Space stocks got crushed, but the underlying business didn't. The selloff feels more like capital rotation than a broken space thesis. Contracts are still being signed, demand is still building, and the next earnings wave could expose the disconnect between price action and fundamentals.
$SpaceX(SPCX)$ pulled capital toward itself and pressured the rest of the sector.
$AST SpaceMobile, Inc.(ASTS)$ launched three massive comm arrays, with 60 carriers and 3 billion subscribers tied to the story.
$Rocket Lab USA, Inc.(RKLB)$ booked $663M from Space Force in just 9 days.
$Planet Labs Pbc(PL)$ now has a backlog exceeding annual revenue and completed its first profitable year.
$BlackSky Technology Inc.(BKSY)$ just delivered its first-ever EBITDA-positive quarter.
$AST SpaceMobile, Inc.(ASTS)$ and $Rocket Lab USA, Inc.(RKLB)$ report Monday night, with more space names reporting this week. The tape is about to give us the answer.
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