The space economy is a popular investing topic right now, as Space Exploration Technologies completed its record-setting initial public offering. SpaceX stock remains a hot commodity, with the company sporting a market capitalization of more than $2 trillion.
But while SpaceX is soaking up a lot of attention, several other companies are also playing important roles in building out the space economy. And while they're flying somewhat under the radar right now, I think AST SpaceMobile (ASTS 12.47%), Intuitive Machines (LUNR 6.94%), and Redwire (RDW 4.81%) have compelling cases to deliver big returns over the next decade.
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1. AST SpaceMobile
The only profitable division for SpaceX right now is Starlink, the company's space-based internet and mobile connectivity network. But AST SpaceMobile is a primary competitor in the direct-to-cell satellite business.
The two companies have different approaches. SpaceX currently has a constellation of 9,600 satellites in low-Earth orbit and about 10.2 million customers worldwide. AST SpaceMobile, meanwhile, aims to have a network of 45 larger BlueBird satellites in orbit this year to support its agreements with nearly 60 mobile network operators worldwide. AST announced that BlueBirds 11, 12, and 13, each measuring about 2,400 square feet, are scheduled to launch in August.
"With each successful launch, we move closer to our goal of making space-based cellular broadband accessible wherever people live, work, and travel," AST SpaceMobile president Scott Wisniewski said.
AST reported first-quarter revenue of $14.7 million, up from $718,000 a year ago, with a net loss of $191.01 million, or $0.66 per share. But it's growing quickly -- management projects full-year revenue of $150 million to $200 million. The company ended the quarter with $3.5 billion in cash and cash equivalents.
NASDAQ: ASTS
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2. Intuitive Machines
Intuitive Machines is a major NASA contractor and the first commercial company to soft-land a spacecraft on the Moon. The company successfully achieved a soft landing on the lunar surface in 2024 during its IM-1 mission, which carried the Odysseus lander.
The company builds satellites and landers and is involved in NASA's Power and Propulsion Element (PPE), which is being repurposed to support NASA's planned 2028 Mars mission.
NASDAQ: LUNR
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Intuitive is also in a growth spurt, having recently closed its acquisition of spacecraft manufacturer Lanteris Space Systems. That allowed Intuitive to report record quarterly revenue of $186.7 million in the first quarter, nearly three times higher and driven primarily by the Lanteris deal, management said. The company reported a net loss of $52.5 million and $0.25 per share in the quarter but now has a backlog of $1.1 billion, up $852 million from Dec. 31.
"The next phase of the space economy will not be defined only by who reaches new destinations," CEO Steve Altemus said. "It will be defined by who can build the infrastructure, connect it reliably, and operate it at scale. That is what Intuitive Machines is building."
3. Redwire
Redwire also played a major role in a recent Moon mission, as its optical imaging and Sun sensor technologies were used in NASA's Artemis II mission, which completed a manned flyby of the Moon this year.
The company is essential to figuring out how to grow food in space -- something that will be important if humanity is to realize the dream of extended spaceflight and, one day, inhabiting the Moon or other planets. It operates a greenhouse on the International Space Station, the first commercially owned facility in space to grow crops.
NYSE: RDW
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The company reported revenue of $97 million in the first quarter, up 57.9% year over year, and projected revenue of $450 million to $500 million for the full year. Redwire had a backlog of $498.1 million at the end of the quarter.
Redwire is also set up for success over the next decade, as it was one of 14 companies selected by the Space Force to compete for contracts under the 10-year Andromeda program that tracks and identifies objects in Earth orbit. The task order's size increased from $1.8 billion to $6 billion, giving Redwire plenty of opportunities to win work against a limited field of competitors.
