Space / Aerospace Commercial
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· Industrials
Latest report
2026-05-01 14:12
Commercial space companies — rocket launch, satellite deployment, orbital services, spaceflight.
Pool
85
Industries
5
Cohort
10
Cohort MCap
128.9B
Layers
5
Topology Rationale
The commercial space value chain starts with mission operators that design, launch, deploy, and service spacecraft, then depends on upstream subsystems and component suppliers that provide communications hardware, avionics, power, sensors, and semiconductor content. Adjacent software and data platforms monetize orbital assets and support design or analytics, while downstream network operators and end-service providers turn satellites and space infrastructure into communications and data services sold to customers.
Value-Chain Layers
1
Launch, Spacecraft Manufacturing & Orbital Mission Operators
Companies in this layer build launch vehicles or spacecraft and directly execute launch, lunar, orbital, or broader commercial space missions.
7 companies
| Company | Role | Market Cap | Revenue ($M) | Backlog ($M) | Capex ($M) | Operating Cash Flow ($M) | Gross Margin (%) |
|---|---|---|---|---|---|---|---|
|
Rocket Lab USA Inc.
RKLB
FY2025
|
launch services and space systems operator
Industrials
|
44.5B | 602 | 1,850 | 156 | -166 | 34.4% |
|
Intuitive Machines Inc.
LUNR
FY2025
|
lunar mission and space services company
Industrials
|
4.0B | 210 | 213 | 42 | -14 | 4.8% |
|
Redwire Corp
RDW
FY2025
|
space infrastructure and mission systems provider
Industrials
|
1.7B | 335 | 411 | 23 | -177 | 5.2% |
|
The Boeing Company
BA
Q1-2026
|
defense, space and launch-capable prime
Industrials
|
176.7B | 22,217 | 694,709 | 1,275 | -179 | — |
|
Northrop Grumman Corporation
NOC
Q1-2026
|
space systems prime contractor
Industrials
|
81.3B | 9,881 | 95,608 | 167 | -1,656 | — |
|
L3Harris Technologies Inc
LHX
Q1-2026
|
space mission systems and payload integration
Industrials
|
60.0B | 5,744 | 40,700 | -99 | -95 | — |
|
Lockheed Martin Corporation
LMT
Q1-2026
|
major space systems contractor
Industrials
|
119.4B | 18,021 | 186,427 | 511 | 220 | 11.5% |
2
Space Communications, Payload, Avionics & Mission Hardware
This layer supplies the radios, antennas, payload electronics, ruggedized subsystems, structures, connectors, sensors, and specialty aerospace hardware embedded in satellites, spacecraft, and ground systems.
23 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Operating Cash Flow ($M) | Free Cash Flow ($M) | Operating Margin (%) |
|---|---|---|---|---|---|---|---|
|
Cisco Systems Inc
CSCO
Q2-FY2026
|
networking and communications infrastructure supplier
Technology
|
353.8B | 15,349 | 283 | 1,822 | — | 24.6% |
|
Arista Networks
ANET
FY2025
|
high-performance networking gear for ground infrastructure
Technology
|
212.4B | 9,006 | 120 | 4,372 | 4,252 | 42.8% |
|
GE Aerospace
GE
Q1-2026
|
aerospace propulsion and mission hardware exposure
Industrials
|
296.3B | 12,392 | — | — | — | — |
|
Raytheon Technologies Corp
RTX
Q1-2026
|
collins aerospace and space-related systems
Industrials
|
232.7B | 22,076 | 546 | 1,855 | 1,309 | 11.6% |
|
Amphenol Corporation
APH
Q1-2026
|
interconnects and sensors for harsh environments
Technology
|
182.4B | 7,620 | 292 | 1,122 | 831 | 24.0% |
|
Howmet Aerospace Inc
HWM
FY2025
|
engineered aerospace structures and fasteners
Industrials
|
94.8B | 8,252 | 453 | 1,884 | 1,431 | 24.8% |
|
General Dynamics Corporation
GD
Q1-2026
|
mission systems and aerospace hardware
Industrials
|
91.7B | 13,481 | 203 | 2,155 | 1,952 | — |
|
Motorola Solutions Inc
MSI
FY2025
|
communications systems for mission-critical networks
Technology
|
71.3B | 11,682 | 265 | 2,837 | 2,572 | 25.6% |
|
Nokia Corp ADR
|
telecom network equipment and satellite link potential
Technology
|
69.6B | — | — | — | — | — |
|
Ciena Corp
CIEN
Q1-2026
|
optical networking for space-to-ground backbone
Technology
|
67.2B | 1,427 | 74 | 228 | 154 | 13.3% |
|
Transdigm Group Incorporated
TDG
Q2-2026
|
specialty aerospace components supplier
Industrials
|
64.5B | 2,542 | — | — | — | — |
|
TE Connectivity Ltd
TEL
Q2-FY2026
|
connectivity components for industrial and aerospace systems
Technology
|
59.9B | 4,744 | 267 | 947 | 680 | 20.1% |
|
Ubiquiti Networks Inc
UI
Q2-FY2026
|
service-provider communications equipment
Technology
|
58.8B | 815 | — | — | — | 35.9% |
|
Elbit Systems Ltd
|
defense electronics and payload systems exposure
Industrials
|
38.3B | — | — | — | — | — |
|
Telefonaktiebolaget LM Ericsson B ADR
|
wireless network equipment for communications backbone
Technology
|
38.1B | — | — | — | — | — |
|
Heico Corporation
HEI
Q1-2026
|
electronic technologies and aerospace aftermarket parts
Industrials
|
36.4B | 1,179 | 13 | 179 | 165 | — |
|
Qnity Electronics, Inc
Q
FY2025
|
interconnect solutions and semiconductor technologies
Technology
|
29.6B | 4,754 | 285 | 1,273 | — | — |
|
Teledyne Technologies Incorporated
TDY
Q1-2026
|
aerospace electronics, imaging and engineered systems
Technology
|
29.2B | 1,560 | 30 | 234 | 204 | 18.9% |
|
Curtiss-Wright Corporation
CW
FY2025
|
defense electronics and aerospace subsystems
Industrials
|
25.7B | 3,498 | 90 | 643 | 554 | 18.1% |
|
FTAI Aviation Ltd.
FTAI
FY2025
|
aerospace products but not direct space operator
Industrials
|
21.9B | 2,507 | — | — | — | — |
|
Woodward Inc
WWD
Q1-2026
|
aerospace control and actuation systems
Industrials
|
21.5B | 996 | 44 | 114 | 70 | — |
|
BWX Technologies Inc
BWXT
FY2025
|
specialized government and space-adjacent nuclear components
Industrials
|
19.1B | 3,198 | 185 | 480 | 295 | — |
|
Telesat Corp
|
satellite communications infrastructure provider
Technology
|
2.3B | — | — | — | — | — |
3
Semiconductor, RF, Power & Electronics Building Blocks
These companies provide the chips, foundry capacity, RF devices, analog power management, packaging, and electronic components that underpin satellite avionics, communications payloads, sensing, and onboard computing.
27 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Operating Cash Flow ($M) | Gross Margin (%) | Operating Income ($M) |
|---|---|---|---|---|---|---|---|
|
NVIDIA Corporation
NVDA
FY2026
|
advanced compute and edge processing silicon
Technology
|
5.1T | 215,938 | 6,042 | 102,718 | 71.1% | 130,387 |
|
Taiwan Semiconductor Manufacturing
|
foundry manufacturing for space-relevant chips
Technology
|
2.0T | — | — | — | — | — |
|
Broadcom Inc
AVGO
Q1-2026
|
communications and custom semiconductor supplier
Technology
|
1.9T | 19,311 | 250 | 8,260 | 68.1% | 8,563 |
|
Micron Technology Inc
MU
Q2-2026
|
memory content for onboard and ground systems
Technology
|
584.7B | 23,860 | 5,004 | 11,903 | 74.4% | 16,135 |
|
Advanced Micro Devices Inc
AMD
FY2025
|
embedded and compute processors
Technology
|
549.6B | 34,639 | 974 | 7,709 | 50.0% | 3,694 |
|
Intel Corporation
INTC
Q1-2026
|
processors and foundry services
Technology
|
474.9B | 13,577 | 4,963 | 1,096 | 39.4% | -3,136 |
|
Texas Instruments Incorporated
TXN
Q1-2026
|
analog and embedded chips for control systems
Technology
|
245.0B | 4,825 | 676 | 1,520 | — | — |
|
Arm Holdings plc American Depositary Shares
|
processor IP used in embedded electronics
Technology
|
214.2B | — | — | — | — | — |
|
Analog Devices Inc
ADI
Q1-2026
|
signal chain and communications semiconductors
Technology
|
190.1B | 3,160 | 109 | 1,369 | 64.7% | 997 |
|
Qualcomm Incorporated
QCOM
Q2-FY2026
|
wireless and communications silicon
Technology
|
166.6B | 10,599 | 1,082 | 7,414 | 53.8% | 2,309 |
|
Marvell Technology Group Ltd
MRVL
FY2026
|
data and communications semiconductor content
Technology
|
136.9B | 2,219 | 114 | 374 | 51.7% | 404 |
|
Corning Incorporated
GLW
Q1-2026
|
optical communications components and specialty materials
Technology
|
130.2B | 4,144 | 332 | 362 | 36.9% | 639 |
|
Cadence Design Systems Inc
CDNS
Q1-2026
|
EDA tools enabling chip design
Technology
|
91.1B | 1,474 | 49 | 356 | 85.4% | 432 |
|
Monolithic Power Systems Inc
MPWR
Q1-2026
|
power management semiconductors
Technology
|
75.0B | 804 | — | 250 | 55.3% | — |
|
NXP Semiconductors NV
NXPI
Q1-2026
|
communications infrastructure and industrial chips
Technology
|
73.0B | 3,181 | 79 | 793 | 56.2% | 1,505 |
|
ASE Industrial Holding Co Ltd ADR
|
semiconductor assembly and test provider
Technology
|
67.0B | — | — | — | — | — |
|
Microchip Technology Inc
MCHP
Q3-FY2026
|
microcontrollers and mixed-signal devices
Technology
|
48.8B | 1,185 | — | — | — | — |
|
STMicroelectronics NV ADR
|
broad analog and embedded semiconductor supplier
Technology
|
46.8B | — | — | — | — | — |
|
ON Semiconductor Corporation
ON
FY2025
|
power and sensing semiconductors
Technology
|
38.9B | 5,995 | 341 | 1,760 | 33.1% | 84 |
|
Globalfoundries Inc
|
foundry capacity for specialized chips
Technology
|
34.4B | — | — | — | — | — |
|
Astera Labs, Inc.
ALAB
FY2025
|
connectivity silicon and data movement devices
Technology
|
33.7B | 853 | 38 | 319 | 75.7% | 173 |
|
Credo Technology Group Holding Ltd
CRDO
Q3-FY2026
|
high-speed connectivity silicon
Technology
|
32.4B | 406 | — | — | — | — |
|
United Microelectronics
|
foundry supplier for mature-node semiconductors
Technology
|
32.1B | — | — | — | — | — |
|
Tower Semiconductor Ltd
|
specialty analog foundry services
Technology
|
23.7B | — | — | — | — | — |
|
First Solar Inc
FSLR
Q1-2026
|
solar power technology relevant to space power systems
Technology
|
20.5B | 1,044 | 119 | -215 | — | — |
|
MACOM Technology Solutions Holdings Inc
MTSI
Q1-2026
|
RF, microwave and optical semiconductors
Technology
|
20.2B | 272 | 13 | 43 | 55.9% | 43 |
|
Amkor Technology Inc
AMKR
Q1-2026
|
outsourced semiconductor packaging and test
Technology
|
17.5B | 1,685 | 225 | 145 | — | — |
4
Space Data, Geospatial Analytics & Engineering Software
This layer includes software and analytics platforms that help design space hardware, operate missions, or monetize satellite-derived data into usable intelligence and enterprise workflows.
10 companies
| Company | Role | Market Cap | Revenue ($M) | Remaining Performance Obligations ($M) | Operating Cash Flow ($M) | Free Cash Flow ($M) | Operating Margin (%) |
|---|---|---|---|---|---|---|---|
|
Palantir Technologies Inc.
PLTR
FY2025
|
analytics platform for mission and geospatial use cases
Technology
|
330.7B | 4,475 | — | 2,134 | — | 32.0% |
|
Planet Labs PBC
PL
FY2026
|
earth observation data and geospatial analytics
Industrials
|
11.8B | 308 | 852 | 134 | 53 | — |
|
SAP SE ADR
|
enterprise software with only indirect space exposure
Technology
|
200.5B | — | — | — | — | — |
|
ServiceNow Inc
NOW
Q1-2026
|
workflow software for mission-support organizations
Technology
|
91.7B | 3,770 | — | 1,670 | 1,665 | 13.5% |
|
Autodesk Inc
ADSK
FY2026
|
design software for spacecraft and components
Technology
|
49.8B | 7,206 | 8,300 | 2,452 | 2,409 | 22.0% |
|
Snowflake Inc.
SNOW
FY2026
|
data platform for satellite data workloads
Technology
|
48.8B | 4,684 | 9,770 | 1,222 | 1,120 | -31.0% |
|
Datadog Inc
DDOG
FY2025
|
monitoring software for complex mission IT stacks
Technology
|
47.4B | 3,427 | — | 1,050 | 915 | -1.0% |
|
Roper Technologies Inc
ROP
Q1-2026
|
application and network software for industrial systems
Technology
|
36.6B | 2,095 | — | 592 | 562 | — |
|
PTC Inc
PTC
Q1-2026
|
product lifecycle and engineering software
Technology
|
16.4B | 686 | — | 270 | 267 | 32.2% |
|
Atlassian Corp Plc
TEAM
Q2-FY2026
|
collaboration software used in engineering workflows
Technology
|
18.6B | 1,586 | 3,814 | 178 | 169 | -3.0% |
5
Satellite Network Operators & Space-Enabled Service Delivery
These companies operate satellite constellations or communications networks and sell the resulting connectivity, voice, broadband, or hosted services to commercial and government users.
1 companies
| Company | Role | Market Cap | Service Revenue ($M) | Commercial IoT Data Revenue ($M) | Billable Subscribers (Count) | Commercial IoT Subscribers (Count) | Commercial IoT ARPU | Capex ($M) |
|---|---|---|---|---|---|---|---|---|
|
Iridium Communications Inc
IRDM
Q1-2026
|
global satellite communications service operator
Communication Services
|
3.8B | 130 | 46 | 2,555,000 | 2,019,000 | 7.63 | 30 |
Report History
| Generated | Pool | Layers |
|---|---|---|
| 2026-05-01 14:12 | 85 | 5 |