The Orbital Industrial Base
A comprehensive guide to publicly traded space infrastructure on US exchanges, from launch and space systems to satellite communications, earth observation data, and defence resilience.
Executive Summary
Space is shifting from launch headlines to infrastructure economics: communications, earth observation, defence resilience, and data products. The investable universe is increasingly about recurring revenue from constellations and services, not just rockets.
The competitive pressure is clear in satellite broadband: a February 2026 report described CMA CGM testing Eutelsat OneWeb against Starlink across a 350-ship fleet, highlighting redundancy and the race for reliable LEO connectivity (Financial Times).
On the public side, the cleanest “real revenue” space exposures often come from satellite operators and earth-observation data platforms. Iridium issued 2026 outlook commentary alongside 2025 results in February 2026, providing a tangible fundamentals anchor in an otherwise narrative-heavy sector (Iridium IR).
Launch & Space Systems
Large-Cap Defence/Industrial
Lockheed Martin
NYSE: LMTDefence primes offer “space exposure with ballast” via satellites, missile warning, and classified programmes. Upside is diluted, but the business is less hostage to capital markets.
Public Pure-Plays
Rocket Lab
NASDAQ: RKLBRocket Lab is increasingly framed as a vertically integrated “space systems” company, not just a launcher. It’s also an execution story with meaningful event risk around new vehicle timelines and guidance updates. Recent announcements set its Q4 and full-year 2025 results date for February 26, 2026 (results date).
Space.com reported Rocket Lab’s 2025 record cadence and continued constellation deployments for iQPS, underscoring that launch cadence is a measurable operating KPI (Space.com).
Satellite Communications
Iridium Communications
NASDAQ: IRDMIridium is the “real revenue, real customers” satellite operator exposure. In February 2026, it published 2025 results and 2026 outlook details, anchoring the sector in fundamentals (IR release).
Investor lens: prefer recurring service revenue and defensible niches (IoT, mission-critical comms) over pure “constellation hype.”
LEO broadband competition
The sector’s reality is competitive intensity. A February 2026 report described CMA CGM trialling OneWeb versus Starlink across its fleet, a useful signal for how enterprise buyers pursue redundancy and security (Financial Times).
Earth Observation & Data Platforms
Planet Labs
NYSE: PLPlanet is a pure-play “data product” exposure: daily earth imaging and subscription-like contracts. Its investor relations page highlights record Q3 FY2026 revenue and increased remaining performance obligations (RPOs), signalling a contract backlog dynamic (Planet IR).
Investor lens: differentiate “imagery commodity” from “workflow-integrated insight.” The latter earns higher multiples and stickier revenue.
Defence Space & Resilience
Why defence matters
Defence space budgets increasingly favour resilient communications, sensing, and proliferated constellations. For investors, this typically shows up inside defence primes and specialized public contractors rather than consumer-facing “space” narratives.
- Resilience: redundant constellations, contested-space capabilities.
- ISR: imaging, SAR, and signal intelligence platforms.
- Ground segment: data fusion and distribution is where value concentrates.
Sector Map
RKLB"] B --> B2["Defence primes
LMT/RTX/BA"] C --> C1["Satcom Operators
IRDM / Eutelsat"] C --> C2["Earth Observation
Planet (PL)"] D --> D1["Analytics & Workflows"] D --> D2["Terminals & Integration"] E --> E1["Enterprise Connectivity"] E --> E2["Defence Resilience"] E --> E3["Climate/Agriculture/Mapping"] style A fill:#f5f5f3,stroke:#1a1a1a,stroke-width:3px,color:#2d2d2d style B fill:#e8f4fd,stroke:#1e40af,stroke-width:2px,color:#1e293b style C fill:#f0fdf4,stroke:#166534,stroke-width:2px,color:#1e293b style D fill:#fdf4ff,stroke:#7c3aed,stroke-width:2px,color:#1e293b style E fill:#fef3c7,stroke:#d97706,stroke-width:2px,color:#1e293b style B1 fill:#ffffff,stroke:#3b82f6,stroke-width:2px,color:#1e293b style B2 fill:#ffffff,stroke:#3b82f6,stroke-width:2px,color:#1e293b style C1 fill:#ffffff,stroke:#22c55e,stroke-width:2px,color:#1e293b style C2 fill:#ffffff,stroke:#22c55e,stroke-width:2px,color:#1e293b style D1 fill:#ffffff,stroke:#8b5cf6,stroke-width:2px,color:#1e293b style D2 fill:#ffffff,stroke:#8b5cf6,stroke-width:2px,color:#1e293b style E1 fill:#ffffff,stroke:#f59e0b,stroke-width:2px,color:#1e293b style E2 fill:#ffffff,stroke:#f59e0b,stroke-width:2px,color:#1e293b style E3 fill:#ffffff,stroke:#f59e0b,stroke-width:2px,color:#1e293b
Investment Framework
How to Underwrite This Sector Without Chasing Hype
- Separate platforms (infrastructure / ecosystem) from pure-plays (single-technology risk).
- Track milestones that convert narrative into reality (deployment, contracts, unit economics, regulatory gates).
- Expect financing risk in small-caps: dilution and volatility are part of the package.
- Use a barbell: a stable core + a small venture basket, sized for drawdowns.
Practical Guidance
Portfolio Construction Approaches
| Approach | Implementation | Best For |
|---|---|---|
| Infrastructure / Platforms | Own the enabling layer first | Belief that platforms capture value regardless of the “winner” |
| Diversified Operators | Recurring revenue + real customers | Lower financing risk, clearer fundamentals |
| Pure-Play Optionality | Small basket sized for volatility | High risk tolerance and multi-year horizon |
Key Due Diligence Questions
Fundamentals:
- • What is the clearest “next milestone” in 6-12 months?
- • Is revenue recurring, contract-based, or one-off?
- • What breaks in a risk-off tape?
Risk:
- • How long is the cash runway at current burn?
- • Are timelines gated by regulation, manufacturing, or physics?
- • Who is the real competitor: a peer, or an incumbent platform?