Contents
Key Takeaways
- Rocket Lab achieved 38% revenue growth reaching $601.8 million in 2025, backed by a $1.85 billion backlog
- An $816 million Space Development Agency deal strengthened Rocket Lab’s position in government contracting
- AST SpaceMobile generated $70.9 million in 2025 revenue as it continues building its satellite network
- AST secured more than $3.9 billion in pro forma liquidity for continued satellite launches
- Analyst consensus favors Rocket Lab with a Moderate Buy versus a Reduce rating for AST
Two space companies are capturing significant investor attention: Rocket Lab and AST SpaceMobile. Yet these firms couldn’t be more different in their business models and risk characteristics. One company has established a proven, multi-faceted operation. The other is pursuing an ambitious vision that could revolutionize global mobile communications.
Rocket Lab delivered impressive results throughout 2025. The company’s revenue surged 38% year-over-year to $601.8 million. Its fourth quarter alone generated a record-breaking $179.7 million. Perhaps most significantly, the firm finished the year holding a $1.85 billion backlog—a 73% increase from 2024. This substantial pipeline provides far greater revenue visibility than most competitors in the aerospace sector.
The company’s evolution extends far beyond launch services. Product sales accounted for $371.6 million in 2025, with services contributing $230.2 million. Today, Rocket Lab manufactures complete spacecraft, specialized components, and integrated systems primarily for defense and national security applications.
Government Partnerships Anchor Rocket Lab’s Growth Strategy
Securing an $816 million Space Development Agency contract represented a watershed moment for the company. This substantial award demonstrates confidence from government agencies in Rocket Lab’s capabilities for complex, multi-year programs. The firm’s upcoming Neutron medium-lift rocket platform is expected to drive the next wave of expansion.
Nevertheless, profitability remains elusive. Rocket Lab recorded a net loss of $198.2 million throughout 2025. Company leadership projected continued adjusted EBITDA losses for the first quarter of 2026. Market valuations currently reflect anticipated future scale rather than present-day profits.
AST SpaceMobile represents an entirely different proposition. This company aims to create a space-based cellular network capable of delivering broadband connectivity directly to ordinary smartphones—eliminating the need for specialized equipment. Success at commercial scale could unlock massive underserved markets that traditional satellite providers cannot economically address.
AST remains in the early deployment phase. The company generated $70.9 million in full-year 2025 revenue. Fourth-quarter revenue specifically reached $54.3 million, primarily from gateway infrastructure deliveries, mobile operator partnerships, and government-related milestones.
Strong Liquidity Position Supports AST SpaceMobile’s Deployment Plans
The company reported holding $2.8 billion in cash and equivalents as of December 31, 2025. Following additional capital raises completed in early 2026, pro forma liquidity exceeded $3.9 billion. This robust financial position enables continued satellite constellation expansion without near-term funding pressures.
AST has also secured more than $1.2 billion in contracted revenue commitments from strategic partners. For a company just beginning commercial operations, this represents substantial validation. However, the business continues operating at significant losses, and ultimate success hinges on deployment velocity and network performance quality.
Analyst sentiment clearly distinguishes between the two companies. Rocket Lab maintains a Moderate Buy consensus rating, comprised of 2 Strong Buys, 7 Buys, 7 Holds, and 1 Sell. AST SpaceMobile carries a Reduce consensus, with 2 Buys, 6 Holds, and 3 Sells.
Investment Perspective
The analyst community shows greater confidence in Rocket Lab’s established business framework. While AST’s potential upside is acknowledged, it proves more challenging to validate at the current development stage. Rocket Lab offers a more mature operation with diversified revenue streams, proven execution, and broader Wall Street support. AST SpaceMobile represents a higher-risk opportunity with substantially greater potential returns if its satellite broadband architecture delivers as envisioned.
Rocket Lab currently provides the more solid operational foundation. AST SpaceMobile pursues the more transformative opportunity. The appropriate choice between these investments depends entirely on individual risk tolerance and portfolio objectives.
