Track market-moving stories before they get noisy

Key Takeaways HPP has a projected 3-5-year EPS growth rate of 11.8% and a Value Score of B.STRA, HGV and NEXA have projected long-term EPS growth rates of 15%, 22% and 27.5%, respectively.AVT stands out with a projected 43.3% 3-5-year EPS growth rate and a Value Score of A. Value investing often focuses on finding stocks that appear undervalued by the market but are backed by solid fundamentals and long-term growth potential. Investors use different strategies and valuation metrics to identify such opportunities, depending on their investment style and risk appetite.

One of the most widely used valuation tools is the price-to-book (P/B) ratio. The metric helps investors identify stocks trading at relatively low valuations compared with the company’s underlying net assets.

The P/B ratio measures how much investors are willing to pay for every dollar of a company’s book value, which represents total assets minus liabilities. A lower P/B ratio may indicate that a stock is undervalued, although it should always be evaluated alongside the company’s financial strength, industry trends and growth outlook.

The ratio is calculated by dividing a company’s current stock price by its book value per share (BVPS), where:

P/B Ratio = Current Share Price ÷ Book Value Per Share

This metric can help identify attractively priced stocks with upside potential. Some such stocks are Hudson Pacific Properties (HPP - Free Report) , Strategic Education (STRA - Free Report) , Hilton Grand Vacations (HGV - Free Report) , Nexa Resources (NEXA - Free Report) and Avnet (AVT - Free Report) .

Let us understand the concept of book value.

What is Book Value?There are several ways in which book value can be defined. Book value is the total value that would be left over, according to the company’s balance sheet, if it went bankrupt immediately. In other words, this is what shareholders would theoretically receive if a company liquidates all its assets after paying off all its liabilities.

It is calculated by subtracting total liabilities from the total assets of a company. In most cases, this equates to common stockholders’ equity on the balance sheet. However, depending on the company’s balance sheet, intangible assets should also be subtracted from total assets to determine book value.

Book Value Per Share = (Total Assets – Total Liabilities) ÷ Number of Outstanding Shares

Understanding P/B RatioBy comparing the book value of equity to its market price, we get an idea of whether a company is under- or overpriced. Like P/E or P/S ratios, it is always better to compare the P/B ratio within industries.

A P/B ratio of less than one means that the stock is trading at less than its book value or the stock is undervalued and, therefore, a good buy. Conversely, a stock with a ratio greater than one can be interpreted as being overvalued or relatively expensive.

For example, a stock with a P/B ratio of 2 means that we pay $2 for every $1 of book value. Thus, the higher the P/B, the more expensive the stock.

But there is a warning. A P/B ratio of less than one can also mean that the company is earning weak or even negative returns on its assets or that the assets are overstated. In such a case, the stock should be shunned because it may be destroying shareholder value. Conversely, the stock’s price may be significantly high — thereby pushing the P/B ratio to more than one — in the likely case that it has become a takeover target, a good enough reason to own the stock.

Moreover, the P/B ratio is not without limitations. It is useful for businesses like finance, investments, insurance and banking or manufacturing companies with many liquid/tangible assets on the books. However, it can be misleading for firms with significant R&D expenditure, high debt, service companies, or those with negative earnings.

In any case, the ratio is not particularly relevant as a standalone number. One should analyze other ratios like P/E, P/S and debt to equity before arriving at a reasonable investment decision.

Screening ParametersPrice to Book (common Equity) less than X-Industry Median: A lower P/B compared with the industry average implies that there is enough room for the stock to gain.

Price to Sales less than X-Industry Median: The P/S ratio determines how much the market values every dollar of the company’s sales/revenues — a lower ratio than the industry makes the stock attractive.

Price to Earnings using F(1) estimate less than X-Industry Median: The P/E ratio (F1) values a company based on its current share price relative to its estimated earnings per share — a lower ratio than the industry is considered better.

PEG less than 1: PEG links the P/E ratio to the future growth rate of the company. The PEG ratio portrays a more complete picture than the P/E ratio. A value of less than 1 indicates that the stock is undervalued, and investors need to pay less for a stock that has bright earnings growth prospects.

Current Price greater than or equal to $5: They must all be trading at a minimum of $5 or higher.

Average 20-Day Volume greater than or equal to 100,000: A substantial trading volume ensures that the stock is easily tradable.

Zacks Rank less than or equal to #2: Zacks Rank #1 (Strong Buy) or 2 (Buy) stocks are known to outperform irrespective of the market environment.

Value Score equal to A or B: Our research shows that stocks with a Value Score of A or B, when combined with a Zacks Rank #1 or 2, offer the best opportunities in the value investing space.

5 Low Price-to-Book StocksHere are five of the 17 stocks that qualified for the screening: 

LA-based Hudson Pacific Properties is a full-service, vertically integrated real estate company focused on owning, operating and acquiring office properties and media and entertainment properties in select growth markets primarily in Northern and Southern California.  Hudson Pacific currently has a Zacks Rank #1 and a Value Score of B. You can see the complete list of today’s Zacks #1 Rank stocks here.

HPP has a projected 3-5-year EPS growth rate of 11.8%.

Herndon, VA-based Strategic Education, through its subsidiaries Strayer University and New York Code and Design Academy (NYCDA), provides a range of post-secondary education and other academic programs in the United States. NYCDA is a New York City-based provider of web and application software development courses. Strategic Education has a projected 3-5-year EPS growth rate of 15%.

STRA currently has a Zacks Rank #2 and a Value Score of A.

Orlando, FL-based Hilton Grand Vacations Companyis a division of Hilton Worldwide. It is engaged in the hospitality business.  It markets and operates vacation ownership resorts and also manages and serves club membership programs.

HGV has a Zacks Rank #2 and a Value Score of A. HGV has a projected 3-5-year EPS growth rate of 22.0%. 

Luxembourg City, Brazil-based Nexa Resources is an integrated zinc producer. It is engaged in developing and operating mining and smelting assets, primarily in Latin America. NEXA currently has a Value Score of A and a Zacks Rank #1. NEXA has a projected 3-5-year EPS growth rate of 27.5%. 

Based in Phoenix, AZ, Avnet is one of the world’s largest distributors of electronic components and computer products. The company’s customer base includes original equipment manufacturers, electronic manufacturing services providers, original design manufacturers, and value-added resellers.

Avnet has a Zacks Rank #2 and a Value Score of A. AVT has a projected 3-5-year EPS growth rate of 43.3%.

Hudson Pacific Properties: The Golden Gate Glows As Leasing Ticks Up

LOS ANGELES--(BUSINESS WIRE)--Hudson Pacific Properties, Inc. (NYSE: HPP) today announced that its Board of Directors has declared a dividend for the second quarter of 2026 on its 4.750% Series C cumulative preferred stock of $0.296875 per share, equivalent to an annual rate of $1.18750 per share, which will be paid on June 29, 2026 to preferred stockholders of record on June 18, 2026. About Hudson Pacific Properties Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust servin.

LOS ANGELES--(BUSINESS WIRE)--Hudson Pacific Properties, Inc. (NYSE: HPP) today announced a new 502,082-square-foot, 23-year lease with the City and County of San Francisco at 1455 Market Street, bringing occupancy at the approximately 1 million-square-foot tower to 89% and the City's total footprint in the building to over 900,000 square feet. This latest lease represents the largest office lease signed in San Francisco since 2018. Beneficial occupancy commences in the second quarter of 2026,.

On Holding AG (NYSE:ONON) will release earnings for its first quarter before the opening bell on Tuesday, May 12.

Analysts expect the Zurich, Switzerland-based company to report quarterly earnings of 27 cents per share, up from 21 cents per share in the year-ago period. The consensus estimate for On Holding's quarterly revenue is $821.52 million (it reported $726.6 million last year), according to Benzinga Pro.

On March 25, On Holding named co-founders David Allemann and Caspar Coppetti as co-CEOs and promoted Scott Maguire to president and COO.

Shares of On Holding fell 3.4% to close at $34.04 on Monday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let's have a look at how Benzinga's most-accurate analysts have rated the company in the recent period.

Considering buying ONON stock? Here’s what analysts think:

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Item 1 of 2 Cast member Zendaya attends a premiere for the television series "Euphoria" in Los Angeles, California, U.S., April 7, 2026. REUTERS/Mario Anzuoni/File Photo

[1/2]Cast member Zendaya attends a premiere for the television series "Euphoria" in Los Angeles, California, U.S., April 7, 2026. REUTERS/Mario Anzuoni/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesOn raises profitability forecast thanks to new sneaker salesZendaya collaboration attracting younger women to On brandMay 12 (Reuters) - Sportswear brand On (49G.BN), opens new tab raised its ​profit margin forecast on Tuesday after strong first-quarter sales, as the Swiss company continues to ‌gain ground in the sneaker and running shoe market long dominated by Nike and Adidas.

With Euphoria and Dune star Zendaya as a brand ambassador, co-CEO Caspar Coppetti said On is targeting younger, female consumers, adding that a clothing range launched with the 29-year-old ​actor is performing well.

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"In terms of the long-term growth, what we're trying to do with apparel or ​on the sneaker side, we see early very encouraging signs from that," Coppetti told Reuters.

First-quarter ⁠sales grew 26.4% to 831.9 million Swiss francs ($1.07 billion) in currency-adjusted terms, beating analysts' average forecast of 822.5 ​million francs in LSEG-compiled data.

On now expects an operating profit margin of between 19.5% and 20% for 2026, up ​from 18.5% to 19% previously, and a gross profit margin of at least 64.5%. It maintained its target of at least 23% sales growth this year.

On was managing inflationary costs "very well" and could stand to benefit further from U.S. tariff refunds, said Rick ​Patel, analyst at Raymond James.

U.S.-listed On shares reversed premarket gains to fall about 4% in early trading as ​analysts highlighted a slowing rate of growth in the United States.

Sales in the Americas - accounting for more than half of On's ‌revenue - rose ⁠17.1% in the quarter, compared with a 28.6% gain a year ago.

Asia-Pacific was the strongest region, with 61.4% sales growth, as On expands in China and South Korea.

Jefferies analysts said On's management is emphasising growth in Asia, but warned a slowing growth rate in the U.S. risks ending its margin outperformance in the longer term.

STRONG LAUNCHES BOOST ​MARGINSCoppetti said profitability was ​helped by successful new launches, ⁠with Cloudtilt sneakers - retailing at between 170 euros and 190 euros - the best-selling shoe across Foot Locker Europe in March. On's operating profit margin rose to 21% in ​the first quarter, from 16.5% a year ago.

On has changed its senior leadership, ​with co-founders David ⁠Allemann and Caspar Coppetti taking over as joint CEOs on May 1, when Frank Sluis, previously at supermarket group Ahold Delhaize, also joined as chief financial officer.

On's share price is near its lowest levels in two years, having fallen ⁠more than ​20% since the start of 2026 as the energy price shock ​triggered by the Iran war dents consumer confidence in the U.S. and Europe.

Share price of On since its IPO in September 2021($1 = 0.7797 Swiss francs)

Reporting by Helen Reid in London and Juveria Tabassum in Bengaluru, Editing by Louise Heavens and Alexander Smith

Our Standards: The Thomson Reuters Trust Principles., opens new tab

London-based reporter covering the European retail sector through a global lens. Focusing on companies including Adidas, H&M, Ikea, and Inditex and analysing corporate strategy, consumer trends, and regulatory changes, Helen also covers major supermarket groups like Ahold Delhaize, Carrefour, and Casino. She has a special interest in sustainability and how investors push for change in companies. Previously based in Johannesburg where she covered the mining industry.

On Holding (ONON - Free Report) came out with quarterly earnings of $0.47 per share, beating the Zacks Consensus Estimate of $0.35 per share. This compares to earnings of $0.23 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +32.77%. A quarter ago, it was expected that this running-shoe and apparel company would post earnings of $0.26 per share when it actually produced earnings of $0.31, delivering a surprise of +19.23%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

On Holding, which belongs to the Zacks Retail - Apparel and Shoes industry, posted revenues of $1.06 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.86%. This compares to year-ago revenues of $808.1 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

On Holding shares have lost about 26.8% since the beginning of the year versus the S&P 500's gain of 8.3%.

What's Next for On Holding?While On Holding has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for On Holding was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.42 on $1.13 billion in revenues for the coming quarter and $1.64 on $4.53 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Retail - Apparel and Shoes is currently in the bottom 36% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, American Eagle Outfitters (AEO - Free Report) , has yet to report results for the quarter ended April 2026. The results are expected to be released on May 28.

This teen clothing retailer is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of +137.9%. The consensus EPS estimate for the quarter has been revised 0.7% lower over the last 30 days to the current level.

American Eagle Outfitters' revenues are expected to be $1.18 billion, up 8.5% from the year-ago quarter.

On Holding AG (ONON) Q1 2026 Earnings Call Transcript

On Holding is rated Buy with a $46 twelve-month price target, offering 29% upside from current levels. ONON's premium brand, 63% gross margins, and DTC sales nearing 50% of revenue underpin its high-quality growth profile. Recent stock weakness stems from softer FY2026 guidance, CEO departure, and tariff concerns, but fundamentals remain robust.

On Holding shares have declined ~30% YTD despite robust Q1 sales growth and a raised full-year profit outlook. ONON is capturing market share with near-30% constant currency growth, outpacing flat revenue at Nike in a mature sportswear category. Gross margins remain in the mid-60s, reflecting premium positioning and resilience to tariffs, while Asia revenue growth outpaces core U.S. and Europe markets.

On Holding delivered strong Q1 '26 results, and management raised gross margin and EBITDA margin guidance for FY26. ONON's Asia-Pacific net sales surged 61% CC, highlighting APAC as a key growth catalyst. Gross margin reached 64.2%, and adjusted EBITDA margin hit 21%, both exceeding guidance and consensus.

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?

Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about On Holding (ONON - Free Report) .

On Holding currently has an average brokerage recommendation (ABR) of 1.42, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 24 brokerage firms. An ABR of 1.42 approximates between Strong Buy and Buy.

Of the 24 recommendations that derive the current ABR, 19 are Strong Buy and one is Buy. Strong Buy and Buy respectively account for 79.2% and 4.2% of all recommendations.

Brokerage Recommendation Trends for ONON

Check price target & stock forecast for On Holding here>>>

While the ABR calls for buying On Holding, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.

Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.

This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.

Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.

ABR Should Not Be Confused With Zacks RankIn spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.

Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.

In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.

In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.

Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.

Is ONON Worth Investing In?In terms of earnings estimate revisions for On Holding, the Zacks Consensus Estimate for the current year has declined 0.4% over the past month to $1.66.

Analysts' growing pessimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates lower, could be a legitimate reason for the stock to plunge in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #4 (Sell) for On Holding. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Therefore, it could be wise to take the Buy-equivalent ABR for On Holding with a grain of salt.

Baron Focused Growth Fund had a disappointing start to 2026, with a decline of 4.99% (Institutional Shares) compared with a 3.52% loss for the Russell 2500 Growth Index (the Benchmark). Top contributors were Space Exploration Technologies Corp., FIGS, Inc., and Choice Hotels International, Inc. Top detractors were Tesla, Inc., CoStar Group, Inc., and On Holding AG.

On Holding (ONON - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.

Shares of this running-shoe and apparel company have returned +13.1% over the past month versus the Zacks S&P 500 composite's no change. The Zacks Retail - Apparel and Shoes industry, to which On Holding belongs, has gained 6.8% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Earnings Estimate RevisionsRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current quarter, On Holding is expected to post earnings of $0.42 per share, indicating a change of +481.8% from the year-ago quarter. The Zacks Consensus Estimate has changed +1.1% over the last 30 days.

The consensus earnings estimate of $1.71 for the current fiscal year indicates a year-over-year change of +76.3%. This estimate has changed +5.8% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $2.12 indicates a change of +24.2% from what On Holding is expected to report a year ago. Over the past month, the estimate has changed +1.4%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for On Holding.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

For On Holding, the consensus sales estimate for the current quarter of $1.13 billion indicates a year-over-year change of +24.3%. For the current and next fiscal years, $4.53 billion and $5.46 billion estimates indicate +24.5% and +20.5% changes, respectively.

Last Reported Results and Surprise HistoryOn Holding reported revenues of $1.06 billion in the last reported quarter, representing a year-over-year change of +31.4%. EPS of $0.47 for the same period compares with $0.23 a year ago.

Compared to the Zacks Consensus Estimate of $1.05 billion, the reported revenues represent a surprise of +0.86%. The EPS surprise was +34.29%.

Over the last four quarters, On Holding surpassed consensus EPS estimates three times. The company topped consensus revenue estimates each time over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

On Holding is graded D on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about On Holding. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Issued on behalf of Starfighters Space, Inc.

With SpaceX clearing the runway for what could be the largest IPO in U.S. market history and the broader sector posting back-to-back contract wins, capital is flowing rapidly into the public space names building tomorrow's launch, satellite, and defense infrastructure.

USA News Group Commentary

, /PRNewswire/ -- The global space economy approached $613 billion in 2024 and is on track to cross the $1 trillion mark as soon as 2032, according to The Space Report from the Space Foundation. Capital is finally catching up to that growth curve. SpaceX filed its S-1 on May 20 and is targeting a Nasdaq listing on June 12 under the ticker SPCX, aiming to raise up to $75 billion at a valuation of approximately $1.75 trillion — a figure that, if it holds at pricing, would mark the largest IPO in U.S. market history by a wide margin. Investors are already rotating into the public names with real revenue, expanding backlogs, and direct exposure to national security space programs.

Names like Starfighters Space, Inc. (NYSE American: FJET), Rocket Lab Corporation (NASDAQ: RKLB), Intuitive Machines, Inc. (NASDAQ: LUNR), Firefly Aerospace Inc. (NASDAQ: FLY), and AST SpaceMobile, Inc. (NASDAQ: ASTS) are increasingly the way institutional capital is positioning ahead of the SpaceX listing window.

The capital flows are visible in the data. Rocket Lab's contracted backlog has more than doubled year-over-year to $2.2 billion. Firefly Aerospace has guided full-year 2026 revenue to $420–$450 million on the back of Q1 revenue of $80.9 million. AST SpaceMobile has secured over $1.2 billion in aggregate contracted revenue commitments and holds approximately $3.9 billion in cash, cash equivalents, restricted cash and liquidity. And the U.S. Space Force's Andromeda IDIQ — under which Intuitive Machines was selected as one of 14 awardees — carries a total potential value of $6.24 billion across the program. The pattern is consistent: government and institutional capital is being deployed at scale into commercial space platforms with credible execution roadmaps.

Starfighters Space, Inc. (NYSE American: FJET) is one of the newer entrants to that institutional rotation, and the Company just gave the market a fresh marker on its commercial trajectory. On May 22, 2026, Starfighters announced a $17.5 million strategic equity investment led by global institutional investors to support continued advancement of STARLAUNCH and broader commercial space development initiatives.

The capital is earmarked specifically for operational expansion, infrastructure development, and continued advancement of the STARLAUNCH platform — Starfighters' responsive airborne launch architecture that uses its commercial fleet of MACH 2+ supersonic aircraft as a first stage. Near-term milestones disclosed alongside the financing include continued advancement of the STARLAUNCH platform with a targeted space demonstration flight timeline over the next 18 to 24 months, subject to regulatory approvals and program execution.

"This financing represents a strong endorsement of our platform and long-term strategy," said Tim Franta, Chief Executive Officer of Starfighters Space, in the Company's release. From an investor lens, that framing matters: Starfighters is no longer pitching a development-stage thesis. Since completing its IPO in December 2025, the Company has differentiated itself in the emerging market for flexible, high-cadence space access, with the recent completion of wind tunnel testing validating key STARLAUNCH system dynamics and reducing technical risk ahead of near-term commercial mission activity.

Adding to the credibility narrative, on May 7, 2026, Starfighters announced the appointment of two senior leaders out of Blue Origin — Jose Arias as Vice President, Space Operations, and Catrina L. Medeiros as Director, STARLAUNCH Operations. Mr. Arias, who joins from Blue Origin where he served as Senior Manufacturing Engineer and Integration & Production Lead across propulsion system hardware, oversees all space-related operations for the Company. Ms. Medeiros, who comes from Blue Origin's New Glenn Stage 2 and Precision Cleaning Facility programs, supports execution of STARLAUNCH-related programs under Mr. Arias's direction.

These are operational hires from one of the most demanding launch programs in the U.S. commercial sector.

Starfighters operates the world's only commercial fleet of flight-ready MACH 2+ supersonic aircraft, based at NASA's Kennedy Space Center. The Company'sSTARLAUNCHarchitecture is designed to deliver flexible, high-cadence space access and satellite deployment across multiple commercial and defense markets — payload deployment, airborne aerospace testing, microgravity and high-speed flight environments, and reusable airborne launch infrastructure. The May 22 raise gives the Company the balance sheet to push that architecture from operational capability toward scaled commercial execution.

In other industry developments:

RocketLabCorporation (NASDAQ: RKLB) — On May 21, 2026, Rocket Lab announced a $90 million contract from the U.S. Space Force's Space Systems Command to design, manufacture, integrate, and operate two geostationary (GEO) satellites hosting the Heimdall space domain awareness payload. The award is Rocket Lab's first satellite production program for geostationary orbit and continues a Space Systems Command program for development and delivery on orbit of two Heimdall prototype payloads originally developed by GEOST, which Rocket Lab acquired in 2025 and integrated as Rocket Lab Optical Systems.

The win lands against a backdrop of Rocket Lab's contracted backlog up 108% year-over-year to $2.2 billion and record Q1 2026 revenue of $200.3 million — up 63.5% year-over-year. The Company also booked a $190 million 20-launch block order from the U.S. Department of War for HASTE hypersonic test flights, and a separate $30 million HASTE contract from Anduril announced May 7. Rocket Lab has emerged as one of the most direct publicly traded ways to play the broader launch-and-satellite build-out ahead of the SpaceX listing.

IntuitiveMachines,Inc. (NASDAQ: LUNR) — On May 13, 2026, Intuitive Machines was selected by the U.S. Space Force for the Andromeda IDIQ contract, a 10-year, multi-vendor procurement vehicle with a total potential value of approximately $6.24 billion. Intuitive Machines is one of 14 selected awardees that will compete for task orders to design and field next-generation Space Domain Awareness capabilities — detecting, tracking, and characterizing objects in geosynchronous orbit. The selection significantly expands the Company's addressable government contract base beyond its CLPS-anchored lunar mission profile.

Days later, Intuitive Machines was named prime contractor for operations of NASA's Lunar

Reconnaissance Orbiter Camera (LROC) and the ShadowCam instrument aboard the Korea Aerospace Research Institute's Pathfinder Lunar Orbiter, under two three-year, cost-plus-fixed-fee contracts — $15.5 million for LROC and $4.5 million for ShadowCam, totaling $20.0 million. Q1 2026 revenue came in at a record $186.7 million, with quarter-end backlog of approximately $1.1 billion. The combination of expanding government work and lunar data services has positioned LUNR among the most visible names in the SpaceX-IPO-adjacent trade.

FireflyAerospaceInc. (NASDAQ: FLY) — On May 26, 2026, Firefly announced a $75 million subcontract from NASA's Jet Propulsion Laboratory (JPL) to deliver four drones to the Moon's south pole as part of the agency's MoonFall mission, targeted to launch no earlier than 2028. MoonFall is part of the first phase of NASA's Moon Base — a long-term lunar exploration and infrastructure initiative designed to enable sustained human presence and expanded commercial activity at the lunar south pole. Firefly's Elytra spacecraft will carry the drones over a 45-day transit to the Moon and deploy them approximately 50 km above the lunar south pole.

Firefly CEO Jason Kim called MoonFall "an incredible breakthrough mission" in the Company's release, framing the win as aligned with Firefly's track record of bold execution. On the same day, Firefly also commenced a public offering of 12,000,000 shares — 4,000,000 primary and 8,000,000 from selling stockholders — pointing to the capital-markets dynamic playing out across the sector: contract momentum is creating windows for sponsors and existing holders to recycle capital into the next phase of build-out.

ASTSpaceMobile,Inc. (NASDAQ: ASTS) — Q1 2026 results delivered on May 11, 2026 included a critical regulatory milestone: the FCC granted commercial Supplemental Coverage from Space authorization for the SpaceMobile network in the United States, enabling direct-to-device broadband connectivity in premium spectrum bands. The Company disclosed peak in-orbit data speeds of 98.9 Mbps using a Block 1 BlueBird satellite, and confirmed the next orbital launch — BlueBird 8, 9, and 10 — on a Falcon 9 in mid-June.

AST SpaceMobile has secured over $1.2 billion in aggregate contracted revenue commitments from partners, was awarded a $30 million prime contract by the Space Development Agency for the HALO Europa Track 2 program, and is participating in the Missile Defense Agency's SHIELD program. Founder, Chairman and CEO Abel Avellan framed the quarter as positioning AST SpaceMobile to capture the direct-to-device broadband opportunity at scale. With a balance sheet of approximately $3.9 billion in cash, equivalents, and liquidity (pro forma for the convertible notes offering and ATM facility availability), ASTS is one of the better-capitalized commercial space names heading into the SpaceX listing window.

Across the comparable set, the message from the past month of news flow is consistent: contracts are flowing, balance sheets are being topped up, and the public space complex is moving in step with the SpaceX listing thesis. Starfighters Space's May 22 financing puts the Company squarely inside that flow — with capital allocated to STARLAUNCH advancement, two senior Blue Origin operators newly seated on the execution team, and a roadmap toward future demonstration flights over the next 18 to 24 months. For investors building exposure to the SpaceX-IPO rotation trade,FJET is increasingly difficult to overlook.

CONTINUED… Read this and more news for Starfighters Space at: https://usanewsgroup.com/fjet-landing

Article Sources:

[1] https://ir.starfightersspace.com/news-events/press-releases/detail/111/starfighters-space-nyse-a merican-fjet-advances-starlaunch-program-and-commercial-space-development-through-strateg ic-17-5-million-investment

[2] https://ir.starfightersspace.com/news-events/press-releases/detail/107/starfighters-space-adds-b lue-origin-leaders-to-accelerate-starlaunch-development

[3] https://investors.rocketlabcorp.com/news-releases/news-release-details/rocket-lab-awarded-90 m-contract-build-geo-satellites-hosting

[4]https://www.intuitivemachines.com/news

[5] https://www.globenewswire.com/news-release/2026/05/26/3301438/0/en/firefly-aerospace-wins75-million-nasa-jpl-moonfall-subcontract-to-deliver-drones-to-the-moon-s-south-pole.html

https://investors.ast-science.com/https://www.spacefoundation.org/space-report/DISCLAIMER:

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As the weather warms heading into June, so does the space industry. The much-anticipated SpaceX initial public offering is creating a frenzy among aerospace companies. There are obvious adjacent winners, such as Rocket Lab, which has seen its valuation launch into the stratosphere.

Yet other space stocks are trading at prices that aren't light-years ahead of reality. Let's have a look at which ones are flying under the radar but are worth exploring. The three stocks mentioned below have all performed incredibly well in the short term, but are generally less well-known in the mainstream and have much smaller market values than Rocket Lab.

1. Intuitive Machines is a (literal) Moonshot Intuitive Machines (LUNR +15.56%) is an interesting company in that its main focus is lunar access and exploration. Moon infrastructure is proving to be big business. The company is expanding its capabilities and earning industry trust as it recently acquired Lanteris Space Systems and collaborates with NASA on the Commercial Lunar Payload Services program.

Image source: Getty Images.

Intuitive's backlog has grown to $1.1 billion since it won more than $428 million in new contracts. The company's first-quarter 2026 revenue grew to a record $186 billion, nearly triple the year-earlier figure. In its latest earnings report, management reaffirmed its full-year guidance of $900 million to $1 billion.

The stock has shot to the Moon so far in 2026, up more than 110% as of this writing.

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2. Redwire is an inexpensive ticket to space Much of the space-related sector trades at sky-high valuations; Redwire (RDW +14.93%), however, is much more reasonably priced. It isn't quite as flashy as some other space-related companies, but it has a portfolio of space infrastructure technologies.

Redwire is diversifying its revenue streams as it leans into its defense business, particularly through the 2025 acquisition of Edge Autonomy. First-quarter 2026 revenue reached $97 million, a nearly 58% increase from last year.

The company also boasts a record backlog of $498 million. Multi-year, multi-million-dollar deals with NATO allies and the U.S. Space Force sent Redwire's shares soaring. The stock has risen about 190% since the start of the year, but it still has a market value of just $4 billion.

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3. Spire Global is worth observing In what is probably the least-known company on this list, Earth-observation company Spire Global (SPIR +20.89%) operates a satellite network with a surprising number of use cases across industries such as meteorology and aviation.

In a sector with immense levels of spending, Spire Global is a breath of fresh air for its solid financial fundamentals. The company sold its maritime business in 2025 and used the proceeds to pay down debt.

The company anticipates revenue of $75 million to $85 million in 2026, representing 50% year-over-year growth. The stock has gained 145% year to date.

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To infinity and beyond for these three space companies There's an influx of capital moving into space-related companies. While the more flashy, headline-grabbing businesses like SpaceX hog the spotlight, there are plenty of under-the-radar stocks that are financially sound and could make for a lucrative long-term investment.

Intuitive Machines (LUNR +15.56%) stock felt as if it had been lifted into orbit last month. The company's shares rose by nearly 73%, due to both internal and external factors. These included, but were not limited to, the surge of interest in space stocks due to the initial public offering (IPO) regulatory filing by the Elon Musk-led SpaceX.

Lifting off like a rocket Even before the blast of free publicity generated by that filing, Intuitive was having a good May. On May 12, it announced via X (formerly Twitter) that it will participate in Andromeda, a huge program from the U.S. Space Force. Specifically, it is to design and implement cutting-edge space domain awareness (SDA) capabilities. These will be used to detect and track objects in geosynchronous orbit (i.e., orbit in sync with the Earth).

Image source: Getty Images.

The military branch's space systems command (SSC) is running the sprawling program, and Intuitive is one of 14 vendors awarded indefinite delivery/indefinite quality (IDIQ) contracts within it.

Two days later, Intuitive took the wraps off its first quarter results. The company missed analyst estimates on both the top and bottom lines, yet the earnings report included several bright spots to help sustain Mr. Market's optimism. Among these was a near tripling of revenue on a year-over-year basis, and a reaffirmation of estimates-topping sales guidance.

Despite the double miss, several pundits tracking Intuitive's stock published bullish post-earnings updates on its prospects. One in this group was Austin Moeller of Canaccord, who raised his price target on the shares to $41 from $24 while maintaining his buy recommendation. Ditto for B. Riley's Mike Crawford; his change wasn't so dramatic (to $45 from $40), still he also held fast to his buy rating.

Also on earnings day, Intuitive announced the latest in a lengthening series of acquisitions. It divulged that it's buying a pair of related space businesses, Goonhilly Earth Station and Goonhilly USA. Investors took the company to heart when it wrote that the combined deal "significantly expands global ground station resources and capacity on Intuitive Machines' integrated space-to-ground network."

Intuitive said it is paying just over $49 million in cash and stock for the Goonhillys. It added the acquisitions were expected to close in the third quarter of this year.

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The SpaceX effect Finally, toward the end of the month, SpaceX's S-1 filing landed with all the impact and drama of a long-awaited space capsule thundering down to Earth. The company is aiming to notch an all-time record for IPO proceeds, potentially securing a $2 trillion valuation.

That lit quite the burner under space stocks generally, not least because there are few of them relative to other sectors such as tech or pharmaceuticals. Since Intuitive is one of the more proven companies in this still comparatively speculative industry, it received quite a boost, and exited the month with many investors full of hope about its future.

I think Intuitive is well placed to capitalize on the new Space Age that seems to be ramping up. It's a popular stock these days, but like many hot titles we've seen over the years, the broader industry lift could send it well higher. It's looking very much like a buy now.

For the second time in less than six months, Intuitive Machines (LUNR +15.56%) is raising cash -- and boy, oh boy, are investors mad! Shares of the space stock plummeted 12.8% through noon ET Wednesday.

And why?

Just a few months ago, if you recall, Intuitive Machines sold $175 million in new stock to help pay for its purchase of satellite-builder Lanteris (which Intuitive will use to build its constellation of Earth-to-moon communications satellites under contract with NASA). Investors promptly sold off Intuitive stock on that news.

Today, they're selling again after Intuitive informed the SEC it plans to sell "up to $500 million" in new stock.

Image source: Getty Images.

"Past performance is no guarantee..." If there's good news here, it's that the LUNR sell-off today is a bit smaller than the one four months ago -- despite much more money being raised.

Part of the reason investors are being somewhat more forgiving this time around is that Intuitive stock has performed remarkably since its last capital raise. Priced close to $15 in February, Intuitive shares have since shot up past $30 on SpaceX IPO fever.

As a result, Intuitive can now raise nearly three times as much money ($500 million) by selling only a few more shares (14.7 million) than it sold four months ago (when nearly 12 million $15 shares sold yielded just $175 million).

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What this means for Intuitive Machines shareholders That said, today's announced sale is still going to dilute Intuitive Machines shareholders quite a bit. Adding 14.7 million shares to the 160.5 million already outstanding will result in 9.1% dilution. That's assuming Intuitive raises the full $500 million. For now, the plan is to raise "up to" that amount through sales "from time to time."

No need to panic just yet.

Rich Smith has positions in Intuitive Machines. The Motley Fool has positions in and recommends Intuitive Machines. The Motley Fool has a disclosure policy.

Top space stocks are in a freefall this week, with Virgin Galactic (NYSE: SPCE) falling to $4.25, its lowest level since May 28. It has slumped by over 53% from its highest point last week. 

Intuitive Machines LUNR stock has dropped by 30% from its highest point last week, while Rocket Lab (RKLB) has fallen to $114 from the year-to-date high of $151. Most notably, the Tema Space Innovators ETF (NASA) has dropped to $35.2, down from the year-to-date high of $42.75. 

These stocks are falling as we predicted last week during their bull market. The main reason for this is that the SpaceX IPO is nearing, leading to profit-taking among investors who benefited from the bull run.

In theory, SpaceX IPO should benefit companies in the industry. For one, it will be the biggest initial public offering on record, with the company raising $75 billion at a $1.75 trillion valuation.

Still, there are concerns that this IPO will be bearish for these companies. For one, the company recently slashed its IPO valuation from $2 trillion to $1.75 trillion. That is a sign that the company may have experienced weak demand during its roadshow. On Wednesday, analysts at Morningstar predicted that the real valuation is about 50% below the expected level. 

Most importantly, companies tend to drop sharply after their IPOs. A closer look at the top IPOs since last year shows that most of them have crashed. Some of the most notable ones are companies like Medline, Cerebras, Venture Global, Klarna, Circle Internet, Figma, and Chime. 

The ongoing Rocket Lab, Intuitive Machines, and Virgin Galactic stocks crash is also happening amid concerns about their valuations. At its peak, Rocket Lab stock gained a market capitalization of nearly $90 billion. Intuitive Machines’ market cap jumped to over $10 billion. These are huge numbers for companies that are not making profits. 

For example, Rocket Lab has a forward price-to-sales ratio of 72.90, while Intuitive Machines has a multiple of 13. Other space companies like Planet Lab and AST SpaceMobile have substantial multiples that are hard to justify for now. 

At the same time, investors are taking profits after these stocks surged recently. For example, Rocket Lab stock was up by 485% from its lowest point last year, while LUNR was up by 470% in the same period. SPCE was up 313% from the lowest level this year. It is common for stocks to pull back after such a successful bull run as investors take profits.

So, is this the end of the space stocks bull run? Probably not, as the hype surrounding the IPO is still there. However, analysts are recommending caution when going long. For example, the average estimate for the RKLB stock is $97, down by 16% from the current level. 

© 2022 Getty Images / Getty Images News via Getty Images

Space stocks are catching a strong updraft in midday trading. Virgin Galactic (NYSE:SPCE) stock is up 14% to $4.87, while Rocket Lab (NASDAQ:RKLB | RKLB Price Prediction) stock is climbing 6% to around $122.

The likely backdrop: SpaceX’s IPO roadshow is currently underway, and the buzz appears to be lifting sentiment across the publicly traded space proxies. Per Financial Times reporting, SpaceX’s IPO could raise up to $86 billion at a pitched valuation of $1.78 trillion, with Goldman Sachs as the lead investment bank.

This looks like a classic IPO halo trade, where heightened attention on a private giant lifts adjacent public names. That framing is plausible, not confirmed, and today’s moves also include a healthy dose of rebound action from recent weakness in both Virgin Galactic stock and Rocket Lab stock.

SpaceX Roadshow Buzz Appears to Lift Public Space Proxies The SpaceX listing is one of the most anticipated IPOs in years. The prediction markets agree: Polymarket pricing implies a 98.4% probability of a SpaceX IPO by June 30, with the December 31 deadline trading near 99.4%.

SpaceX’s Form S-1 underscores the scale of the franchise drawing in capital. The company says it has raised over $9 billion of equity capital since 2002, and in 2025 its Connectivity segment generated income from operations of $4,423 million and Segment Adjusted EBITDA of $7,168 million. That kind of profile is bringing fresh eyes to anything labeled “space” on a public exchange.

Virgin Galactic and Rocket Lab are two of the most accessible ways for retail traders to get sector exposure today. Reddit chatter reflects it: an investing-subreddit thread asking “How do you think the SpaceX IPO will affect other space stocks (RKLB, ASTS, LUNR, etc.)?” has been a primary driver of RKLB conversation this week.

Rebound Dynamics Are Doing Some of the Work Today’s pop looks like it’s part of a continuation move. Virgin Galactic stock has been wildly volatile, yet it’s still up 93% over the past month. The fundamentals remain pre-commercial, with Q1 2026 revenue of just $227,000 and a quarterly net loss of $65 million.

However, the longer arc is brutal. Virgin Galactic stock is down 99% over five years, a reminder that IPO-halo enthusiasm and underlying business economics can sit in very different places. CEO Michael Colglazier has stated that the company remains on track to commence flight testing in Q3 and spaceflight in Q4 of this year.

Rocket Lab tells a very different story under the hood. RKLB stock has been volatile heading into today, so the move is partly recovery, yet shares remain up 350% over the past year and 74% year to date.

On the business side, Rocket Lab posted Q1 2026 revenue of $200 million, up 64% year over year, with a backlog of $2.2 billion. CEO Peter Beck declared the quarter “another exceptional quarter with record financial performance of more than $200 million in revenue”, with the Neutron medium-lift rocket on track for a debut launch later in 2026.

What to Watch Into the Close The near-term catalyst calendar is dense. SpaceX’s roadshow feedback, potential pricing as early as June 11, and a possible June 12 debut under ticker SPCX could keep space-trade sentiment elevated, or trigger profit-taking once the listing prints.

Investors can watch whether today’s gains in Virgin Galactic stock and Rocket Lab stock hold into the close, or fade as a typical volatile-name bounce. Both remain speculative tickers, and prudent investors may want to size their positions accordingly and manage their risk around the SpaceX pricing window.

Beyond the IPO, the next concrete catalysts can come from Rocket Lab’s Neutron debut and Virgin Galactic’s Q3 2026 flight-testing milestone. Those are the moments when IPO-halo enthusiasm could meet, or part ways with, the fundamentals.

Leave it to the U.S. government to take a concept like "as easy as one, two, three" -- and make it confusing.

Last week, NASA held a press conference to lay out to the public its plans for establishing a Moon Base that will one day see astronauts residing more or less permanently on Earth's biggest satellite. Running just over an hour, the conference kicked off with NASA Administrator Jared Isaacman outlining three stages, starting now and continuing through 2032 and "beyond," during which NASA will build a Moon Base encompassing hundreds of square miles of lunar surface.

That same day, NASA announced precisely three new Moon Base contracts, dubbed Moon Base I, II, and III, hiring private space companies to send lunar landers to the moon. But Isaacman's Moon Base Phases 01, 02, and 03 are not the same thing as the Moon Base I, Moon Base II, and Moon Base III contracts.

Image source: NASA / Edmy S. Cruz Reyes.

Three phases of the Moon Base Let's cover the big picture first -- the phases for building the Moon Base:

Phase 01, running from now through 2029, lays the foundation for subsequent phases and focuses on ensuring "reliable access" to the lunar surface through developing and testing lunar landers and the rockets that will take them to the moon. Autonomous vehicles (space drones and lunar rovers) will be tested on the surface, and communications and observation satellites will be put into orbit. Landings will focus on the lunar South Pole region, specifically on the Shackleton Connecting Ridge, and will be conducted under Commercial Lunar Payload Services (CLPS) contracts.

Phase 01 accomplished, NASA will shift into Phase 02, which will see the Moon Base reach "initial operating capability" to host astronauts on the lunar surface for short periods by 2032. Semi-permanent habitations will be built, nuclear and solar power established, and pressurized rovers deployed. NASA intends to set up a surface communications system as well, similar to cellphone tower networks on Earth.

This accomplished, from 2032 and beyond, NASA will establish a "semi-permanent" presence on the moon during Phase 03. Astronauts will arrive and work on the surface, probably for months at a time -- similar to how the International Space Station is crewed currently.

Unlike on the space station, which floats alone in a vacuum, the Moon Base in Phase 03 will have access to in situ resources on the moon. Phase 03 will see these resources exploited to build infrastructure (housing, solar panels, factories, and so on) as NASA begins mining the moon. Depending on what NASA finds to extract, the space agency plans to set up a system for sending products back to Earth, establishing the solar system's first interplanetary trade.

Three (or four) missions to get it all started But let's not get ahead of ourselves. Flipping back to Phase 01, NASA has outlined three specific missions it wants to get the ball rolling:

Moon Base 1 will be the first such mission, blasting off no earlier than fall of 2026*. Blue Origin will send its robotic Mk 1 Endurance lander to deliver multiple payloads to Shackleton Connecting Ridge, paving the way for a later crewed landing of Blue's Mk 2 lander in 2028. Blue Origin will later launch a second Mk 1 lander carrying a Volatiles Investigating Polar Exploration Rover (VIPER) in late 2027* to search for water ice on the moon.

The second mission, Moon Base 2, aims for an end-of-2026 launch atop a SpaceX Falcon Heavy rocket. The largest commercial payload ever sent to the moon, Moon Base 2 will deliver an Astrobotic Griffin-1 Endeavor lander with more than 500 kilograms of cargo -- including a Flip Lunar Terrain Vehicle from Astrolab.

Moon Base 3, also scheduled for an end-of-2026 launch, will use a smaller SpaceX Falcon 9 rocket to send Intuitive Machines' (LUNR +15.56%) IM-3 lander to the moon. IM-3 will carry payloads from the European Space Agency and Korea Astronomy and Space Science Institute (KASI), as well as a Lunar Vertex payload under the Payloads and Research Investigations on the Surface of the Moon (PRISM) project. This latter payload will investigate "magnetic anomalies" on the moon.

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Finally, NASA includes a MoonFall mission from Firefly Aerospace (FLY +17.80%) in Phase 01, scheduled to take place in 2027. Here, a Firefly Elytra spacecraft will deploy four Jet Propulsion Laboratory MoonFall hopping drones above the lunar surface. These drones will land on and then hop around the moon, mapping the surface and scouting out "locations that are difficult or impossible for traditional rovers to access."

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Tallying it all up In total, NASA plans to conduct 25 launches and 21 landings (it's unclear, for example, whether Elytra will actually land or simply orbit) on the moon. By the time 2029 wraps up, we should have two separate Lunar Terrain Vehicles on the moon, one ground drone, four hoppers, and a VIPER rover -- 4 tons of cargo in all, spread across a Moon Base hundreds of square miles in area.

*The best laid plans of mice and NASA Two days after NASA held its Moon Base press conference, its plans were shaken to the core by a massive explosion that destroyed a Blue Origin New Glenn rocket -- the very rocket Blue Origin intends to use for two of its launches in Phase 01 -- and heavily damaged the company's only launch pad. Blue Origin insists it will be able to repair the damage and resume flying New Glenn rockets before the end of 2026, but even if that's possible, it will delay NASA's Moon Base 1 mission by at least three months -- and probably more.

What this does to the rest of the schedule for the various launches, as well as the long-term planned phases, remains to be seen. NASA plans to award $20 billion worth of Moon Base contracts across the three phases. Investors, however, must now anticipate that the revenue flowing from these contracts could be delayed by months, if not years.

Caveat investor: Space is hard.

Key Takeaways LUNR is evolving from a lunar explorer into a diversified space technology platform.Commercial, civil, and national security customers contributed 35%, 38%, and 27% to Q1 revenues.LUNR is expanding via satellite production, NASA lunar programs, and Space Force opportunities. Intuitive Machines, Inc. (LUNR - Free Report) has traditionally been viewed as a lunar exploration company. While lunar missions remain an important part of its long-term strategy, the company is increasingly evolving into a diversified space technology platform serving commercial, civil and national security customers. During the first quarter, 35% of revenues came from commercial customers, 38% from civil space programs, and 27% from national security initiatives.

The commercial segment continues to benefit from growing demand for satellite manufacturing and space-based services. Through the recently acquired Lanteris Space Systems business, Intuitive Machines now participates in the production of commercial communications satellites and other spacecraft platforms. Projects such as SXM-11 and EchoStar XXV demonstrate the company's expanding presence in commercial satellite markets.

At the same time, the civil space business continues to be supported by NASA programs, including Commercial Lunar Payload Services missions and future Moon Base initiatives. The company continues to advance multiple lunar missions while pursuing larger opportunities tied to long-term lunar infrastructure development.

National security has also become an increasingly important growth driver. Intuitive Machines is participating in multiple Space Development Agency programs and was selected by the U.S. Space Force for the anticipated Andromeda Indefinite Delivery Indefinite Quantity contract opportunity.

By serving multiple end markets and customers, Intuitive Machines may reduce its dependence on individual contract awards, mission schedules, or government funding cycles. The combination of commercial satellite production, lunar services, communications infrastructure, and national security programs creates several potential growth avenues that can support the business through different market environments.

Companies Leveraging Government & Commercial Space DemandSeveral aerospace and defense companies are also expanding across multiple end markets to create more balanced revenue streams:

Kratos Defense & Security Solutions (KTOS - Free Report) continues to diversify across defense systems, unmanned platforms, satellite communications, and space-related technologies, reducing reliance on any single government program.

Rocket Lab Corporation (RKLB - Free Report) has evolved beyond launch services into spacecraft manufacturing, satellite components, and space systems, creating multiple revenue sources across commercial and government customers.

LUNR Stock’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 earnings per share implies a decrease of 2.38% year over year.

Image Source: Zacks Investment Research

LUNR Stock Trades at a PremiumIn terms of valuation, LUNR’s forward 12-month price-to-sales (P/S) is 6.54X, a premium to the industry’s average of 2.5X.

Image Source: Zacks Investment Research

LUNR Stock’s Price PerformanceIn the past three months, the company’s shares have risen 51.9% against the industry’s 13.5% decline.

Image Source: Zacks Investment Research

LUNR’s Zacks Rank

In this video, Motley Fool contributor Jason Hall breaks down a four-stock basket as an alternative to SpaceX: Rocket Lab Corp (RKLB +9.42%), Intuitive Machines (LUNR +15.56%), AST SpaceMobile (ASTS +11.73%), and Alphabet (GOOG +1.19%)(GOOGL +0.60%).

*Stock prices used were from the Morning of June 10, 2026. The video was published on June 11, 2026.

Jason Hall has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AST SpaceMobile, Alphabet, Intuitive Machines, and Rocket Lab. The Motley Fool has a disclosure policy. Jason Hall is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.

Tempus Launches the PRECISION Challenge, a National Program Opening Its Foundation Model Work to the Broader Research Community Tempus AI, Inc. (NASDAQ: TEM), a technology company leading the adoption of AI to advance precision medicine, today announced the launch of the PRECISION Challenge, a national initiative engineered to accelerate the next generation of oncology breakthroughs leveraging its foundational model. The PRECISION Challenge aims to unlock breakthroughs in oncology at scale by providing access to data, funding, and expertise to multidisciplinary teams around the world who seek to make bold advances in cancer treatment and improve patient outcomes.

The PRECISION Challenge will provide selected participants with an unprecedented ecosystem of resources, combining direct financial funding with scientific and analytical infrastructure. Program recipients will gain structured access to Tempus’ proprietary, de-identified data library—one of the world's largest repositories of clinical, molecular, and imaging data—alongside a suite of Tempus’ foundation models, agentic tooling, and compute infrastructure in the Lens Workspaces environment, designed to accelerate biological discovery from multimodal real world data.

As part of the PRECISION Challenge, Tempus and a group of external advisors will identify specific clinical and technical challenges for the research community to address, focused on advancing precision medicine in oncology by leveraging Tempus’ large multimodal foundation model.

The program will provide staged funding and compute resources tied to research milestones and demonstrated progress:

Proof of Concept Grant: $25,000 in funding and an allocation for compute to support early-stage development and feasibility testing. “Level-Up” Grant: $75,000 in funding and an allocation for compute to support more advanced development, such as demonstrating clinical performance, achieving model lock, or validating reproducibility. Additional rounds of funding and advanced computing resources will be available to further advance selected projects, including support for validation studies and external publication. "Oncology research is no longer bottlenecked solely by scientific hypotheses, but by immediate access to high-fidelity data and the massive computational power required to interpret it," said Ezra Cohen, MD, and Chief Medical Officer of Oncology at Tempus. "With the PRECISION Challenge, we are opening Tempus capabilities and allowing the broader research community to access the vast investments we have made in building our foundation model. We will embark on this effort collaboratively to address the fundamental questions in oncology that, before now, were impossible to address."

Tempus will announce the opening of applications for the inaugural cohort of the PRECISION Challenge in the coming months. Researchers and investigators are encouraged to apply.

About Tempus

Tempus is a technology company advancing precision medicine through the practical application of artificial intelligence in healthcare. With one of the world’s largest libraries of multimodal data, and an operating system to make that data accessible and useful, Tempus provides AI-enabled precision medicine solutions to physicians to deliver personalized patient care and in parallel facilitates discovery, development and delivery of optimal therapeutics. The goal is for each patient to benefit from the treatment of others who came before by providing physicians with tools that learn as the company gathers more data. For more information, visit tempus.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended, about Tempus and Tempus’ industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release are forward-looking statements, including, but not limited to, statements regarding expected outcomes and benefits of Tempus’ PRECISION Challenge. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “going to,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. Tempus cautions you that the foregoing may not include all of the forward-looking statements made in this press release.

You should not rely on forward-looking statements as predictions of future events. Tempus has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends that it believes may affect Tempus’ business, financial condition, results of operations and prospects. These forward-looking statements are subject to risks and uncertainties related to: the intended use of Tempus’ products and services; Tempus’ financial performance; the ability to attract and retain customers and partners; managing Tempus’ growth and future expenses; competition and new market entrants; compliance with new laws, regulations and executive actions, including any evolving regulations in the artificial intelligence space; the ability to maintain, protect and enhance Tempus’ intellectual property; the ability to attract and retain qualified team members and key personnel; the ability to repay or refinance outstanding debt, or to access additional financing; future acquisitions, divestitures or investments; the potential adverse impact of climate change, natural disasters, health epidemics, macroeconomic conditions, and war or other armed conflict, as well as risks, uncertainties, and other factors described in the section titled “Risk Factors” in Tempus’ Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 24, 2026, as well as in other filings Tempus may make with the SEC in the future. In addition, any forward-looking statements contained in this press release are based on assumptions that Tempus believes to be reasonable as of this date. Tempus undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260530598089/en/

CHICAGO--(BUSINESS WIRE)--Tempus AI, Inc. (NASDAQ: TEM), a technology company leading the adoption of AI to advance precision medicine, today announced the launch of the next-generation of Lens, its pioneering agentic AI platform designed to accelerate drug development and research. This evolution seamlessly connects Tempus' multimodal data, AI tooling and computational infrastructure to deliver actionable insights at the pace required for drug development. The next-generation of the Lens platf.