SpaceX Is Pulling Back. These 3 Stocks Are the Biggest Beneficiaries.

Many space stocks soared before SpaceX (NASDAQ: SPCX) went public on June 12. But after SpaceX's IPO, many of those stocks gave up their gains. Some investors likely took profits in those smaller space stocks and chased SpaceX's post-IPO rally instead.

SpaceX listed its IPO shares at $135, and its stock started trading at $150 before setting a record high of $225.64 on June 16. At its peak, its market cap hit $2.66 trillion -- or 142 times its 2025 revenue of $18.7 billion -- and sucked the oxygen out of the rest of the space sector.

Image source: Getty Images.

But as of this writing, SpaceX trades at about $160 with a market cap of $2.13 trillion. It still looks expensive at 114 times last year's sales, but its pullback could finally give some of its industry peers a chance to catch their breath. Let's take a closer look at three other space stocks that might benefit from the market's waning interest in SpaceX: AST SpaceMobile (NASDAQ: ASTS), Rocket Lab (NASDAQ: RKLB), and Intuitive Machines (NASDAQ: LUNR).

AST SpaceMobile

AST SpaceMobile, like SpaceX's Starlink, produces low-Earth-orbit (LEO) satellites for cellular and internet connectivity. However, AST's satellites are much larger than Starlink's, and it doesn't offer its own first-party satellite internet service. Instead, AST helps telecom giants like AT&T and Verizon serve more customers in remote and rural areas. It's also building satellites for the U.S. Missile Defense Agency's "Golden Dome" project.

AST has only launched seven satellites so far, but it plans to have 45 to 60 satellites in orbit by the end of 2026, and up to 248 satellites in its constellation within the next few years.

From 2025 to 2028, analysts expect AST's revenue to soar from $71 million to $1.88 billion as its constellation expands. They also expect it to turn profitable in 2027 and 2028. AST's stock might not seem cheap at 12 times its 2028 sales, but it has a lot more upside.

Rocket Lab

Rocket Lab, like SpaceX, develops reusable orbital rockets. However, Rocket Lab's Electron rockets carry much smaller payloads than SpaceX's Falcon rockets.

Its customers include NASA, the U.S. Space Force, the Swedish National Space Agency, Kinéis, and BlackSky Technology. It's already launched 89 Electron rockets into orbit, and it plans to launch its higher-capacity Neutron rocket by the end of this year.

Over the next few years, Rocket Lab plans to expand into an "end-to-end" space services company by producing more spacecraft, satellites, and subsystems for companies and government agencies. As those catalysts kick in, analysts expect its revenue to soar from $602 million in 2025 to $1.63 billion in 2028, and for it to achieve profitability in the final year.

Its stock looks expensive at 36 times its 2028 sales, but it could have plenty of room to grow as it launches more rockets and expands its space services business. It should also remain a compelling alternative for investors who like SpaceX but don't like its money-losing AI division.

Intuitive Machines

Inituitive Machines develops lunar landers and exploration vehicles for NASA. It's already sent two Nova-C landers to the moon (IM-1 in 2024 and IM-2 in 2025). IM-1 marked America's first successful moon landing since 1972, and it helped the company win additional lunar logistics and near-space network services (NSNS) contracts from NASA.

Like Rocket Lab, Intuitive Machines is gradually expanding into a more diversified space services provider. It recently acquired Lanteris Space Systems, a developer of satellite and space defense systems, to accelerate that strategy.

From 2025 to 2028, analysts expect Intuitive's revenue to jump from $210 million to $1.39 billion, with profitability in the final year, as it scales its business. However, it trades at less than three times its 2028 revenue -- making it one of the cheapest high-growth space stocks. That lower valuation could attract much more attention as SpaceX's high-flying shares pull back.

Leo Sun has positions in Verizon Communications. The Motley Fool has positions in and recommends AST SpaceMobile, BlackSky Technology, Intuitive Machines, and Rocket Lab. The Motley Fool recommends Verizon Communications. The Motley Fool has a disclosure policy.