Key Highlights
- Rocket Lab achieved 38% revenue expansion, reaching $601.8 million in 2025, alongside a record $1.85 billion order backlog
- The company secured an $816 million Space Development Agency deal, strengthening its position in government aerospace contracts
- AST SpaceMobile generated $70.9 million in 2025 annual revenue, continuing its early-stage commercial infrastructure expansion
- AST maintains over $3.9 billion in pro forma liquidity available for satellite constellation deployment
- Analysts favor Rocket Lab with a Moderate Buy rating, while AST receives a Reduce consensus from Wall Street
Two space sector companies capturing investor attention in 2026 are Rocket Lab and AST SpaceMobile. These enterprises operate in distinctly different segments, presenting investors with contrasting opportunity profiles. Rocket Lab has established a multifaceted operational business. AST SpaceMobile pursues a transformative vision for global mobile communications.
Rocket Lab delivered impressive results throughout 2025. The company expanded revenue by 38% to reach $601.8 million. Q4 performance set a company record with $179.7 million in quarterly revenue. Year-end backlog totaled $1.85 billion, representing a 73% increase from 2024. This substantial order book provides more revenue visibility than many competitors in the aerospace sector can demonstrate.
The company’s business model has evolved considerably beyond launch services alone. Product sales contributed $371.6 million during 2025, complemented by $230.2 million in service revenue. Today, Rocket Lab manufactures complete spacecraft, specialized components, and integrated systems primarily for defense and intelligence agencies.
Government Partnerships Provide Rocket Lab with Revenue Predictability
Securing an $816 million Space Development Agency contract represents a significant milestone. This award demonstrates confidence from government clients in Rocket Lab’s ability to execute complex, multi-year programs. The company’s Neutron medium-class launch vehicle represents the next anticipated catalyst for expansion.
Profitability remains elusive for Rocket Lab at this stage. The company recorded a $198.2 million net loss during 2025. Leadership projected continued adjusted EBITDA losses for Q1 2026. Market valuation currently reflects anticipated future profitability rather than present-day earnings.
AST SpaceMobile follows a fundamentally different business model. This company aims to create an orbital cellular broadband infrastructure capable of connecting directly with ordinary smartphones, eliminating the need for specialized equipment. Successful deployment at commercial scale could address underserved markets worldwide that terrestrial and traditional satellite providers cannot economically reach.
AST remains in the early deployment phase of its business plan. The company generated $70.9 million in total 2025 revenue. Fourth-quarter performance contributed $54.3 million, resulting from gateway equipment deliveries, mobile operator partnerships, and government contract achievements.
Strong Liquidity Position Supports AST SpaceMobile’s Deployment Schedule
Year-end 2025 financial statements showed $2.8 billion in cash and liquid assets. Following additional capital raises completed in early 2026, pro forma liquidity exceeded $3.9 billion. This financial cushion enables continued satellite constellation expansion without near-term capital constraints.
AST has secured more than $1.2 billion in contracted revenue commitments through partnerships with mobile network operators. For a company in early commercialization stages, this represents substantial validation. The company continues operating at significant losses, with future success dependent on deployment velocity and technical network performance.
Wall Street analyst sentiment diverges significantly between these companies. Rocket Lab receives a Moderate Buy consensus rating, composed of 2 Strong Buy recommendations, 7 Buy ratings, 7 Hold positions, and 1 Sell rating. AST SpaceMobile holds a Reduce consensus, including 2 Buy ratings, 6 Hold positions, and 3 Sell recommendations.
Investment Considerations
The analyst community shows greater confidence in Rocket Lab’s established business framework. AST’s potential upside attracts recognition, though remains more challenging to quantify given current development stages. Rocket Lab presents the more mature operation with broader revenue streams, business diversification, and favorable Wall Street coverage. AST represents the higher-risk proposition with substantial upside potential if orbital broadband ambitions materialize successfully.
Rocket Lab offers the more established business foundation at present. AST SpaceMobile pursues the more ambitious transformational opportunity. The appropriate choice between these investments depends entirely on individual risk tolerance and investment timeframe preferences.
