SpaceX is targeting May 12 as the opening window for Starship Flight 12 — the maiden launch of the Block 3 (V3) vehicle, and arguably the most consequential test flight since Starship's program began. The current launch schedule lists an NET date of May 12 at 22:30 UTC from Orbital Launch Pad 2 at Starbase, Texas — itself a milestone, as OLP-2 represents SpaceX's second launch complex, enabling higher cadence by allowing parallel vehicle stacking.

The V3 stack is physically the largest rocket ever attempted. Booster 19 and Ship 39 stand 408 feet tall when stacked — four feet taller than V2 — and are designed to carry over 100 metric tons to low Earth orbit, nearly triple V2's ~35-ton capacity. Both vehicles are powered by Raptor 3 engines and have cleared full static-fire milestones. The FAA has granted flight-safety approval; the FCC license runs through October 2026.

Mission profile is deliberately conservative: both booster and ship are targeting ocean splashdown rather than a tower catch. SpaceX is prioritizing architecture validation over pushing for the booster-return milestones Flight 11 demonstrated. Ship 40 has already begun testing for Flight 13, signaling a faster cadence than any prior phase of the program.

Rocket Lab surged 28.5% in April, capping a twelve-month run of roughly 250% as the stock climbed from ~$21 to above $73. The move was driven by Wall Street price target upgrades, a rapidly growing backlog, and rising investor enthusiasm tied to the SpaceX IPO narrative. Analyst consensus sits at a $86.68 target with 10 buy ratings and 6 holds, and no sell ratings.

The most material news of the past several weeks was a $190 million contract under the MACH-TB 2.0 program — a 20-mission block buy of HASTE (Hypersonic Accelerator Suborbital Test Electron) launches for the U.S. Department of Defense over four years. This is the largest single launch contract in Rocket Lab's history and pushed the company's combined backlog above $2 billion for the first time. The contract is a strategic win, positioning Rocket Lab as critical infrastructure for America's hypersonic weapons development program.

Meanwhile, Sasha “Ice” Petrov posted back-to-back 40-point games, vaulting himself into the spotlight. With upsets shaking up the standings, analysts are split on who’s truly leading the pack—and with half the season left, it’s anyone’s game.

The Space Force this past week formally announced that 20 OTA agreements worth up to $3.2 billion have been awarded to 12 companies to develop prototypes of space-based interceptors (SBIs) for President Trump's Golden Dome missile defense architecture. The contracts — awarded in late 2025 and early 2026 — task the firms with building a proliferated low-Earth orbit constellation capable of destroying ballistic and hypersonic missiles during boost, midcourse, and glide phases. The program targets a demonstration by 2028.

Among public companies confirmed in the SBI program, Firefly Aerospace (FLY) announced May 4 that its SciTec subsidiary received an agreement to develop AI-enabled battle management software for missile defense warning and tracking. SpaceX has also been integrated into the Golden Dome software development group — working alongside Anduril, Palantir, and others on the "glue layer" software that connects sensors, radars, and missile batteries across services. SpaceX separately won a $57 million Pentagon contract to demonstrate inter-satellite data links using the Link-182 standard for Golden Dome relay.

This week is unusually active for space stock earnings. BlackSky (BKSY) and Redwire (RDW) both reported today, with shares jumping over 10% each. Rocket Lab (RKLB) reports tomorrow after close. Intuitive Machines (LUNR) will release Q1 results on May 14.

BKSY

BlackSky Technology — an AI-enhanced Earth observation company on track to operate the world's largest very-high-resolution satellite constellation by end of 2026. Satellites can image objects as small as 35 cm across. 2025 revenue was $106.6M; 2026 guidance is $120–$145M with positive adjusted EBITDA. Backlog grew 32% to $345M. Shares were up 10%+ today on results.

RDW

Redwire — space infrastructure manufacturer (deployable solar arrays, avionics, in-space manufacturing). 2025 revenue grew 10% to $335M, though losses remain wide. Analysts flag this as the weakest near-term play in the space sector, but it benefits from the same SpaceX IPO tailwind as peers. Shares +10% today.

LUNR

Intuitive Machines — the closest pure-play on lunar infrastructure, with 2026 revenue guidance of up to $1 billion and a $943M backlog anchored by NASA and defense contracts. In March, the company received a $180.4M NASA contract to deliver seven lunar payloads using its larger-cargo Nova-D lander. The company also acquired Lanteris Space Systems for $800M, adding in-house satellite manufacturing at scale and data services. Reports May 14.

PL

Planet Labs — record fiscal 2026 revenue of $307.7M (+26% YoY), 98% recurring annual contract value, $900M backlog. Evolving from hardware to data-intelligence platform. Shares recently hit new 52-week highs near $38. Still loss-making with a long runway to profitability.