SpaceX IPO Nears: RKLB, ASTS and LUNR to Watch
SpaceX filed confidentially April 1; a public S-1 is due late May and an IPO is likely in late June or early July. Starlink and launch economics could reprice RKLB, ASTS and LUNR.
SpaceX filed a confidential S-1 on April 1. The company is expected to publish the public filing in late May and begin a roadshow in early June ahead of a likely IPO in late June or early July. The S-1 will for the first time disclose detailed launch revenue, costs and Starlink unit metrics.
Rocket Lab reported Q1 revenue of $200.3 million, up 63.5% year over year, and said backlog reached about $2.2 billion while liquidity exceeded $2 billion. The company gave Q2 revenue guidance near $235 million, above some market estimates, and flagged gross margins slightly below forecasts. Rocket Lab builds launch vehicles and spacecraft in-house and has been signing contracts for its Electron and HASTE vehicles and offering Neutron launch slots.
AST SpaceMobile develops a satellite network designed to connect directly to standard mobile phones and lists AT&T, Verizon and FirstNet as anchor partners. One of its BlueBird satellites failed to reach orbit on April 20, affecting a planned 45-satellite year-end target. ASTS has scheduled a Falcon 9 launch for BlueBird 8–10 in mid-June, a timing that overlaps with SpaceX’s expected roadshow. ASTS shares have declined from earlier highs and the stock has shown elevated implied volatility ahead of earnings and the planned launches.
Intuitive Machines builds lunar landers and operates elements of NASA’s Near Space Network. The company guides to positive adjusted EBITDA in 2026 and forecast 2026 revenue of $900 million to $1 billion. Intuitive Machines ended 2025 with about $582.6 million in cash and reported backlog near $943 million in February. The company’s next quarterly report is scheduled in mid-May.
Market participants are watching scheduled earnings dates and launches over the next six weeks as near-term catalysts for these stocks. The SpaceX S-1 will place launch pricing, cost structures and Starlink per-customer metrics into the public record for the first time, allowing direct comparison of unit economics across launch providers and satellite services.
