April 22, 2026 · Space & Defense Markets
(We have noticed some formatting and coloring problems lately, if you see any please reply to this email and tell us, thanks!!!)
The week's biggest drama: AST SpaceMobile's BlueBird 7 satellite was rendered inoperative on April 19 after Blue Origin's New Glenn rocket (its third launch) placed the payload into a highly elliptical orbit of 154 × 494 km instead of the targeted 460 km circular orbit. The upper stage reportedly failed to execute the correct engine burn, leaving the satellite stranded, its onboard thrusters unable to compensate. BlueBird 7 will be deliberately deorbited. The FAA has classified the event as a mishap, grounding the New Glenn fleet pending investigation. Shares of ASTS fell more than 5% Monday on heavy volume, roughly 167% above the three-month average. The satellite was insured for ~$30 million, providing some financial buffer. AST reaffirmed its target of 45 satellites in orbit by year-end and confirmed BlueBird 8–10 are ready to ship within 30 days. Analyst William Blair's Louie DiPalma noted that the 45-satellite goal now looks harder to achieve, though he sees the mission as valuable integration experience for future New Glenn flights carrying up to eight BlueBirds at a time. AST SpaceMobile Blue Origin |
"With Amazon not expected to deploy its own direct-to-device satellites until 2028, AST SpaceMobile needs to make the most of its two-year lead time." — CCS Insight
Rocket Lab had a strong week. On Monday, Stifel analyst Erik Rasmussen raised his price target from $90 to $105 while maintaining a Buy rating (matching the highest target on Wall Street) sending shares up 5.3% in the session. Roth Capital had already lifted its target from $90 to $100 on April 17. The analyst upgrades follow Rocket Lab's mid-April unveiling of Gauss, a new in-house electric Hall-effect satellite thruster, debuted at the Space Symposium on April 14. The system includes a Hall thruster, power processing unit, and propellant management assembly, with capacity to produce more than 200 units annually, targeting commercial and national security constellations. The same day, Rocket Lab closed its $155.3 million acquisition of Mynaric, bringing laser optical communications terminals in-house and establishing the company's first European footprint in Munich. Citigroup simultaneously upgraded RKLB from Market Perform to Outperform. The stock is up 17.7% year-to-date. RKLB upgrade Investing.com rocket lab target ↗ |
Amazon completed its acquisition of Globalstar for approximately $11.6 billion (offering shareholders $90 per share in cash or stock) in a move squarely aimed at challenging SpaceX's Starlink dominance. The deal hands Amazon 24 operational satellites, globally harmonized Band 53/n53 spectrum rights, and the infrastructure already powering Apple's Emergency SOS feature on iPhones. Amazon plans to upgrade the service to support voice, data, and full messaging under the name Amazon LEO by 2028. The strategic logic is stark: Starlink currently operates 10,000 satellites generating ~$10 billion in annual revenue at 65% margins. Amazon's massive $200 billion capex commitment in 2026, with LEO satellites named explicitly alongside AI and chips, signals it intends to compress that gap quickly. AMZN shares gained 5% on the news, adding ~$125 billion in market cap in a single session. Amazon Acquisition |
SpaceX's confidential SEC filing on April 1 continues to dominate sector sentiment. The company has reportedly raised its target valuation above $2 trillion, eyeing a ~$75 billion raise that would surpass Saudi Aramco's 2019 record. An IPO expected in summer 2026 is acting as a gravitational force across the space stock universe. Analysts and fund managers increasingly frame the SpaceX listing as a sector-wide repricing event one that puts institutional validation behind pure-play names like RKLB, ASTS, LUNR, and PL. The Procure Space ETF (UFO) is up 33% year-to-date against the S&P 500's 3% decline. Tema Space Innovators ETF (NASA) has gained ~18% since debuting alongside the Artemis II mission. That said, some analysts caution that the underlying businesses of public peers haven't fundamentally changed, only investor perception has... SpaceX The Same Catalist (again) |
