Over the past few years, many space-oriented companies have gone public by merging with special purpose acquisition companies (SPACs). Many of those stocks fizzled out after those companies failed to expand their fledgling businesses.
However, two resilient SPAC-backed space stocks -- Rocket Lab (RKLB +2.66%) and Intuitive Machines (LUNR +4.08%) -- survived that wash-out. Let's see why they're still both worthwhile investments today.
Image source: Getty Images.
Rocket Lab
Rocket Lab produces reusable orbital rockets. It has launched its flagship rocket, the Electron, 81 times to date for the deployment of over 248 satellites. It plans to launch its second rocket, the Neutron, this year to start carrying much heavier payloads.
NASDAQ: RKLB
Key Data Points
Its top customers include NASA, the U.S. Space Force, the Swedish National Space Agency, Kinéis, and BlackSky Technology (BKSY 0.08%). It also recently secured an $816 million contract with the U.S. Space Development Agency to design and manufacture 18 satellites for its missile-defense satellite constellation. That contract -- its largest to date -- will diversify its business away from its core launch services. Over the long term, it plans to expand into an "end-to-end" provider of space transportation services.
Wall Street expects Rocket Lab to more than double its revenue from $600 million in 2025 to $1.29 billion in 2027 as it turns profitable by the final year. It isn't a bargain at 33 times next year's sales, but it could be a great long-term play on the nascent space transportation market.
Intuitive Machines
Intuitive Machines produces lunar landers and exploration vehicles. It's already sent two of its Nova-C landers to the moon for NASA: IM-1 (Odysseus) in February 2024, and IM-2 (Athena) in March 2025. Odysseus marked the first successful U.S. moon landing since 1972.
NASDAQ: LUNR
Key Data Points
Intuitive plans to launch its next lunar mission, IM-3, as the next step in its long-term Commercial Lunar Payload Services (CLPS) contract with NASA this year. It's also secured lunar terrain vehicle (LTV) contracts, an exclusive near-space network services (NSNS) contract, and a lunar logistics solutions contract with NASA.
To further diversify its business, the company recently acquired Lanteris Space Systems, a developer of satellite and space defense systems. That acquisition could support its evolution into a diversified "one-stop shop" for space transportation services.
Analysts expect Intuitive's revenue to more than quadruple, from $219 million in 2025 to $1.04 billion in 2027, as it scales up its business. They also expect it to turn profitable in 2026 and grow its net income more than fivefold in 2027. Unlike Rocket Lab, Intuitive looks dirt cheap at two times next year's sales -- and it could soar higher as it expands its business.
