Category Space

Rocket Lab is no longer just a “small rocket” story. That framing is outdated. The business that reported 2025 results is a broader space infrastructure company with three engines under the hood: Electron launch services, a much larger and increasingly important Space Systems segment, and Neutron, the still-unproven but strategically vital medium-lift program.

Satellogic is one of those names that can look much bigger, much smaller, much safer or much more dangerous depending on the exact week in which an investor or trader meets the story. In a hot tape, the company can be pitched as a pure-play Earth observation platform exposed to sovereign demand, AI-driven geospatial workflows and a possible shift toward more recurring monitoring contracts. In a colder tape, exactly the same company can be described as a low-margin, cash-consuming, serially dilutive small cap whose commercial wins still need to prove that they can scale into a durable business rather than a string of eye-catching press releases. Both sides are seeing a piece of the truth. That is why a SATL report is only useful if it keeps those two realities on the page at the same time.

Intuitive Machines Inc (LUNR) is a diversified space infrastructure company with four core business units: Lunar Access Services, Orbital Services, Lunar Data Services, and Space Products & Infrastructure. Founded in 2013, IM has emerged as a prime contractor for NASA lunar missions, U.S. Department of Defense space architecture programs, and emerging commercial lunar economy players. The company's 2024 milestone—landing the Nova-C lunar lander on the Moon's South Pole region—marked the first crewed-space-capable U.S. lunar return since Apollo 17, positioning IM as the dominant platform for American lunar access for the foreseeable future.

Thursday’s move in Firefly Aerospace was not just a momentum spike on a cool rocket headline. The market reacted because Alpha Flight 7 checked several boxes at once. Firefly did not merely launch. It reached orbit, delivered a Lockheed Martin technology demonstrator, completed a stage-two engine relight, and used the mission to validate meaningful pieces of its next hardware iteration, Alpha Block II. In the space business, especially for a newer public company still earning its institutional reputation, those are not cosmetic details.

L3Harris selects Intuitive Machines to provide satellite platforms for the Tracking Layer of the Space Development Agency’s Proliferated Warfighter Space Architecture (PWSA): a key step in LUNR’s transition from “lunar lander pure play” to integrated space-infrastructure and defense supplier, with rapidly changing fundamentals and a capital-intensive profile.

Revenue $54.3M in Q4 · $70.9M in FY 2025
First year as a revenue-generating company: gateway deliveries and initial U.S. government contracts pushed 2025 sales to $70.9M, with Q4 alone at $54.3M. The model is still loss-making: FY 2025 net loss attributable to common stockholders was about $342M, with Q4 loss around $74M and EPS of –$0.26 per share.

Update as of late February 2026: how the new 175M strategic equity investment, the Lanteris and KinetX acquisitions and NASA’s Near Space Network roadmap reshape the Intuitive Machines story – and when dilution turns into real infrastructure.

Q4 2025 delivered record quarterly revenue and a sharply narrower net loss, while management doubled down on Gen-3 very-high-resolution satellites and real-time AI analytics. At the same time, the new $100 million at-the-market equity program changed the risk-reward for equity holders. This report puts the latest numbers, the 2026 guidance and the capital structure into context, with a focus on how BKSY fits into the broader “Golden Dome” and space-defence narrative we follow at Merlintrader.

ASTS AST SpaceMobile Open chart SEC filings Chart: static image. Click opens Finviz (affiliate link applied only on click). AST SpaceMobile (ASTS) — HALO Europa: $30M SDA prototype award, what it signals, what to watch Deep Dive “ALDX-signed”, mobile-first, light…

Pure-play Earth observation and satellite delivery name listed on Nasdaq, riding a wave of new government contracts and capital raises. This report looks at the real size of the backlog, the evolving mix between satellite sales and data-as-a-service, the cash runway after multiple offerings, and where the risk/reward sits for event-driven traders.

From “space small cap in free fall” to one of the most aggressive re-ratings in the space-tech universe, powered by defense demand, sovereign satellite deals and the shift from imagery to full-stack AI analytics.

A simple way to think about this basket is to imagine the space stack as layers: access to orbit, sensing, communications, infrastructure and exploration. Each of the ten names here owns a useful slice of that stack, often in niches that the mega-caps either do not want or cannot address efficiently.