Shares of multiple space-focused companies surged this past week, driven by acquisition rumors and anticipation of a long-awaited initial public offering (IPO).
Here's how some of the top space stocks performed, according to data provided by S&P Global Market Intelligence.
- Intuitive Machines (LUNR 7.01%), up 37%
- Iridium Communications (IRDM 4.17%), up 18%
- Planet Labs (PL 3.13%), up 16%
Image source: Getty Images.
Buyout rumors are swirling
Several space stocks jumped on Thursday on reports that Amazon (AMZN 1.19%) was in talks to buy Globalstar (GSAT 0.12%).
Amazon is reportedly looking to accelerate its plans to offer satellite-based internet services. Acquiring Globalstar's satellite constellation and mobile communications network -- or one of its competitors -- could help it do so.
NASDAQ: GSAT
Key Data Points
A mega IPO could be on the horizon
The space industry also received a boost from reports that SpaceX had quietly filed for an IPO. The Elon Musk-led aerospace manufacturer and space transportation leader could be seeking a staggering $1.75 trillion market valuation, according to Bloomberg.
SpaceX's IPO, which would no doubt bring further attention to the massive growth potential of the space market, could take place as early as June.
These space stocks could benefit
Planet Labs supplies satellite imagery and other geospatial solutions to a growing list of customers, including the U.S. Department of Defense and the North Atlantic Treaty Organization (NATO).
Iridium provides mobile satellite communications services to businesses and government agencies. It specializes in delivering positioning, navigation, and timing (PNT) services to pilots, sailors, and first responders.
Intuitive Machines is a leader in space exploration and infrastructure development. It recently received a $180 million contract from NASA to deliver payloads to the Moon's surface. Intuitive Machines' technology is also supporting the Artemis II mission currently underway.
