SpaceX vs. Rocket Lab vs. AST SpaceMobile: 3 Space Stocks Compared on the Only Numbers That Matter
Key PointsSpace Exploration Technologies' strong Starlink profits are offset by enormous AI infrastructure spending.
Comparing SpaceX, Rocket Lab, and AST SpaceMobile stocks requires evaluating their financial performance based on key metrics.
SpaceX reported $14.6 billion in revenue for the third quarter, with over half coming from its Super Intelligence (SI) business. However, SI accounted for about $40 billion in capital expenditures, while the company generated $2.37 billion in operating profit from its Connectivity segment. Despite generating $13.1 billion in operating cash, SpaceX still reported $35 billion in negative free cash flow.
Rocket Lab's fiscal second quarter revenue was $234 million, primarily from its Space Systems segment. The company reported about $188 million in negative free cash flow in the first half of 2026. Rocket Lab has an order backlog of $2.36 billion, with 45.5% expected to convert into revenue by June 2027. The company aims to improve cash generation from existing businesses and future launches.
AST SpaceMobile generated only $31.5 million in its fiscal second quarter, with no revenue from its planned satellite-cellular service. The company is developing a satellite-based cellular broadband network and needs 45-60 operating BlueBird satellites to provide continuous service across key markets. AST SpaceMobile expects $150-200 million in revenue for 2026, but its valuation is steep, as it would represent more than 61 times projected 2026 revenue.
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