SpaceX Alternatives: 3 Satellite Economy Stocks for Investors Wary of the $2 Trillion Valuation

SpaceX's Historic IPO Left Many Investors on the Sidelines — Here's What They're Looking At Instead

Space Exploration Technologies made its public market debut on June 12, 2026, in what became the largest IPO in stock market history. Despite notable price swings in the weeks since, SpaceX's market capitalization remains near the $2 trillion mark — accompanied by a price-to-sales ratio exceeding 100. For many investors, that combination has prompted a search for satellite economy exposure through more modestly priced alternatives.

Three publicly traded companies offer varying degrees of exposure to the same space-based economy that drives much of SpaceX's business model: Rocket Lab USA (NASDAQ: RKLB), AST SpaceMobile (NASDAQ: ASTS), and Viasat (NASDAQ: VSAT).

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Rocket Lab USA (RKLB): The Closest SpaceX Peer

Rocket Lab operates in both rocket launches and satellite manufacturing, making it arguably the most direct publicly traded analog to SpaceX's core businesses. The company's Electron rocket currently ranks as the world's third-most-launched orbital rocket, trailing only SpaceX's Falcon 9 and China's Long March family.

Its satellite segment has expanded significantly and now generates close to 70% of total revenue. As of trailing twelve months ending mid-2026, Rocket Lab reported:

• Revenue: $679.6 million
• EPS: ($0.32)
• Free Cash Flow: ($316.3 million)
• Price-to-Sales Ratio: 78x (as of June 24, 2026)

The Case For and Against

The most significant catalyst on the horizon is Neutron, a larger, partially reusable rocket designed to compete directly with the Falcon 9. A successful Neutron launch could represent a meaningful inflection point in the company's revenue trajectory and competitive positioning in the launch market.

However, Neutron's first flight has faced repeated delays, and execution risk remains considerable. The current P/S ratio of 78x mirrors the premium valuation that makes SpaceX itself a challenging entry point — though analysts note that Rocket Lab's smaller revenue base gives it more room to grow into that multiple over time.

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AST SpaceMobile (ASTS): A Starlink-Adjacent Satellite Network

AST SpaceMobile operates a satellite network that delivers broadband connectivity directly to standard, unmodified smartphones — no proprietary hardware required. This positions it as a competitor to SpaceX's Starlink in the direct-to-device connectivity market.

Key financials for the trailing twelve months:

• Revenue: $84.9 million
• EPS: ($1.80)
• Free Cash Flow: ($1.37 billion)
• Price-to-Sales Ratio: 234x (as of June 24, 2026)

The Case For and Against

AST's technology is engineered to support up to 5G speeds — theoretically faster than Starlink — with higher capacity in densely populated urban areas, though the service is primarily designed to extend coverage in rural and underserved regions. Strategic partnerships with major carriers including AT&T and Verizon add institutional credibility to the platform.

The risks are substantial. At a P/S ratio of 234x, the valuation prices in a great deal of future growth that remains uncertain. The total addressable market for supplemental satellite coverage is difficult to estimate with precision, and the company lacks an in-house launch capability, making satellite deployment more expensive relative to vertically integrated competitors.

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Viasat (VSAT): The Established Player With Debt Overhang

Viasat represents a fundamentally different profile from the previous two. The company has long-standing operations in in-flight Wi-Fi connectivity — the satellite internet used on major carriers like United and American Airlines — and has seen its defense and government contract business emerge as a more significant growth driver in recent periods.

Trailing twelve-month financials:

• Revenue: $4.64 billion
• EPS: ($0.25)
• Free Cash Flow: $597.1 million
• Price-to-Sales Ratio: 1.8x (as of June 24, 2026)

The Case For and Against

Viasat carries a substantial revenue backlog and has seen meaningful growth in defense and government contracts. Some analysts observe that Starlink's technical limitations in certain aviation use cases could support a partial recovery in Viasat's commercial aviation segment.

The company's balance sheet, however, carries the weight of its 2023 acquisition of Inmarsat, which added nearly $6 billion in net debt. Interest expense consumes a significant portion of the company's cash generation. Additionally, a newly launched satellite suffered permanent damage in 2023, highlighting how a single deployment failure can materially impair a satellite operator's capacity — though Viasat subsequently addressed the shortfall by launching a replacement satellite.

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What Investors Are Watching

The satellite economy is expanding rapidly, driven by demand for global broadband coverage, defense applications, and the proliferation of low-earth orbit networks. SpaceX's blockbuster public debut has intensified investor interest in the sector broadly, and all three of these companies stand to benefit — or face pressure — as that competitive landscape evolves.

For those monitoring the space, the key variables include Rocket Lab's Neutron development timeline, AST SpaceMobile's subscriber growth and cash burn trajectory, and Viasat's ability to service its debt load while maintaining operational momentum in both commercial and defense segments.