establish sovereign space-based ISR. In practice, defence customers often blend Planet, ICEYE and national assets into one analytic stack.

Images / product links

Peer & competitors

Western peers: – Maxar (WorldView Legion), providing 30 cm-class electro-optical imagery with very high revisit over key areas, heavily used by the U.S. defence community. – ICEYE, Finnish SAR constellation with 25 cm resolution and sovereign satellites for Nordic and NATO customers. – Capella Space, a U.S. SAR smallsat constellation with high-resolution radar data and growing defence client base.

Chinese counterparts: – Jilin-1 and other Chinese EO/SAR constellations, giving Beijing an increasingly rich commercial + strategic imaging portfolio.

Related Merlintrader articles

Key risks: emerging competition from both Western and Chinese constellations, risk that basic imagery becomes commoditised and margins shift to analytics, dependence on government and defence budgets for the most strategic part of the business.

This report is meant as a long-form mental map of the emerging Space & Defense stack being built around SIDU, ASTS, LUNR, ONDS and PL – seen through the lens of U.S.–China–Russia competition and the parallel efforts in Europe and Israel. For deep, ticker-level work, each section links back to the full Merlintrader reports.

For biotech-only catalyst coverage (PDUFA dates, trial readouts, etc.) you can always go back to the Biotech Catalyst Calendar .

Space & Defense 2026 – Cinque small cap nella nuova partita di potere USA–Cina–Russia

SIDU, ASTS, LUNR, ONDS e PL non sono solo “titoli caldi”. Satelliti, lander, droni e costellazioni di imaging stanno diventando pezzi della risposta occidentale ai programmi spaziali dual-use cinesi, alla guerra dei droni russa e a un mondo in cui infrastrutture e dati sono bersagli quotidiani.

Contenuto editoriale e didattico. Non costituisce raccomandazione di acquisto o vendita di titoli.

Contesto mondiale – perché non è più fantascienza

Nell’ultimo decennio spazio e droni sono passati dalla periferia al centro della difesa. La guerra in Ucraina, la crisi nel Mar Rosso, i test missilistici in Asia e le tensioni crescenti nel Mar Cinese Meridionale raccontano la stessa storia: chi controlla (o nega) accesso a dati, connettività e minacce aeree a basso costo guadagna leve di potere sproporzionate rispetto al PIL o al numero di soldati.

La Cina sta ridisegnando la mappa con costellazioni commerciali solo in apparenza e un progetto di stazione lunare che fa da contraltare ad Artemis. La Russia ha dimostrato di poter distruggere satelliti, disturbare GNSS, bucare reti satcom e saturare intere città con droni economici. L’UE insegue con programmi come IRIS² e un mosaico di iniziative nazionali, mentre Israele ha già messo in campo sistemi anti-drone e laser operativi che tutti gli altri ora vogliono copiare.

Le cinque small cap di questo report si inseriscono esattamente qui: non decidono la strategia di un Paese da sole, ma forniscono tasselli tecnologici di cui i grandi programmi hanno bisogno per chiudere i buchi.

Cina & Russia: base lunare, mega-costellazioni e ASAT

  • Jilin-1 e le costellazioni di imaging cinesi. Jilin-1 è la punta di diamante commerciale: oltre cento satelliti in orbita e obiettivi di crescita a diverse centinaia di unità, con sensori ottici, video e IR ad alta risoluzione. Ufficialmente per agricoltura e smart city, in pratica ideale per seguire flotte, basi, corridoi logistici.
  • ILRS – International Lunar Research Station. Cina e Russia stanno costruendo una base lunare al polo sud, con fasi di sviluppo fino agli anni ’30 e l’idea di usare anche energia nucleare. È un progetto parallelo ad Artemis, pensato per ospitare ricerca ma anche comunicazioni, navigazione e sensori in spazio cislunare.
  • Minaccia ASAT e co-orbitale. Mosca ha testato armi anti-satellite a impatto diretto e lanciato satelliti “ispettori” che si avvicinano agli asset occidentali; sia Cina sia Russia investono massicciamente in guerra elettronica e cyber contro le reti satellitari, come visto a inizio conflitto in Ucraina.

Europa, Israele e le risposte occidentali

  • IRIS² e 5G dallo spazio. L’UE sta costruendo IRIS², una costellazione multi-orbita per comunicazioni sicure e connettività remota, mentre operatori come Eutelsat/OneWeb testano 5G NTN. Nel frattempo diversi governi si appoggiano a Starlink o studiano sistemi nazionali LEO, segno sia di urgenza sia di frammentazione.
  • Difesa anti-drone israeliana. Sistemi come Drone Dome di Rafael, ReDrone di Elbit e il laser Iron Beam costituiscono una difesa stratificata contro razzi, mortai e UAV, ora considerata modello per i futuri “drone wall” europei.
  • Nuovi player occidentali. Maxar con WorldView Legion e ICEYE con la sua costellazione SAR forniscono immagini di qualità militare; Lynk Global e Sateliot spingono sul direct-to-device e sul 5G IoT dallo spazio; Anduril, Hensoldt e Rheinmetall costruiscono architetture short-range anti-drone sempre più integrate.

Dove si inseriscono SIDU, ASTS, LUNR, ONDS e PL

In questa infrastruttura in costruzione, le nostre cinque small cap coprono ruoli distinti ma complementari:

  • SIDU – i “cervelli in orbita”, piccoli satelliti con AI che filtrano e interpretano i dati prima che arrivino a terra.
  • ASTS – la rete cellulare orbitale di backup quando la rete a terra va giù, ma anche un tassello potenziale di sovranità europea.
  • LUNR – uno degli ingressi commerciali all’ecosistema Artemis, concorrente diretto, nei fatti, del progetto ILRS sino-russo.
  • ONDS – il lavoro sporco della difesa: proteggere porti, ferrovie, centrali, basi e città da droni a basso costo.
  • PL – il “mirror occidentale” delle costellazioni di imaging cinesi, con dati usati tanto per la difesa quanto per l’OSINT pubblico.
Tag: spazio, difesa, dual-use, small caps, USA–Cina–Russia, UE, Israele

SIDU – Sidus Space: piccoli “cervelli in orbita” per l’early-warning occidentale

Space-as-a-Service, costellazione LizzieSat® e moduli FeatherEdge™ / Orlaith
SPACE DEFENCE AI / DATA

Nel report dedicato sul sito, Sidus Space è presentata come micro-cap “space-as-a-service”: piattaforma LizzieSat® come bus modulare, più moduli FeatherEdge™/Orlaith per portare AI e capacità di calcolo direttamente sui satelliti. L’idea non è solo vendere hardware, ma servizi: detection, alert, insight confezionato.

Usi operativi nel mondo reale

  • Protezione di infrastrutture critiche. Dopo Nord Stream e gli episodi su cavi e pipeline, UE e NATO vogliono costellazioni dedicate che guardino 24/7 a gasdotti, porti, terminal LNG, snodi ferroviari. Una rete di LizzieSat® con payload ottici/IR e AI a bordo può rilevare navi sospette, attività anomale o firme termiche strane, inviando a terra solo eventi e snapshot selezionati.
  • Space domain awareness e difesa antimissile. Gli stessi moduli AI possono combinare dati radar, ottici e RF per riconoscere manovre anomale di satelliti, tentativi di rendez-vous ostile, lanci sospetti. In un mondo in cui Russia e Cina lavorano su ASAT e spazio cislunare, avere piccoli nodi intelligenti sparsi in LEO è una forma di ridondanza.
  • Layer orbitale per operazioni multi-dominio. LizzieSat® può fungere da relay e sensore tra sistemi terrestri, droni, navi e altre piattaforme spaziali. In pratica è lo strato “sopra” di un eventuale stack che include soluzioni tipo ONDS sul terreno.

Link immagini / strumenti

Peer & concorrenza

Peer occidentali: Terran Orbital, Spire, Satellogic, Loft Orbital: tutti lavorano su smallsat e servizi “as-a-service”, mentre Maxar (WorldView Legion) e ICEYE coprono la fascia alta di imaging.

Controparti cinesi: Chang Guang (Jilin-1) e Spacety stanno costruendo proprie costellazioni di smallsat, con un mix di payload ottici, IR e RF che possono essere usati tanto per applicazioni commerciali quanto militari.

Articoli Merlintrader correlati

Rischi principali: concorrenza molto densa nel segmento smallsat, rischio execution sulla roadmap LizzieSat®, necessità di convertire demo tecnologiche in contratti ricorrenti con Difesa e infrastrutture critiche.

ASTS – AST SpaceMobile: rete cellulare orbitale per crisi e sovranità

Direct-to-Cell, BlueWalker / BlueBird e il “livello di emergenza” sopra le reti terrestri
SPACE TELECOM

AST SpaceMobile vuole spostare la torre cellulare in orbita. BlueWalker 3 e i futuri BlueBird sono satelliti massicci con antenne phased-array in grado di parlare direttamente con telefoni 4G/5G normali, usando spettro mobile standard. L’obiettivo è semplice: se la rete a terra smette di funzionare, il telefono deve continuare a prendere.

Usi geopolitici concreti

  • Crisi stile Ucraina / Medio Oriente. In presenza di bombardamenti su torri, tagli alla fibra, cyberattacchi ai core di rete, uno strato direct-to-cell permette a protezione civile, esercito e popolazione di mantenere una comunicazione base (voce, messaggi, dati leggeri) con gli stessi telefoni che già possiedono.
  • Dilemma di sovranità europea. L’UE vuole IRIS² e altre costellazioni nazionali, ma nel frattempo diversi Paesi dipendono da Starlink o esplorano soluzioni ibride. Un sistema D2D con centro operativo in Europa – che sia ASTS, Lynk, Sateliot o un consorzio – diventa un tassello di sovranità digitale in scenari di crisi.
  • Doppio uso commerciale/strategico. In tempo di pace, ASTS può semplicemente coprire aree rurali, rotte marittime e zone remote; in tempo di guerra, la stessa rete è il “paracadute” di comunicazione quando le torri vengono spente o distrutte.
Il direct-to-cell è una corsa a tre: SpaceX/T-Mobile, i pure player come ASTS e Lynk, e costellazioni IoT/5G come Sateliot sul lato europeo.

Link immagini / strumenti

Peer & concorrenza

Peer USA/alleati: – Lynk Global, già in test con operatori in Turchia, Sudafrica e altri Paesi. – Starlink / T-Mobile con il servizio T-Satellite, che abilita messaggi e app selezionate in modalità “satellite” quando la rete a terra manca. – Sateliot, startup spagnola con costellazione 5G NB-IoT, supportata da investitori europei e Banco Europeo degli Investimenti, orientata a IoT globale e sovranità telecom UE.

Controparti cinesi: – GalaxySpace, che ha già dimostrato collegamenti video 5G mobile-satellite tra Pechino e Bangkok, potenziale base di un future sistema D2D cinese integrato con gli operatori locali.

Articoli Merlintrader correlati

Rischi principali: complessità tecnica e normativa (3GPP, spettro, interferenze), CAPEX elevatissimo, concorrenza di Starlink+operatori e di Lynk/Sateliot; possibile pressione regolatoria per il tema inquinamento luminoso e impatto astronomico.

LUNR – Intuitive Machines: Luna e spazio cislunare come nuova “quota alta” strategica

Lander Nova-C, CLPS, Artemis contro ILRS e infrastrutture lunari
SPACE / LUNA

Intuitive Machines è uno dei perni commerciali del programma CLPS di NASA. Con i lander Nova-C (Odysseus e successivi) e l’acquisizione di asset ex Maxar Space Systems, LUNR vuole diventare uno “space prime” completo: lander, bus e servizi di missione per clienti civili e defence.

Significato strategico della Luna oggi

  • Artemis vs ILRS: due club e due ecosistemi. Artemis/CLPS orchestrano un ecosistema guidato dagli USA, dove LUNR, Astrobotic e altri costruiscono lander e infrastrutture. ILRS, guidata da Cina e Russia, punta a un polo sud lunare con base dotata di generazione nucleare e una lista crescente di Paesi partner. È una sfida di norme, accesso alle risorse e controllo di punti strategici.
  • Cislunare come livello di resilienza. In prospettiva, lo spazio cislunare può ospitare relay, beacon e sensori separati fisicamente dalle orbite basse. Se LEO dovesse diventare troppo congestionata o pericolosa per detriti e ASAT, asset in cislunare potrebbero offrire un layer di comunicazioni e sorveglianza alternativa.
  • Convergenza scienza / industria / difesa. Le missioni CLPS portano strumenti scientifici, esperimenti industriali (materiali, telecom, ISRU) e mattoni di infrastruttura. Il confine fra “missione scientifica” e “test di tecnologie potenzialmente strategiche” è sempre più sottile.

Link immagini / strumenti

Peer & concorrenza

Peer USA/alleati: Astrobotic (altro grande player CLPS), Firefly Aerospace e altri operatori di lander e stadi cislunari; ispace (Giappone) con ambizioni di landing commerciale e possibili applicazioni dual-use.

Controparti cinesi/russe: programma Chang’e e roadmap ILRS, con l’idea di una base al polo sud alimentata anche da reattori nucleari, più le missioni Luna russe inserite come tasselli della fase di ricognizione.

Articoli Merlintrader correlati

Rischi principali: rischio tecnico elevatissimo (soft landing lunare), dipendenza dai budget Artemis e dai cicli politici USA, concorrenza del blocco ILRS e degli altri fornitori CLPS, possibile slittamento dei tempi di monetizzazione dello spazio cislunare.

ONDS – Ondas Holdings: droni, counter-UAS e guerra ibrida sul terreno

Da wireless di nicchia a piattaforma defence-tech multi-dominio
DEFENCE / DRONI

Ondas nel tuo sito è il “case study” di trasformazione: con American Robotics, Airobotics, Iron Drone e altre acquisizioni è diventata una piattaforma difesa-tech focalizzata. Ondas Autonomous Systems copre droni, robotica terrestre e counter-UAS; Ondas Networks fornisce reti private sicure a ferrovie, utilities, porti ed energia.

Uso reale nell’era della guerra dei droni

  • Lezioni ucraine importate in NATO. L’uso quotidiano di droni Shahed, FPV e improvvisati da parte russa, e la risposta ucraina con intercettori e sistemi semi-artigianali, hanno cambiato le priorità. Difendere depositi, centrali e città solo con missili Patriot non è sostenibile: servono droni, radar, jammer, intercettori e software integrati – esattamente il tipo di stack a cui punta Ondas.
  • Protezione delle infrastrutture critiche. Porti, terminal LNG, centrali, snodi ferroviari, hub energetici: bersagli perfetti per droni low-cost. Un mix di sensori fissi, droni autonomi, robot terrestri e reti private a bassa latenza consente sorveglianza 24/7 e risposta rapida, senza dover usare ogni volta sistemi missilistici da milioni di dollari.
  • Export verso Stati di frontiera. Paesi NATO di frontiera (Baltici, Polonia, Romania) e alleati in Medio Oriente cercano soluzioni anti-drone modulari, scalabili, aggiornabili ogni anno: qui un player come Ondas può muoversi in modo più agile di molti prime contractor tradizionali.
L’obiettivo, in Europa, è trasformare queste capacità in una sorta di “muro di droni” – una cintura di sensori e sistemi anti-UAS lungo i confini e attorno ai nodi critici.

Link immagini / strumenti

Peer & concorrenza

Leader israeliani: Drone Dome di Rafael (radar, EO, jammer e hard-kill integrato), ReDrone di Elbit (CUAS modulare per confini, aeroporti, basi) e il laser Iron Beam – primo sistema operativo di difesa a energia diretta contro razzi, mortai e droni.

Peer europei/USA: HENSOLDT con i sistemi Xpeller/Elysion, Rheinmetall con Skynex e la “drone defence toolbox” (già venduta all’Italia), Anduril con Roadrunner-M come intercettore riutilizzabile integrato nelle architetture short-range.

Articoli Merlintrader correlati

Rischi principali: forte esposizione a budget difesa/infrastrutture, necessità di integrare più acquisizioni senza disallineamenti, concorrenza di prime contractor tradizionali e di startup ultra-verticali su singole nicchie (es. solo counter-UAS).

PL – Planet Labs: risposta occidentale alle mega-costellazioni cinesi tipo Jilin-1

PlanetScope, SkySat, Pelican e la corsa a “vedere tutto, sempre”
IMAGING DATA / INTELLIGENCE

Nel deep dive di PL, Planet viene descritta come infrastruttura dati più che come fornitore di “belle foto”: monitoraggio quasi giornaliero con PlanetScope/SuperDove, tasking ad alta risoluzione con SkySat e Pelican, prodotti analitici e AI per difesa, intelligence, ESG, assicurazioni, rischio paese e supply chain.

Ruolo nel quadro dell’intelligence globale

  • Specchio di Jilin-1 e altre costellazioni cinesi. Jilin-1 e le serie Gaofen danno a Pechino un flusso di dati ottici e radar ad alta frequenza. Planet fa qualcosa di simile per USA, Europa e alleati: un reticolato di satelliti che consente di seguire nel tempo attività militari, industriali e logistiche in quasi ogni punto del pianeta.
  • Sanzioni e shadow fleet. Con i tetti al petrolio russo e altre sanzioni, tracciare tankers che spengono AIS, cambiano bandiera o fanno trasferimenti ship-to-ship lontano da occhi indiscreti è diventato un mestiere. Le immagini Planet sono spesso alla base di analisi OSINT e inchieste sui traffici “nell’ombra”.
  • Supporto alle capacità sovrane europee. Mentre Planet fornisce una base globale “commerciale”, Paesi come Finlandia (ICEYE SAR) stanno costruendo proprie costellazioni per avere un layer di sorveglianza spaziale sotto controllo nazionale. In pratica i clienti difesa combinano Planet, ICEYE, Maxar e asset nazionali in un unico stack di analisi.

Link immagini / strumenti

Peer & concorrenza

Peer occidentali: Maxar (WorldView Legion) con immagini a 30 cm, ICEYE con SAR a 25 cm e capacità sovrana per Finlandia e NATO, Capella Space con SAR ad alta risoluzione – tutti attori che competono e allo stesso tempo integrano il quadro dati occidentale.

Controparti cinesi: Jilin-1 e altre costellazioni EO/SAR, più future costellazioni governative, offrono a Pechino uno strumento simmetrico, anche se in gran parte opaco nei dettagli.

Articoli Merlintrader correlati

Rischi principali: concorrenza crescente da altre costellazioni occidentali e cinesi, rischio di commoditizzazione del dato “grezzo” con spostamento del valore solo su AI e analytics, dipendenza da budget pubblici per la parte più sensibile del business.

Questo report è pensato come mappa mentale estesa della nuova infrastruttura Space & Defense costruita attorno a SIDU, ASTS, LUNR, ONDS e PL – letta dentro la competizione USA–Cina–Russia e le mosse parallele di UE e Israele. Per il lavoro di dettaglio sui singoli titoli restano fondamentali i tuoi report dedicati già pubblicati su Merlintrader.

Per la parte biotech/catalyst (PDUFA, readout clinici, ecc.) puoi sempre tornare al Biotech Catalyst Calendar .
Space & Defense Addendum – Global Players 2026

Space & Defense Addendum – Global Players 2026

This addendum lists additional U.S., European, Japanese and Korean companies operating in the same strategic segments as SIDU, ASTS, LUNR, ONDS and PL: Direct-to-Device / 5G-NTN, Earth Observation & ISR, counter-UAS / SHORAD and lunar / space infrastructure. For each name we highlight region, listing status, tickers and one-paragraph use-case.

Status info is indicative only (public vs private vs pre-IPO, main tickers and exchanges).

1) Direct-to-Device, 5G-NTN & IoT from Space

Players building Non-Terrestrial Networks (NTN), direct-to-device (D2D) connectivity and satellite IoT that complement or compete with ASTS, Sateliot & co.

  • Iridium Communications Inc. – USA
    PUBLIC NASDAQ: IRDM
    Segment: LEO satphone & IoT connectivity (voice, narrowband data, tracking) with a fully deployed global constellation; now heavily used for maritime, aviation and defence applications.
    Note: long-standing “incumbent” in mobile satellite services; 5G-era NTN/D2D players are effectively trying to replicate parts of Iridium’s value proposition but on 3GPP bands.
    Company site · IRDM quote (Nasdaq)
  • Globalstar Inc. – USA
    PUBLIC NASDAQ: GSAT
    Segment: LEO MSS (voice/data) and IoT. Provides satellite connectivity for emergency messaging (e.g. smartphone SOS features), asset tracking and industrial IoT.
    Note: often cited as a “hidden” D2D enabler thanks to partnerships with smartphone OEMs for SOS and low-bitrate messaging in remote areas.
    Company site · GSAT quote
  • Lynk Global – USA
    PRIVATE D2D pioneer
    Segment: Direct-to-phone connectivity via LEO satellites, with roaming-style agreements with mobile operators (SMS, voice, basic data) in underserved regions.
    Listing / IPO: planned SPAC merger with Slam Corp (SLAM) was terminated in 2025; today Lynk remains a private D2D pure-play, backed by VCs and strategic investors.
    Company site
  • Sateliot – Spain / EU
    PRIVATE 5G NB-IoT LEO
    Segment: 5G NB-IoT satellite operator for massive IoT (sensors, logistics, agriculture), with a planned constellation of >100 LEO satellites fully 3GPP-compliant.
    Listing / IPO: recently closed a €70m Series B (EIB, Indra, Cellnex, Spanish state investors). No IPO filed yet, but positioning is clearly as a future “sovereign” EU IoT NTN provider, including trials with European defence ministries.
    Company site
  • Omnispace – USA
    PRIVATE 5G NTN hybrid
    Segment: hybrid satellite-terrestrial 5G NTN network in S-band, aiming at a “one network” global system with mobile operators (MTN, Smart/PLDT, others) for IoT and mobility.
    Listing / IPO: privately held (backed by Fortress, StepStone, etc.), no IPO date announced; positioned as an enterprise / carrier partner rather than consumer brand.
    Company site
  • OQ Technology – Luxembourg
    PRIVATE 5G NB-IoT NTN
    Segment: 5G NTN NB-IoT constellation for machine-to-machine and IoT connectivity, focused on energy, logistics, agriculture and remote industrial sites.
    Company site
  • Eutelsat Group / OneWeb – France / UK / EU
    PUBLIC Euronext Paris: ETL
    Segment: LEO broadband via OneWeb constellation; recently completed one of the first 5G-NTN trials using OneWeb’s LEO satellites under the EU IRIS² framework.
    Note: not a pure D2D small cap, but a key European incumbent pivoting from GEO to LEO / NTN and directly relevant whenever we talk about 5G from space in the EU context.
    Company site

2) Earth Observation & ISR (beyond Planet)

Companies building imaging and radar constellations used for defence, sanctions enforcement, climate/ESG and commercial analytics.

  • BlackSky Technology Inc. – USA
    PUBLIC NYSE: BKSY
    Segment: high-revisit optical EO (“monitoring as a service”), with real-time tasking and analytics for defence, intelligence and commercial customers.
    Note: one of the main U.S. pure-play EO small caps, complementary/competitive to PL on high-tempo monitoring contracts.
    Company site
  • Spire Global Inc. – USA
    PUBLIC NYSE: SPIR
    Segment: multi-sensor data (AIS for ships, ADS-B for aircraft, GNSS-RO for weather, space situational awareness), sold as subscription analytics.
    Note: less “imaging” and more “RF + weather + traffic”, but extremely relevant for maritime sanctions, logistics and defence situational awareness.
    Company site
  • Satellogic Inc. – Uruguay / USA
    PUBLIC NASDAQ: SATL
    Segment: high-resolution optical imaging with a growing constellation aimed at high-frequency coverage for agriculture, environment, security and smart cities.
    Note: among the lowest-cost sub-meter imaging providers, targeting “volume” markets.
    Company site
  • ICEYE – Finland / EU
    PRE-IPO (planning) SAR leader (private)
    Segment: world’s largest commercial SAR smallsat constellation; key provider of all-weather, day/night radar imagery for NATO, national defence forces and disaster response.
    Listing / IPO: exploring an IPO in the 2026 timeframe; has raised >€500m and is being pushed as a flagship European “sovereign ISR” asset with large defence contracts (Finland, Germany via Rheinmetall ICEYE JV, etc.).
    Company site
  • Maxar Technologies (now private) – USA / Canada
    PRIVATE Owned by Advent
    Segment: legacy heavyweight in high-resolution EO (WorldView, Legion) and satellite manufacturing; previously NYSE/TSX-listed, taken private by Advent in 2023.
    Note: still a critical partner for U.S. defence & intelligence, but no longer directly investable as a standalone stock.
    Company site
  • Capella Space (now part of IonQ) – USA
    ACQUIRED Subsidiary of NYSE: IONQ
    Segment: high-resolution SAR constellation, now owned by IonQ and being integrated into a space-based quantum key distribution (QKD) and secure communications strategy.
    Listing / IPO: no standalone IPO; exposure is only via IonQ (IONQ), listed on NYSE.
    Company site
  • MDA Space Ltd. – Canada
    PUBLIC TSX: MDA
    Segment: robotics (Canadarm, Canadarm3 for Gateway), satellite systems and geointelligence; key industrial partner for Lunar Gateway and LEO broadband constellations.
    Company site

3) Counter-UAS, SHORAD & High-Energy Defence

Companies building sensors, guns, missiles and lasers to defend against drones, rockets and low-flying threats – the “ground complement” to space-based ISR.

  • Elbit Systems Ltd. – Israel
    PUBLIC NASDAQ / TASE: ESLT
    Segment: broad defence electronics and C4ISR; in the C-UAS field it offers systems like ReDrone, integrating RF, EO and jamming in layered air defence architectures.
    Company site
  • Rafael Advanced Defense Systems – Israel
    STATE-OWNED No public equity
    Segment: prime contractor for Iron Dome, David’s Sling, Trophy and, in the C-UAS domain, the Drone Dome system (with radar, EO, jammers and optional hard-kill).
    Listing: not listed as an equity; some bonds trade on TASE, but no ordinary shares for retail investors.
    Company site
  • DroneShield Ltd. – Australia / USA
    PUBLIC ASX: DRO
    Segment: RF- and AI-driven counter-drone solutions (sensors, jammers, “drone gun” devices) for military, law enforcement, airports and critical infrastructure.
    Note: one of the few pure-play C-UAS stocks globally, with strong growth and international expansion (new R&D hub in Adelaide, push into Europe/US).
    Company site
  • HENSOLDT AG – Germany
    PUBLIC XETRA: HAG
    Segment: sensors and radars for ground-based air defence and C-UAS; SPEXER radars are increasingly used as the “eyes” of European SHORAD & drone-defence systems.
    Company site
  • Rheinmetall AG – Germany
    PUBLIC Frankfurt / Xetra: RHM
    Segment: artillery systems, SHORAD and C-RAM; systems like Skyshield, Skynex and Skyranger combine 35mm guns, AHEAD airburst ammo and integrated sensors to defend bases and mobile units against drones and missiles.
    Company site
  • Saab AB – Sweden
    PUBLIC Nasdaq Stockholm: SAAB-B
    Segment: air defence, radar and EW; provides SHORAD and integrated air defence systems for NATO and Nordic countries.
    Company site
  • Thales S.A. – France / EU
    PUBLIC Euronext Paris: HO
    Segment: large integrated defence prime with strong footprint in radars, C2 and short-range air defence; a natural competitor/partner to Rheinmetall, SAAB and HENSOLDT.
    Company site
  • LIG Nex1 Co., Ltd. – South Korea
    PUBLIC KOSPI: 079550
    Segment: precision-guided munitions, air defence and C4ISR; important player in South Korea’s rapidly expanding defence export sector.
    Company site
  • Hanwha Aerospace – South Korea
    PUBLIC KOSPI: 012450
    Segment: artillery systems, rocket launchers (K239 Chunmoo), missiles and aerospace; rapidly growing presence in European defence (Poland and others).
    Company site

4) Lunar, Cislunar & Space Infrastructure

Companies building the “infrastructure layer” around Artemis, Gateway, commercial stations and future cislunar operations – adjacent to LUNR’s field.

  • ispace, inc. – Japan
    PUBLIC Tokyo: 9348
    Segment: lunar landers and rovers for payload delivery and resource prospecting, with long-term ambition to support in-situ resource utilisation (ISRU).
    Note: one of the few publicly traded “pure lunar” stocks; has already attempted a private mission to the Moon and is part of the broader Artemis commercial ecosystem.
    Company site
  • Astrobotic – USA
    PRIVATE CLPS landers
    Segment: CLPS landers (Peregrine, Griffin) and lunar logistics services; key competitor/peer to Intuitive Machines in NASA’s commercial Moon missions.
    Listing / IPO: private; widely mentioned as a possible future IPO candidate if CLPS missions move from technical demo to recurring business.
    Company site
  • Voyager Technologies, Inc. – USA
    PUBLIC NYSE: VOYG
    Segment: space & defence solutions, including Starlab commercial space station (JV with Airbus, Mitsubishi, etc.), missile-defence components and optical/sensor systems.
    IPO: listed on NYSE in June 2025; one of the first “new-wave” space/defence IPOs after the SPAC boom, with strong demand and a large U.S. government customer base.
    Company site
  • MDA Space Ltd. – Canada
    PUBLIC TSX: MDA
    Segment: robotics (Canadarm3 for Gateway), satellite systems and geointelligence; key industrial partner for Lunar Gateway and LEO broadband constellations.
    Company site
This addendum is a first pass: many more regional and niche players exist (especially in China and smaller European states). The focus here is on those most relevant to the themes already covered on Merlintrader (space-based comms, ISR, drones and lunar/cislunar infrastructure).

Personal note
I hope this overview is useful and gives you a broader sense of why certain names have suddenly become so “trendy” and widely discussed.
I also wanted to include companies that are still flying under the radar today and could easily be overlooked for now. Over time, some of them may well knock on the door of public markets: equity markets remain the natural place to raise growth capital, and it is reasonable to expect a few of these players to seek a listing at some point.
Beyond that, the sheer level of attention around these technologies – many of them inherently dual-use – and the acceleration driven by geopolitical tensions should make us think carefully about the kind of future we are heading towards.

Space & Defense Addendum – Altri player globali 2026

Questo addendum elenca ulteriori società USA, europee, giapponesi e coreane attive negli stessi segmenti strategici di SIDU, ASTS, LUNR, ONDS e PL: Direct-to-Device / 5G-NTN, Earth Observation & ISR, contro-droni / SHORAD e infrastrutture lunari/spaziali. Per ogni nome indichiamo area geografica, stato di quotazione, ticker e un breve profilo di utilizzo reale.

Le informazioni su “public / private / pre-IPO” sono indicative e basate sulle fonti disponibili.

1) Direct-to-Device, 5G-NTN & IoT dallo spazio

Operatori che costruiscono reti Non-Terrestrial (NTN), connettività direct-to-device e IoT satellitare – di fatto concorrenti/complementari ad ASTS, Sateliot e simili.

  • Iridium Communications Inc. – USA
    PUBLIC NASDAQ: IRDM
    Segmento: rete LEO per telefonia satellitare e IoT (voce, dati stretti, tracking), con copertura globale e forte penetrazione in ambito marittimo, aereo e difesa.
    Sito ufficiale
  • Globalstar Inc. – USA
    PUBLIC NASDAQ: GSAT
    Segmento: servizi MSS e IoT in LEO; connessione per messaggistica d’emergenza integrata in smartphone e per tracking/telemetria in aree senza copertura cellulare.
    Sito ufficiale
  • Lynk Global – USA
    PRIVATE Pioniere D2D
    Segmento: collegamento diretto telefono-satellite tramite satelliti LEO e accordi di roaming con operatori mobili (SMS, voce, dati essenziali).
    Quotazione: il progetto di fusione via SPAC con Slam Corp è stato cancellato nel 2025; oggi Lynk resta una società privata.
    Sito ufficiale
  • Sateliot – Spagna / UE
    PRIVATE 5G NB-IoT LEO
    Segmento: operatore 5G NB-IoT satellitare con costellazione prevista >100 satelliti LEO, totalmente compatibile 3GPP; target principale: IoT di massa (sensori, logistica, agricoltura, infrastrutture).
    Quotazione: Series B da 70 M€ (EIB, Indra, Cellnex, Stato spagnolo). Nessuna IPO formalmente annunciata, ma posizionamento evidente come asset di “sovranità” europea, anche per usi militari/logistici.
    Sito ufficiale
  • Omnispace – USA
    PRIVATE 5G NTN ibrido
    Segmento: rete ibrida satellite-mobile in banda S, con obiettivo di creare una piattaforma 5G NTN “one network” insieme a operatori mobili (MTN, Smart/PLDT, altri).
    Quotazione: società privata (investitori Fortress, StepStone ecc.), nessuna data IPO; si posiziona come partner infrastrutturale per operatori/enterprise.
    Sito ufficiale
  • OQ Technology – Lussemburgo
    PRIVATE 5G NB-IoT NTN
    Segmento: costellazione 5G NB-IoT per connettività M2M/IoT globale (energia, logistica, agricoltura, utilities), con architettura NTN 3GPP-compliant.
    Sito ufficiale
  • Eutelsat / OneWeb – Francia / UK / UE
    PUBLIC Euronext Paris: ETL
    Segmento: broadband LEO via OneWeb, con primi test 5G-NTN nell’ambito del programma europeo IRIS².
    Sito ufficiale

2) Earth Observation & ISR (oltre Planet)

Società che costruiscono costellazioni di imaging e radar usate per difesa, sanzioni, clima/ESG ed analytics commerciali.

  • BlackSky Technology Inc. – USA
    PUBLIC NYSE: BKSY
    Segmento: imaging ottico ad alta rivisita e analytics real-time (“monitoring as a service”) per difesa, intelligence e clienti enterprise.
    Sito ufficiale
  • Spire Global Inc. – USA
    PUBLIC NYSE: SPIR
    Segmento: dati multi-sensore (AIS, ADS-B, GNSS-RO, SSA) venduti come abbonamento analitico per marittimo, meteo, aeronautica e sicurezza.
    Sito ufficiale
  • Satellogic Inc. – Uruguay / USA
    PUBLIC NASDAQ: SATL
    Segmento: imaging ottico ad alta risoluzione con costellazione orientata a coprire grandi superfici con frequenza elevata (agri, ambiente, sicurezza, smart city).
    Sito ufficiale
  • ICEYE – Finlandia / UE
    PRE-IPO (in valutazione) Leader SAR (privata)
    Segmento: costellazione SAR commerciale più grande al mondo; dati radar per NATO, ministeri della difesa e gestione emergenze (alluvioni, catastrofi).
    Quotazione: sta esplorando una possibile IPO (finestre 2026) dopo round multipli e mandati per sistemi “sovrani” europei; partnership forte con Rheinmetall (joint venture per ricognizione spaziale dell’esercito tedesco).
    Sito ufficiale
  • Maxar Technologies (ora privata) – USA / Canada
    PRIVATE Controllata da Advent
    Segmento: storico costruttore e operatore di EO ad alta risoluzione (WorldView, Legion) e satelliti; delistata dopo acquisizione da Advent nel 2023.
    Sito ufficiale
  • Capella Space (ora parte di IonQ) – USA
    ACQUIRED Unità di NYSE: IONQ
    Segmento: costellazione SAR ad alta risoluzione, acquisita da IonQ per supportare una rete quantistica QKD basata su satelliti.
    Quotazione: niente IPO separata; esposizione solo tramite le azioni IonQ (IONQ).
    Sito ufficiale
  • MDA Space Ltd. – Canada
    PUBLIC TSX: MDA
    Segmento: robotica (Canadarm3 per Gateway), sistemi satellitari e geointelligence; partner industriale centrale per programmi lunari e per costellazioni LEO.
    Sito ufficiale

3) Counter-UAS, SHORAD & difesa laser

Società che realizzano sensori, cannoni, missili e laser contro droni, razzi e minacce a bassa quota – complemento terrestre alla parte “spazio & dati”.

  • Elbit Systems Ltd. – Israele
    PUBLIC NASDAQ / TASE: ESLT
    Segmento: grande gruppo elettronica difesa; nel campo C-UAS offre suite come ReDrone, che combinano sensori RF/EO e jamming per difesa perimetrale.
    Sito ufficiale
  • Rafael Advanced Defense Systems – Israele
    STATE-OWNED Nessuna equity quotata
    Segmento: prime contractor per Iron Dome, David’s Sling, Trophy e il sistema anti-drone Drone Dome; riferimento mondiale per difesa a strati.
    Sito ufficiale
  • DroneShield Ltd. – Australia / USA
    PUBLIC ASX: DRO
    Segmento: soluzioni C-UAS basate su RF, AI e EW (sensori, jammer, “drone gun”), con clienti militari e civili in rapida espansione.
    Sito ufficiale
  • HENSOLDT AG – Germania
    PUBLIC XETRA: HAG
    Segmento: sensori e radar per difesa aerea e C-UAS; i radar SPEXER alimentano molte architetture SHORAD europee (Skyranger, HoWiSM, ecc.).
    Sito ufficiale
  • Rheinmetall AG – Germania
    PUBLIC Frankfurt / Xetra: RHM
    Segmento: sistemi SHORAD e C-RAM (Skyshield, Skynex, Skyranger) con cannoni da 35 mm e munizioni AHEAD programmabili; in futuro integrabili con laser ad alta energia.
    Sito ufficiale
  • Saab AB – Svezia
    PUBLIC Nasdaq Stockholm: SAAB-B
    Segmento: sistemi di difesa aerea, radar ed EW; parte integrante dell’ecosistema SHORAD/NATO.
    Sito ufficiale
  • Thales S.A. – Francia / UE
    PUBLIC Euronext Paris: HO
    Segmento: grande prime europeo con forte esposizione in radar, C2 e difesa aerea a corto raggio; concorrente/partner di Rheinmetall, Saab e HENSOLDT.
    Sito ufficiale
  • LIG Nex1 Co., Ltd. – Corea del Sud
    PUBLIC KOSPI: 079550
    Segmento: munizionamento guidato di precisione, sistemi di difesa aerea, C4ISR: tassello chiave dell’export difesa coreano.
    Sito ufficiale
  • Hanwha Aerospace – Corea del Sud
    PUBLIC KOSPI: 012450
    Segmento: sistemi d’artiglieria e lanciarazzi (K239 Chunmoo), missili e aerospazio; fornitore strategico di sistemi per Polonia e altri Paesi europei.
    Sito ufficiale

4) Luna, cislunare & infrastruttura spaziale

Player che costruiscono il layer infrastrutturale intorno ad Artemis, Gateway, future stazioni commerciali e missioni cislunari – “vicini di casa” di LUNR.

  • ispace, inc. – Giappone
    PUBLIC Tokyo: 9348
    Segmento: lander e rover lunari per trasporto payload e prospecting risorse, con visione di lungo termine su ISRU (in-situ resource utilisation).
    Sito ufficiale
  • Astrobotic – USA
    PRIVATE CLPS landers
    Segmento: lander Peregrine e Griffin per missioni CLPS; competitor diretto di Intuitive Machines sulle missioni lunari commerciali NASA.
    Sito ufficiale
  • Voyager Technologies, Inc. – USA
    PUBLIC NYSE: VOYG
    Segmento: soluzioni space & defence con tre pilastri: Defence & National Security, Space Solutions e Starlab (stazione spaziale commerciale successore della ISS).
    IPO: quotata nel 2025 al NYSE; uno dei primi nuovi titoli space/defence post-SPAC ad avere una domanda forte da parte degli investitori istituzionali.
    Sito ufficiale
  • MDA Space Ltd. – Canada
    PUBLIC TSX: MDA
    Segmento: robotica (Canadarm3 per Gateway), sistemi satellitari e geointelligence; partner industriale centrale per programmi lunari e per costellazioni LEO.
    Sito ufficiale
Questo addendum è una prima panoramica: esistono molti altri player regionali e di nicchia, specialmente in Cina e in piccoli Paesi europei. Qui abbiamo concentrato i nomi più rilevanti per i temi già trattati su Merlintrader (NTN, EO/ISR, guerra dei droni, Luna/cislunare).

Nota personale
Spero che questo riassunto vi sia utile e vi offra un quadro più ampio del perché alcuni nomi, in questi mesi, sono diventati così “trendy” e sulla bocca di tutti.
Ho voluto inserire anche società che oggi non fanno ancora rumore, ma che proprio per questo rischiano di passare inosservate. In futuro, però, è probabile che alcune di loro si affaccino sul mercato: la Borsa resta il luogo naturale in cui cercare capitali per crescere e, prima o poi, qualcuno proverà a fare il salto verso la quotazione.
Al di là di questo aspetto, l’intensità dell’interesse intorno a queste tecnologie – spesso “dual use” – e l’accelerazione dettata dai problemi geopolitici dovrebbero farci riflettere sul tipo di futuro verso cui ci stiamo muovendo.
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