Lunar Ambitions Meet Launch Capabilities: Two Space Stocks Reshaping Commercial Space Transportation

The commercial space industry has undergone a dramatic transformation. While many SPAC-backed space companies failed to deliver on their promises in recent years, two survivors have emerged stronger: Rocket Lab (NASDAQ: RKLB) and Intuitive Machines (NASDAQ: LUNR). Both are positioning themselves as diversified space transportation providers, with the moon becoming an increasingly central hub for their long-term growth strategies.

The Moon Landing Era Drives New Business Models

Intuitive Machines has established itself as a leader in lunar exploration, marking a historic milestone. Its Nova-C lander, Odysseus (IM-1), achieved the first successful U.S. moon landing since 1972 in February 2024, followed by a second mission, Athena (IM-2), in March 2025. These achievements secured the company multiple NASA contracts: the Commercial Lunar Payload Services (CLPS) program, lunar terrain vehicle (LTV) contracts, near-space network services (NSNS) agreements, and lunar logistics solutions.

To strengthen its position as a comprehensive space services provider, Intuitive Machines recently acquired Lanteris Space Systems, a developer of satellite and space defense systems. This strategic move expands the company’s capabilities beyond lunar landers into orbital satellites and defense applications. Analysts project Intuitive’s revenue will surge from $219 million in 2025 to over $1 billion by 2027, with profitability expected in 2026 and net income growing more than fivefold by 2027.

Most compelling is Intuitive’s valuation: at just two times next year’s sales, the company trades at a significant discount compared to peers, offering attractive entry points for growth investors seeking exposure to the burgeoning lunar economy.

Rocket Lab’s Launch Dominance and Growth Trajectory

While Intuitive Machines dominates the lunar payload side, Rocket Lab commands the launch infrastructure layer. The company operates the Electron rocket, which has completed 81 successful orbital launches deploying over 248 satellites for a diverse customer base including NASA, the U.S. Space Force, the Swedish National Space Agency, Kinéis, and BlackSky Technology (NYSE: BKSY).

Rocket Lab is preparing to introduce the Neutron rocket this year, a significantly larger vehicle designed to carry much heavier payloads than Electron. This launch vehicle expansion directly supports the growing demand for satellite deployment and lunar mission support—critical infrastructure for an expanding space economy.

The company’s diversification into satellite manufacturing represents a major inflection point. Rocket Lab recently secured an $816 million contract with the U.S. Space Development Agency to design and manufacture 18 satellites for a missile-defense constellation. This contract, the company’s largest to date, shifts Rocket Lab’s business model from pure launch services toward an integrated “end-to-end” space transportation provider.

Wall Street projects Rocket Lab’s revenue will double from $600 million in 2025 to $1.29 billion by 2027, with profitability expected by 2027. However, at 33 times next year’s sales, Rocket Lab trades at a premium valuation reflecting its growth ambitions and market dominance in small-to-medium launch services.

Valuation Comparison: Growth vs. Value

The two companies present contrasting investment profiles. Intuitive Machines offers attractive valuation at two times forward sales and higher growth rates, appealing to value-conscious growth investors. Rocket Lab demands a premium valuation but provides exposure to a more established launch market with recurring revenue streams and proven execution.

Both companies benefit from accelerating demand for space infrastructure. As missions to the moon increase and satellite constellations expand, the need for reliable launch capabilities and specialized vehicles grows exponentially. The shift from government-only space programs to commercial ventures creates a multi-year tailwind for both players.

Why These Two Matter for Space Investors

Rocket Lab and Intuitive Machines represent the evolution of commercial space transportation from single-service providers to vertically integrated systems operators. Their survival through the SPAC washout validates their underlying business models. More importantly, their aggressive diversification—Rocket Lab into manufacturing and Intuitive Machines into defense systems—positions them to capture multiple revenue streams from the expanding space economy.

The lunar economy, once science fiction, is becoming commercial reality. Both companies are building the infrastructure and services layer by layer. Whether through launching satellites or landing payloads on celestial bodies, these two deserve serious consideration for investors seeking exposure to the long-term secular growth trend in commercial space.