Key Takeaways
- Rocket Lab achieved $602 million in 2025 revenue with 38% year-over-year growth, maintaining a $1.85 billion backlog and receiving Moderate Buy ratings from analysts
- Intuitive Machines generated $210 million in 2025 sales, though its backlog exploded to $943 million by February 2026, with revenue projections of $900 million to $1 billion for 2026
- Planet Labs delivered fiscal 2026 revenue of $307.7 million, representing 26% growth, while achieving positive adjusted EBITDA and maintaining a $900 million backlog
- Analyst opinions vary across all three companies, with Rocket Lab receiving the most favorable ratings while Intuitive Machines faces the most polarized views
- Recent stock price appreciation has raised valuation questions for all three space sector players
The commercial space industry continues capturing investor interest, with three publicly traded companies emerging as focal points: Rocket Lab, Intuitive Machines, and Planet Labs. These firms occupy distinct niches within the broader space economy, and Wall Street analysts maintain varying perspectives on each investment opportunity.
Rocket Lab has established itself as a prominent player in the public space market. The company delivered approximately $602 million in full-year 2025 revenue, representing a 38% increase over the previous period. Finishing the year with a backlog approaching $1.85 billion, the firm demonstrated expanding gross margins and business diversification beyond its core small satellite launch services.
Wall Street’s assessment of Rocket Lab trends favorable. According to MarketBeat data, the stock carries a Moderate Buy consensus rating, supported by 9 Buy recommendations and 4 to 5 Hold ratings, with zero Sell calls. However, following significant share price gains, certain analysts have adopted a more measured stance, citing less attractive valuation metrics compared to earlier periods.
Intuitive Machines: Massive Backlog Growth Amid Execution Questions
Intuitive Machines focuses heavily on lunar exploration and NASA-affiliated contracts. The company recorded approximately $210 million in 2025 revenue. While year-end backlog registered at $213.1 million, management disclosed that this metric had surged to approximately $943 million as of February 28, 2026.
Intuitive Machines, Inc., LUNR
Management has set 2026 revenue expectations between $900 million and $1 billion. Successfully achieving this target would represent a substantial expansion, contingent on anticipated major contract conversions materializing as planned.
Analyst opinions remain notably split. MarketBeat data shows a Hold consensus comprising 8 Buy ratings, 3 Hold ratings, and 2 Sell ratings. Optimistic observers envision the company evolving into a comprehensive space prime contractor. Skeptics highlight execution challenges and uncertain government program timelines as primary risk factors.
Path to profitability remains dependent on a significant revenue ramp that hasn’t yet fully materialized in reported financial results.
Planet Labs: Defense Sector Fuels Revenue Expansion
Planet Labs specializes in Earth observation services and has experienced accelerating demand from defense and government clients. The company posted fiscal 2026 revenue of $307.7 million, marking 26% growth. Fourth-quarter revenue specifically jumped 41% to $86.8 million.
Planet also achieved positive adjusted EBITDA on a full-year basis. With approximately $900 million in backlog, the company offers greater forward revenue visibility than many emerging space ventures.
Analyst consensus stands at Hold according to MarketBeat, featuring 6 Buy ratings, 4 Hold ratings, and 1 Sell rating. While strengthening business fundamentals have bolstered confidence, some analysts express concern that recent stock appreciation has outpaced current financial performance.
Expanding defense-related revenue streams have emerged as a particularly bright spot in recent reporting periods.
Across these three space companies, fundamental business growth remains evident. Rocket Lab demonstrates the strongest operational trajectory and most robust analyst backing. Intuitive Machines presents the largest potential upside tied to prospective contract awards. Planet Labs combines improving financial metrics with ongoing valuation debates that keep analyst opinions divided.
Bottom Line
Each of these three companies is experiencing growth while serving distinct segments of the space industry. Rocket Lab currently exhibits the most proven operational execution. Intuitive Machines offers the highest potential returns if anticipated contracts materialize successfully.
Planet Labs continues building consistent revenue streams, though share price performance may need to align more closely with fundamental expectations before analysts adopt more bullish stances. For investors monitoring the commercial space sector, these three stocks provide clear perspectives on both opportunity and risk within this evolving industry.
The post Space Sector Showdown: Comparing Rocket Lab (RKLB), Intuitive Machines (LUNR), and Planet Labs (PL) appeared first on Blockonomi.
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