SpaceX has filed a confidential S-1 with the SEC as of April 1, 2026, setting the stage for a public listing expected in late June or early July at a valuation of $1.75 trillion. The public version of the filing is due in late May. The news came during a busy week for the space sector, as Rocket Lab reported quarterly earnings that beat analyst forecasts but saw its stock slide, while AST SpaceMobile grappled with a satellite failure that threatens its year-end deployment target.
SpaceX's Confidential Filing
The company's confidential S-1 filing was made on April 1, 2026, with the public version expected in late May. The IPO listing is anticipated in late June or early July, valuing the company at $1.75 trillion. The move marks a significant step for SpaceX as it transitions from a privately held launch provider to a publicly traded company. Further details on the offering will emerge once the public S-1 is released.
Rocket Lab's Mixed Earnings Report
Rocket Lab (RKLB) reported Q1 2026 revenue of $200.3 million, topping the $189 million estimate. Earnings per share came in at -$0.07, beating the -$0.08 forecast. The company also posted a backlog of $2.2 billion, up 20% quarter over quarter. During the quarter, Rocket Lab signed 31 new Electron and HASTE contracts and five Neutron launches. For Q2 2026, management guided revenue of $235 million, above the $205 million estimate, but gross margins of 39% fell short of the 41% consensus. Despite the earnings beat, Rocket Lab stock fell 7.17% to $78.58 on May 7, 2026. The decline was attributed to profit-taking after a 240% year-over-year run. Options activity told a different story: the volume put-call ratio stood at 0.53 on May 7, compared to 0.73 at the last earnings miss, signaling that options traders remained bullish.
AST SpaceMobile's Orbital Setback
AST SpaceMobile faced a major hurdle on April 20, 2026, when its BlueBird 7 satellite failed to reach orbit. The loss jeopardizes the company's goal of deploying a 45-satellite constellation by year-end. In response, ASTS announced a mid-June 2026 Falcon 9 launch for BlueBird 8-10, a window that overlaps with SpaceX's IPO roadshow. The company's stock closed at $65.35 on May 7, down 7.54%, with earnings due the following Monday. Since hitting a high of $129.78 on February 2, 2026, ASTS has fallen 51.27%. Options activity showed a drop in the volume put-call ratio from 0.62 to 0.45 since early April 2026, while implied volatility sat at 112.55% ahead of earnings, reflecting uncertainty.
AST SpaceMobile's earnings report, due Monday, will provide further clarity on the financial impact of the BlueBird 7 failure and the company's revised deployment timeline. Meanwhile, Rocket Lab's Q2 guidance and SpaceX's upcoming public S-1 release will keep the space sector in focus through late May and into summer.
