Staying Away From SpaceX? Here Are 3 Other Stocks That Can Boost Your Portfolio's Satellite Economy Exposure.
Key Points
Satellite-focused companies like Rocket Lab, AST SpaceMobile, and Viasat may offer more appealing ways to get exposure to the space economy than SpaceX.
With its Electron rocket and a growing satellite business, Rocket Lab is the closest peer to SpaceX, though the anticipated debut of its Neutron rocket carries significant execution risk.
While these three companies either carry steep valuations or are experiencing balance sheet challenges, each offers a unique angle on the satellite industry.
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Space Exploration Technologies went public on June 12 in the biggest market debut in history. After some significant ups and downs since then, its market capitalization is still around $2 trillion, and given its lofty price-to-sales ratio of over 100, many investors are -- smartly -- staying on the sidelines.
If you want exposure to the satellite industry -- the key economic engine of SpaceX -- without that premium price tag, here are three stocks to consider.
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1. Rocket Lab
Rocket Lab USA (NASDAQ: RKLB) is the closest peer to SpaceX in its core businesses. It launches rockets and manufactures satellites and satellite components.
Its Electron rocket is the world's third-most-launched orbital rocket, behind only SpaceX's Falcon 9 and China's Long March family of rockets. The company's satellite segment has grown rapidly, and now accounts for nearly 70% of revenue.
Here's a look at the company's basic financials:
| Metric | Figure |
|---|---|
| Revenue (TTM) | $679.6 million |
| Earnings per share (TTM) | ($0.32) |
| Free cash flow (TTM) | ($316.3 million) |
| Price-to-sales ratio | 78 |
Source: Yahoo! Finance. TTM = trailing 12 months. P/S ratio as of June 24, 2026.
The bull case
The company is nearing the debut of Neutron, a much bigger, partially reusable rocket that will directly compete with the Falcon 9, SpaceX's workhorse. If Rocket Lab can successfully fly it, the company has the opportunity to achieve a step change in sales and could, over time, meaningfully encroach on SpaceX's slice of the launch pie.
The bear case
Unfortunately, the date for Neutron's first flight has slipped multiple times, and the company has enormous execution risks ahead. And of course, its valuation is extremely high, with a price-to-sales (P/S) ratio comparable to SpaceX's. That said, as a much smaller player at the moment, it will be easier for Rocket Lab to grow into that valuation.
2. AST SpaceMobile
AST SpaceMobile (NASDAQ: ASTS) is a purer satellite play, with a service that competes with Starlink. AST's satellite network beams high-speed data to unmodified smartphones -- no special hardware needed.
| Metric | Figure |
|---|---|
| Revenue (TTM) | $84.9 million |
| Earnings per share (TTM) | ($1.80) |
| Free cash flow (TTM) | ($1.37 billion) |
| Price/sales ratio | 234 |
Source: Yahoo! Finance. TTM = trailing 12 months. P/S ratio as of June 24, 2026.
The bull case
AST's technology provides up to 5G coverage -- faster than Starlink -- and offers greater capacity in urban areas. To be sure, it is still designed primarily to fill cell coverage gaps in rural areas, but AST's satellites have much more capacity in more densely populated areas.
The company also has some pretty impressive partners, including AT&T and Verizon.
The bear case
While there is a large potential market for this service, no one really knows how big it really is. AST's coverage is designed as an add-on, not a replacement for terrestrial networks.
Like most space stocks, its valuation is pretty extreme, with a P/S of about 234. And launching and maintaining satellites is an expensive endeavor, especially when you don't also have a rocket-launching business in-house.
Image source: Getty Images.
3. Viasat
Finally, Viasat (NASDAQ: VSAT). Traditionally, the company's most valuable business has been its in-flight connectivity service -- the Wi-Fi you use when flying on United or American. Recently, its defense sector business has become the major growth driver.
| Metric | Figure |
|---|---|
| Revenue (TTM) | $4.64 billion |
| Earnings per share (TTM) | ($0.25) |
| Free cash flow (TTM) | $597.1 million |
| Price/sales ratio | 1.8 |
Source: Yahoo! Finance. TTM = trailing 12 months. P/S ratio as of June 24, 2026.
The bull case
Viasat has a large revenue backlog, and recently, its defense and government contracts have grown rapidly. The aviation business has been on the back foot, but there are signs that things could be turning a corner, given some of Starlink's technical limitations.
The bear case
Three years ago, Viasat's strategic acquisition of Inmarsat saddled the company with nearly $6 billion in net debt, and interest payments eat much of the cash it generates. The company also suffered a serious setback in 2023 when a (then) brand-new satellite was permanently damaged, severely limiting its capacity.
The company has since handled the issue by launching an additional satellite, but it's a clear example of how much damage a single botched deployment can cause.
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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AST SpaceMobile and Rocket Lab. The Motley Fool has a disclosure policy.
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