Key Highlights
- Rocket Lab achieved 38% revenue growth reaching $601.8 million in 2025, supported by a record $1.85 billion backlog
- An $816 million Space Development Agency contract strengthens Rocket Lab’s position in government aerospace projects
- AST SpaceMobile generated $70.9 million in 2025 revenue while advancing its commercial satellite infrastructure
- AST maintains over $3.9 billion in pro forma liquidity dedicated to satellite network expansion
- Analyst consensus shows Rocket Lab earning a Moderate Buy rating while AST receives a Reduce rating
Two prominent space sector companies, Rocket Lab and AST SpaceMobile, continue attracting investor attention in 2026. These organizations represent fundamentally distinct approaches to space commerce, each carrying unique risk and reward characteristics. Rocket Lab focuses on establishing a proven, multi-revenue-stream aerospace business. Meanwhile, AST SpaceMobile pursues transformative satellite technology aimed at revolutionizing global mobile connectivity.
Rocket Lab delivered impressive financial results throughout 2025. Annual revenue surged 38% to reach $601.8 million. The fourth quarter alone generated record-breaking revenue of $179.7 million. The company closed the year holding a backlog valued at $1.85 billion, representing 73% growth compared to the previous year. This substantial backlog provides visibility into future revenue streams that few space industry competitors can demonstrate.
Rocket Lab has successfully expanded beyond launch services alone. Product revenue accounted for $371.6 million during 2025, complemented by service revenue of $230.2 million. The company now manufactures complete spacecraft, specialized components, and integrated systems primarily serving national security applications.
Government Partnerships Strengthen Rocket Lab’s Market Position
Securing an $816 million contract from the Space Development Agency marks a significant milestone for Rocket Lab. This award demonstrates the company’s credibility for handling substantial, multi-year government aerospace programs. The upcoming Neutron medium-lift rocket represents the company’s next anticipated catalyst for expansion.
Profitability remains elusive for Rocket Lab despite operational progress. The company recorded a net loss of $198.2 million throughout 2025. Leadership projected continued adjusted EBITDA losses for the first quarter of 2026. Market valuations currently reflect anticipated future scaling rather than present-day profitability.
AST SpaceMobile pursues an entirely different business model. The company develops a space-based cellular broadband infrastructure designed to connect directly with conventional smartphones, eliminating requirements for specialized equipment. Successful deployment at commercial scale could unlock previously inaccessible market segments that traditional satellite providers cannot serve effectively.
AST remains in relatively early development phases. The company reported full-year 2025 revenue of $70.9 million. Fourth-quarter results contributed $54.3 million, generated through gateway equipment deliveries, mobile network operator partnerships, and government project milestones.
Substantial Liquidity Supports AST SpaceMobile’s Deployment Strategy
AST reported holding $2.8 billion in cash and cash equivalents as of year-end 2025. Following additional capital raises completed in early 2026, pro forma liquidity exceeded $3.9 billion. This financial cushion enables continued satellite deployment activities without near-term funding constraints.
AST secured over $1.2 billion in contracted revenue commitments from commercial partners. This represents substantial validation for a company that began generating meaningful revenue recently. However, the company continues posting significant losses, with future success dependent on deployment velocity and network reliability.
Wall Street sentiment diverges notably between these companies. Rocket Lab carries a Moderate Buy consensus rating, comprising 2 Strong Buys, 7 Buys, 7 Holds, and 1 Sell. AST SpaceMobile holds a Reduce consensus, consisting of 2 Buys, 6 Holds, and 3 Sells.
Investment Considerations
Analyst confidence gravitates toward Rocket Lab’s established operational framework. AST’s potential rewards attract recognition, though validation remains more challenging at the current development stage. Rocket Lab presents a more mature enterprise with diversified revenue sources, operational momentum, and favorable analyst coverage. AST represents a higher-risk opportunity offering substantial upside potential if satellite broadband ambitions materialize successfully.
Rocket Lab demonstrates superior near-term fundamentals and business maturity. AST SpaceMobile offers a more ambitious long-term vision with transformative potential. The appropriate choice between these investments depends entirely on individual risk tolerance and investment horizons.
