SpaceX vs. Rocket Lab vs. AST SpaceMobile: 3 Space Stocks Compared on the Only Numbers That Matter

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Space Exploration Technologies ( SPCX -3.81% ) , also called SpaceX , reported revenue of about $14.6 billion in the third quarter. However, more than half came from its Super Intelligence (SI) business, formerly known as the artificial intelligence (AI) business, rather than from its traditional space operations. SpaceX's other two businesses include Space, which manufactures and launches reusable rockets, and Connectivity, which provides satellite internet services through Starlink. Rocket Lab ( RKLB -3.79% ) generated $234 million in its fiscal second quarter (ended June 30), mainly from its Space Systems segment. Rocket Lab manufactures spacecraft and satellite components through Space Systems, while its Launch Services business sends satellites and other payloads into space. AST SpaceMobile ( ASTS -4.12% ) reported just $31.5 million in its fiscal second quarter (ended June 30), with no recognized revenue from its planned satellite-cellular service. AST SpaceMobile is developing a satellite-based cellular broadband network that aims to connect ordinary smartphones directly to satellites through existing mobile operators. However, revenue alone cannot determine which stock offers better returns. The more important numbers are the companies' ability to generate future cash flows relative to their current valuations. SpaceX's Connectivity segment earned $2.37 billion in operating profit, while the SI segment earned $431 million in the third quarter. However, SI is also accounted for about $40 billion of the company's $48.1 billion in capital expenditures during the first nine months of 2026. SpaceX also reported $13.1 billion of operating cash flow and nearly $35 billion of negative free cash flow in the first nine months of 2026.

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