Better Industrial Space Stock: Intuitive Machines vs. MDA Space

With talks of nuclear reactors in space and the planned SpaceX initial public offering (IPO), investing in space companies is shaping up to be more than just a trend, with all the infrastructure and development pouring into it. The global space infrastructure market is forecast to grow from roughly $174 billion in 2026 to more than $373 billion by 2034, according to Fortune Business Insights. Even more broadly, the global space technology market was valued at roughly $466 billion in 2024 and is expected to reach more than $769 billion by 2030, according to Grand View Research.

Just as with any growth market like artificial intelligence, nuclear power, and quantum computing, there will, however, be leaders and laggards. Some companies will offer hype, while others will offer results. In the years ahead, two that could stand out from the rest of the space stock pack are Intuitive Machines (NASDAQ: LUNR) and MDA Space (NYSE: MDA).

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The space infrastructure builder

Founded in 2013, Intuitive calls itself the "space infrastructure company." To live up to that statement, its operations include building spacecraft and space systems, a global network of ground communication stations, orbital communication systems, payload operations, lunar vehicles, and more. It currently has 100 satellites in orbit and has conducted over 300 space launches.

To make its space infrastructure offerings even more robust, Intuitive acquired Lanteris Space Systems in January for $800 million through a mix of cash and stock. In its press release about the acquisition, Intuitive said that Lanteris was "a proven spacecraft manufacturer with an exceptional record of delivering a highly reliable family of spacecraft for national security, civil, and commercial customers."

The company reported full-year revenue of more than $210 million in 2025, but it expects significant sales momentum this year. For 2026, Intuitive forecasts full-year revenue of $900 million to $1 billion. It had a backlog of $943 million as of February to help support its 2026 forecast, and it expects 60% to 65% of that backlog to convert into revenue in 2026, with the remainder realized in 2027. It reported a net loss of more than $100 million in 2025, which was significantly better than the loss of more than $346 million in 2024.

A profitable space company

MDA Space had an early head start on Intuitive Machines, as it was founded in 1969. It operates satellites, space and earth observation services, robotics for missions, and systems to protect against space debris. To keep expanding, it's also been active on the acquisition front, buying SatixFy Communications in July 2025. SatixFy's technology improves satellite performance and reduces costs, and acquiring the company gave MDA Space a portfolio of more than 60 patents.

In 2025, MDA Space reported record revenue of $1.6 billion, which was a 51% increase from 2024. For 2026, it expects revenue to range from $1.7 billion to $1.9 billion. But it's not just about generating sales; it is also about profit. MDA Space reported net income of $108.5 million in 2025 and $79.4 million in 2024.

It just released a strong earnings report on May 7, with Q1 2026 revenue of $464 million, up 32%. It also reaffirmed its full-year revenue outlook for 2026 and reported a backlog of $3.7 billion. Net income of $29.6 million was down 10% from the previous year, with management attributing that to costs associated with the SatixFy acquisition mentioned earlier.

Picking the winner

Each company is at a different stage of its business journey: Intuitive is unprofitable but expected to increase revenue rapidly, while MDA is profitable, but revenue isn't growing as fast.

MDA Space generated significantly more revenue than Intuitive in 2025. It's also expected to generate as much as $1.9 billion in 2026, while Intuitive expects sales to range between $900 million and $1 billion. Also, MDA Space has a backlog of $3.7 billion, while Intuitive's is less than $1 billion.

Between the two, I prefer MDA Space because it's a profitable business with a bigger backlog. Intuitive is still worth considering for more aggressive investors, but MDA has done the difficult part of proving its business can turn sales into profits.

Jack Delaney has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intuitive Machines and MDA Space. The Motley Fool has a disclosure policy.