Suffering from SpaceX FOMO? Here are 5 alternative stocks to look at!

SpaceX FOMO has meant that shares in Elon Musk’s latest listed venture are up nearly 40% in its first five trading days, driven by a wave of pent‑up demand that had been building for years. Demand has been driven both from investors buying shares directly, but also in investors buying ETFs offering exposure to it. Case in point: the first ASX‑listed space ETF (from BetaShares) attracted $62 million of inflows in its first 28 trading days, a remarkable figure for a thematic fund in a niche category. We think it is this rather than any single day’s price action that demonstrates how powerful the SpaceX effect has become.

But what about for those who missed out? Should they buy shares in SpaceX? Or perhaps invest in other companies offering exposure to the same structural forces? For investors seeking the latter, we believe five companies stand out.

The Five Best Alternatives to SpaceX for Investors With SpaceX FOMO

Rocket Lab (NDQ:RKLB)

If the goal is to replicate the launch component of the SpaceX thesis, Rocket Lab is the only listed company that comes close. Capped at over US$60bn, this company has executed more than 40 Electron launches, it has demonstrated rapid‑turnaround capability, and it is now building Neutron, a medium‑lift rocket designed to compete directly in the segment where Falcon 9 has been so dominant. The strategic logic is clear: Electron gives Rocket Lab cadence, but Neutron gives it scale.

The more interesting part of the story sits in the space systems division. Rocket Lab now generates more than half its revenue from spacecraft, components, solar power systems and mission operations. This mirrors the SpaceX trajectory where launch created the brand but Starlink created the cash engine. Rocket Lab does not have a Starlink‑equivalent, and it is this rather than engineering capability that limits its valuation. But it does have a growing defence footprint, a vertically integrated manufacturing base, and a credible path to becoming the second most important launch provider in the Western world.

Investors with SpaceX FOMO may consider starting here because Rocket Lab is the only company that looks like a smaller, earlier‑stage version of what SpaceX was a decade ago. Of course, the devil is in the detail: what SpaceX was ‘a decade ago’.

Eutelsat (ETL:PA)

Eutelsat – a company based in France and listed on the Paris branch of the EuroNext exchange; owns OneWeb, one of the only operational low‑earth‑orbit broadband constellations outside Starlink. And to see how important Starlink is, consider it made US$11.4bn revenue in 2025. Clearly it is a critical communications layer for both civilian and military users.

OneWeb has more than 600 satellites in orbit, global coverage, and a business model focused on enterprise, government and mobility customers. No, it is not Starlink; but again, it is one of the few companies with a functioning LEO network, recurring revenue, and strategic relevance to governments that want resilient communications infrastructure.

The LEO communications market is expanding rapidly. Defence agencies want redundancy. Airlines want connectivity. Telecom operators want backhaul. Developing markets want broadband. Eutelsat sits at the centre of that demand curve.

Redwire (NYSE:RDW)

SpaceX is often described as a rocket company, but the more accurate description is that it is an infrastructure company. It builds solar arrays, star trackers, avionics, docking systems, thermal structures and in‑space manufacturing platforms. Now, Redwire is the listed company that most closely mirrors that part of the value chain as a provider of the components and systems that make modern space missions possible.

Its solar arrays power satellites and spacecraft. Its in‑space manufacturing technology is being used on the International Space Station. Its sensors, structures and electronics appear across defence, civil and commercial missions. This is the “picks and shovels” part of the space economy, and historically this is where the most durable margins have been found.

The strategic shift underway is simple: space is moving from bespoke engineering to industrialised production. SpaceX industrialised launch. Someone will industrialise the supply chain. Redwire is positioning itself to be that company. It benefits from every launch, every satellite, every defence programme and every commercial mission. It is not dependent on a single customer or a single platform. For investors who want exposure to the infrastructure layer of the space boom, Redwire is the most compelling listed option.

Planet Labs (NYSE:PL)

One of the most important lessons from SpaceX is that the real value in space is often downstream. The hardware enables the data, and the data enables the revenue. Planet Labs is the clearest example of this. The company operates the world’s largest Earth‑observation fleet, capturing imagery of the entire landmass of Earth every day. That dataset is sold to agriculture, insurance, defence, climate‑risk and logistics customers.
Planet Labs is a data company that happens to own satellites rather than a launch company. That distinction may appear disappointing at first glance but consider that it is the satellite software rather than hardware that drives recurring revenue. Planet’s imagery has been used to track Russian troop movements, monitor deforestation, assess flood damage and verify insurance claims. It has become part of the global intelligence fabric.

The commercial logic is this: as the dataset grows, the value of the analytics grows and as the analytics grow, the stickiness of the customer base grows. This is the same flywheel that has made companies like Palantir so valuable. For investors who want exposure to the software‑and‑data side of the space economy, Planet is the most direct listed play.

L3Harris (NYSE:LHX)

L3Harris is the listed company that best captures the defence‑space convergence which is an underrated element of SpaceX. L3Harris builds sensors, communications systems, avionics, missile‑defence components and space‑domain‑awareness technology. It is deeply embedded in the systems that make modern space operations possible. It benefits from rising defence budgets, rising geopolitical tension and rising demand for resilient space infrastructure.

Investors often overlook companies like L3Harris because they are not as glamorous (headline generating) as SpaceX. But it is this rather than capability that explains the discount. L3Harris generates billions in revenue, has stable cash flow, and sits at the intersection of defence and space — the exact intersection where governments are now spending aggressively.

Electro Optic Systems (ASX:EOS)

Let’s conclude on the ASX. We believe Electro Optic Systems (ASX:EOS) is the company that most closely mirrors the structural themes that have made SpaceX so valuable. EOS sits at the intersection of space, defence, communications and sovereign capability — the same intersection that has driven SpaceX’s strategic importance in the United States.

EOS operates satellite communications systems, space tracking infrastructure and defence‑grade remote weapons platforms. Its space division provides optical tracking of satellites and debris, a capability that has become critical as low‑earth‑orbit traffic accelerates. Australia’s defence establishment has increasingly leaned on EOS for sovereign space awareness, and that matters because SpaceX’s rise was built on the same dynamic: governments want reliable, domestic, dual‑use technology partners.

The analogy strengthens when you look at the revenue mix. SpaceX’s Starlink business has become a battlefield communications layer used in Ukraine, Gaza and the Red Sea. EOS’s communications systems are not global broadband, but they are designed for contested environments where resilience matters more than bandwidth. That is why defence customers continue to anchor the company’s order book.

The capital intensity also rhymes. EOS has raised more than $500 million over its life to build out space tracking, communications and defence systems. SpaceX raised more than US$9 billion privately before listing. The scale is different, but the pattern is the same: long‑cycle, high‑capex, high‑barrier industries where early capital determines long‑term positioning.