Among listed space companies that disclosed a comparable figure for the quarter ended September 30, 2026, SpaceX reported the most revenue: $14.575 billion, ahead of Rocket Lab, Redwire and AST SpaceMobile. Those four earn money in very different ways, from launches to satellite connectivity. The ranking below uses only companies with a stated total revenue figure in US dollars for that same quarter.
Key takeaways
- SpaceX reported $14.575 billion of revenue for the quarter ended September 30, 2026, first of the four.
- Space stocks cover launch, satellites, data and government work, so the risks differ company by company.
- Rocket Lab's backlog, contracted work not yet reported as revenue, reached a record $3.57 billion.
What counts as a space stock
A space stock is a company whose shares trade on a stock exchange and whose business is tied to space activities. Direct exposure comes from core space businesses such as launch, satellite construction or satellite services. Indirect exposure comes from broader aerospace and defence groups, where space sits inside a wider aircraft, defence or industrial business, according to the European Space Agency.
Some companies focus on launch services or making spacecraft. Others provide satellite communications, Earth-observation data or navigation services. Space infrastructure, operations, government and defence programmes, human spaceflight and space tourism are other activities. Two companies can both be "space" and share almost nothing in how they get paid.
The ranking by revenue for the quarter ended September 30, 2026
The measure is total company revenue in US dollars for the same quarter, the three months ended September 30, 2026. One caveat sits on top of the list: SpaceX's total includes its SI segment, not only space operations.
At the November 10, 2026 close, SpaceX shares were $141.41. The value of all its shares was $1.943 trillion.
1. SpaceX: $14,575 million
SpaceX reported $14.575 billion of revenue and net income of $4.4 billion for the quarter ended September 30, 2026. The revenue covers its Space, Connectivity and SI segments, per its SEC-filed results. Its shares began trading on Nasdaq under SPCX on June 12, 2026, and the offering closed on June 15 with approximately $85.7 billion in gross proceeds.
2. Rocket Lab: $267.834 million
Rocket Lab reported revenue of $267.834 million, up 73% year over year, and a record backlog of $3.57 billion. It forecast Q4 2026 revenue of $270 million to $290 million. This is a forecast, not a completed result. In August 2026 it announced a $397 million U.S. Space Force SB-AMTI award, and reported more than $160 million in two geostationary-satellite contracts. On June 29, 2026, Reuters reported that Rocket Lab agreed to acquire Iridium in a cash-and-stock deal valued at about $8 billion, expected to close in mid-2027.
For the detail behind that quarter, see our Rocket Lab earnings article.
3. Redwire: $109.0 million
Redwire reported $109.0 million of revenue for the same quarter.
4. AST SpaceMobile: $42.3 million
AST SpaceMobile reported $42.3 million of revenue, mainly from commercial gateway deliveries and U.S. government milestones. Cash, cash equivalents and restricted cash totalled $3.2 billion at September 30, 2026. At September 30, 2026, it had launched and deployed 13 BlueBird satellites. Its November 9 update said BlueBirds 11 to 13 were operating in orbit.
Four more listed names in the same fact set
These companies did not disclose a comparable US dollar revenue figure for the quarter ended September 30, 2026, so they sit outside the ranking.
Intuitive Machines. On November 9, 2026, NASA selected it for the next-generation CLPS 2 programme, a 10-year multiple-award contract with a stated $10 billion to $15 billion ceiling. Selection makes the company eligible to compete for orders, as the company's release states, and is not itself a guarantee of a specific mission award.
Thales. Management said Space was about 8% of group revenue, as reported on October 22, 2026, and the group has not separately disclosed total Space revenue in its nine-month results. For the first nine months of 2026 it reported €4.237 billion in Aerospace sales and €5.011 billion in Aerospace order intake, including seven large Space orders with an approximately €500 million IRIS² order. Those Aerospace totals are not Space-only figures.
Planet Labs. The company says most of its revenue is recurring, meaning repeat customer payments rather than one-off sales.
Iridium. It said service revenue was 73% of its total 2025 revenue, and reports equipment and engineering-and-support revenue separately.
Agreed, planned, delivered: the difference that matters
Backlog is contracted future work, not money already earned. Rocket Lab's record $3.57 billion is work still to be performed.
The same logic applies to new agreements. On November 6, 2026, Firefly and AST SpaceMobile announced an agreement valued at more than $1.3 billion for Firefly to supply 36 engines, license engine intellectual property and provide engineering support over three years. Those deliveries and that support remain to be performed. The same day, Rakuten Group and AST SpaceMobile agreed to establish Rakuten AST for a Japanese satellite-to-smartphone network, with commercial operations planned by the end of March 2029.
Revenue type matters too. Subscription or usage-based data and connectivity can be recurring, while hardware deliveries, single launches and government milestones are project-based.
The verdict: what separates these companies
There is no single winner: it depends on what you want.
- SpaceX had the highest reported quarterly revenue and net income.
- Rocket Lab reported 73% revenue growth and contracted future work.
- AST SpaceMobile had planned satellite-to-smartphone service and $3.2 billion of cash, cash equivalents and restricted cash.
- At Thales, Space was about 8% of group revenue.
If you would rather hold a basket than single companies, our explainer on ETFs versus index funds covers how pooled funds work.
Risks
- Hardware is unforgiving. A launch or a satellite can be lost, and programmes slip.
- Contracted work is not cash. Rocket Lab's $3.57 billion backlog still has to be performed.
- Raising money can dilute holders. AST SpaceMobile's Class A shares outstanding rose from 285,449,911 at December 31, 2025 to 300,649,177 at September 30, 2026.
- Government selections are not orders. Intuitive Machines' CLPS 2 selection makes it eligible to compete for orders.
- Service dates can move. AST SpaceMobile's intermittent service target in key markets before year-end 2026 was still a target on November 9, 2026.
This article is for information only and is not investment advice.
Frequently asked questions
Is SpaceX listed on a stock exchange?
Yes. Its shares began trading on Nasdaq, a US stock exchange, under SPCX on June 12, 2026. The offering closed on June 15 and raised approximately $85.7 billion before costs.
Why does SpaceX's revenue cover more than space?
Its reported total includes the Space, Connectivity and SI segments, so it is not a space-operations-only figure. The company also completed its Cursor acquisition on August 14, 2026, at an implied equity value of $60 billion, according to its third-quarter SEC-filed results.
Do published space lists include funds as well as shares?
Some published lists include both individual shares and funds.
How are listed space companies usually compared?
This ranking compares disclosed total company revenue in US dollars for the quarter ended September 30, 2026.
Sources
- European Space Agency: Measuring the space economy
- U.S. Securities and Exchange Commission: Space Exploration Technologies quarterly results (2026)
- U.S. Securities and Exchange Commission: Rocket Lab Q3 2026 results (9 November 2026)
- U.S. Securities and Exchange Commission: AST SpaceMobile quarterly report (9 November 2026)
- Reuters: Rocket Lab to buy satellite communications firm Iridium in $8 billion deal (29 June 2026)
- Intuitive Machines: Intuitive Machines selected for NASA's next-generation lunar delivery program (9 November 2026)
- Firefly Aerospace: Firefly Aerospace signs rocket engine deal valued at more than $1.3 billion with AST SpaceMobile (6 November 2026)
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