Rocket Lab and AST SpaceMobile Are Priced for the Big Bang. One Space Stock Already Delivered.
Rocket Lab (RKLB) reported Q2 2026 revenue of $234M, up 62% YoY, with 77.5% from its Products segment. Despite this, its stock dropped 8% due to Neutron rocket delays. AST SpaceMobile (ASTS) has no service revenue yet, but $31.5M in Q2 revenue from other activities. Both companies are trading at high valuations.
How this was made
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The 30-second read
Why it matters
Both firms show strong top‑line growth but face valuation and profitability challenges, indicating mixed short‑term trading signals.
Market read
Earnings releases for two mid‑cap space sector players provide fresh data on revenue growth, business model shifts, and valuation pressures.
What to watch
Potential future contracts for Rocket Lab's Neutron and AST's satellite network could unlock significant upside.
Background
The article compares Rocket Lab and AST SpaceMobile as examples of space companies moving beyond pure launch services toward broader infrastructure and connectivity offerings.
Ticker impact
Rocket Lab reported Q2 2026 revenue of $234 million, a 62% YoY increase, and highlighted its Products segment now accounts for over 75% of revenue.
Potential short-term pullback as investors reassess valuation versus growth.
Record revenue and diversification are positive, but 82x sales multiple and lack of profitability keep downside risk.
AST SpaceMobile disclosed Q2 2026 revenue of $31.5 million from contracts, noting no service revenue despite a 3‑billion‑subscriber pipeline.
Likely sideways to modest downside until service revenue materializes.
Large subscriber commitments are promising, but lack of service revenue and high valuation (390x) limit upside.
Market effects
Highlights the shift from launch services to satellite components and B2B connectivity in the space sector.
U.S. space‑tech investors may re‑evaluate valuations across the sector.
Both companies have international customers, affecting global satellite and launch markets.
Counterpoint
The high multiples suggest a bubble; investors may wait for profitability before buying.
Key entities
- companyRocket Lab
U.S. space launch and satellite component provider (ticker RKLB).
- companyAST SpaceMobile
U.S. satellite‑to‑cellular network developer (ticker ASTS).
