Key data: $626 billion market size in 2025 · UFO ETF annual return +153% · SpaceX targeted valuation $1.75 trillion · RKLB one-year return +250%

I. Investment Core: Five Golden Mines of the Space Economy

Don't lump all companies with "Feitian" in their name together. Before researching individual stocks, understanding the industry logic is more important than picking stocks:

Business model: Deliver payloads into orbit and charge per mission.

Risk Level: High (Engineering failure risk; a single failure could impact contracts for years).

Representatives: SpaceX (monopoly position), Rocket Lab (RKLB).

Business model: A stable subscription-based service providing broadband connectivity worldwide, with excellent cash flow.

Risk Level: Medium (high initial capital investment, but wide moat).

Representing companies: SpaceX (Starlink), AST SpaceMobile (ASTS).

Business model: Daily imaging and sale of data to government, agriculture, and defense sectors.

Risk Level: Low (high expected income, extremely low marginal cost).

Representing the company: Planet Labs (PL).

Business model: Long-term government contracts providing missile warning, GPS, and military satellites.

Risk level: Very low (strong safe-haven characteristics, supported by national strategy).

Representing companies: LMT, NOC, LHX.

Business model: Developing forward-looking hardware such as lunar landers and in-orbit services.

Risk Level: Extremely High (currently in a pure cash-burning phase, dependent on government funding schedules).

Representing the company: Intuitive Machines (LUNR).

II. Why is the space sector currently entering its moment in the spotlight?

Space has shifted from a government-exclusive domain to a commercial, profit-driven industry. An engineering breakthrough has reduced the cost of reaching orbit by 95%.

Scale explosion: The global space economy has reached $626 billion. McKinsey predicts it will reach $1.8 trillion by 2035.

Core driver: reusable rockets — Falcon 9 has completed over 640 launches as of April 2026, revolutionizing the economic model.

Satellite broadband demand: 3 billion people worldwide lack internet access; satellite constellations are the only scalable solution.

SpaceX IPO effect: The IPO application in April 2026 has drawn mainstream institutional investors' attention to this sector.

Three: SpaceX IPO: What it is and why it matters

Submitted a confidential filing on April 1, 2026, with the goal of completing one of the largest IPOs in Nasdaq history.

Financial performance: Total revenue for 2025 is approximately $15–16 billion, with EBITDA of about $8 billion. Starlink has surpassed 10 million global users, achieving a profit margin of up to 63%.

Valuation warning: A market cap of $1.75 trillion corresponds to a forward price-to-sales (P/S) ratio of approximately 87x. This premium reflects the market’s extreme optimism regarding the integration of Starship and xAI.

DXYZ Special Alert: Destiny Tech100 (DXYZ) has been trading at a premium of approximately 50% above its NAV for an extended period. Following SpaceX’s official listing, the scarcity of DXYZ will disappear, potentially leading to significant selling pressure.

Four: In-depth Analysis of Key Listed Companies

Revenue of $602 million in 2025 (+38%), with order backlog reaching $1.85 billion (+73%).

Key point: The Neutron rocket is the core of competition. The current free cash flow is negative $322 million, and the company remains in the capital investment phase.

Revenue guidance for 2026: $150 million to $200 million, with major partners including AT&T and Vodafone.

Highlight: Verify direct satellite connectivity for standard mobile phones.

Revenue for FY2026 reached a record $307.7 million, with recurring revenue accounting for 98%.

Highlight: A typical software-driven aerospace company with an extremely solid foundation of government contracts.

Providing transportation for NASA's Artemis program, with order reserves of $943 million.

Key point: The stock price exhibits high volatility, primarily fluctuating in line with NASA mission milestones.

Five: Configuration Tool: Space-Themed ETF

UFO (Procure Space ETF): Highest purity. One-year return +153%. Management fee of 0.94%. Expected to become its core holding after SpaceX's listing.

ARKX (ARK Space Exploration): Actively managed. One-year return of +74.4%. Greater focus on the intersection of space exploration with AI and big data.

ITA (iShares Aerospace & Defense): A conservative choice, primarily composed of traditional defense giants like Boeing and Lockheed Martin, with significantly lower volatility.

Six: Investment Risks and Key Catalysts for 2026

1. Valuation bubble: RKLB and SpaceX are trading at very high revenue multiples, with all positive factors already priced in.
2. Equity dilution: Most early-stage companies raise capital by issuing new shares, which can dilute the ownership stake of existing shareholders.
3. Lock-up period: The lock-up period following SpaceX's IPO (September–December 2026) will expire, potentially increasing market supply.

SpaceX S-1 prospectus: Will publicly disclose audited financial statements and detailed Starlink data for the first time.

Neutron rocket development: Can RKLB truly break SpaceX's monopoly in the medium-to-heavy payload market?

ASTS revenue growth: Validating the business闭环 for direct mobile connectivity.

Summary:

1. Investors with a more conservative risk appetite typically begin by exploring the sector through broad ETFs or large, established defense companies before considering individual pure-play space companies.
2. Investors with a higher tolerance for volatility and a longer time horizon can conduct in-depth research on individual stocks such as Rocket Lab or AST SpaceMobile, but must fully understand that greater upside potential comes with a larger potential for drawdowns.
3. Investors focusing on the speculative end of the sector are researching lunar infrastructure or early-stage launch companies, essentially making long-term judgments about which companies will still be operating and growing five to ten years from now—a framework that requires a completely different analysis than that used for studying profitable, cash-flow-positive mature enterprises.
4. Investors exposed to tools such as DXYZ should take time to understand the structure of the tools under investigation before drawing any conclusions. In certain structures, the market price of a financial instrument can differ significantly from the value of its underlying asset.

Before researching specific companies, identifying which type of investor you are above helps ensure you’re focusing on the right information and asking the right questions.

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Data as of April 2026. Sources include Novaspace (12th Edition Space Economy Report and 24th Edition Government Space Programs Report), the Space Foundation (Q2 2025 Report), and industry data from OrbitalRadar.com. Company fundamentals and market analysis incorporate in-depth coverage from 24/7 Wall St., The Motley Fool, Seeking Alpha, Morningstar, and Blockonomi on Rocket Lab, SpaceX, and DXYZ; financial projections and launch records reference Quilty Space’s Starlink forecasts, Wikipedia’s Falcon and Electron launch archives, and official financial reports from Rocket Lab and Planet Labs. Additionally, this report incorporates the latest insights from WTOP, ETF Trends, Procure ETFs, and TradingKey on the space sector, ETF trends, and Starlink financial data.

Disclaimer: This report is for reference purposes only and does not constitute investment advice. Past performance is not indicative of future returns. Investing involves risks, including the possible loss of principal. Customers should consult a qualified financial advisor before making any investment decisions.