Industry Overview - The reusable rocket industry is characterized by a dramatic cost decline, leading to business model changes and significant opportunities [1] - SpaceX has a 10-year lead in reusable rocket technology, consistently reducing launch costs through improved refurbishment and reuse [3][4] - Lower launch costs are enabling new opportunities in low Earth orbit (LEO) [9] Market Trends & Opportunities - The industry identifies a $130 billion annual revenue opportunity in space, primarily driven by global broadband and direct-to-device capabilities [13] - Direct-to-device (smartphone to satellite connectivity) is estimated to be a $48 billion opportunity, assuming $0.50 per month from 8 billion cell phone subscribers [15] - Broadband access for households, RVs, boats, aircraft, and ships represents a $40 billion opportunity [16] Company Updates & Competitive Landscape - Blue Origin and Rocket Lab are developing reusable rockets, aiming to launch and reuse them [6][7] - Starlink and T-Mobile launched direct-to-device service in July [18] - Firefly went public, increasing the number of space companies available for public investment [20] Technological Advancements - Low Earth Orbit (LEO) has opened up due to declining launch costs, enabling applications like high-speed internet via satellites [9][11] - Starlink Mini offers easy setup and reliable high-speed internet [12]

CoreWeave - CoreWeave is not a quantum computing stock but is often associated with the sector due to its connection with NVIDIA and its AI-focused business model [3] - The company has a significant backlog of nearly $60 billion, with $50 billion in contracted remaining performance obligations (RPO) [3] - For the full year, CoreWeave expects approximately $5 billion in revenue, more than double from the previous year, but will incur $13 billion in capital expenditures (CapEx) and $1.4 billion in interest expenses [3] - The stock has seen a decline of nearly 15% due to lower-than-expected guidance for Q4 and the full year [4] - CoreWeave's growth is heavily dependent on external factors such as contractor performance and power availability [5] Rigetti Computing - Rigetti reported Q3 revenue of only $1.9 million, a decline of around 18% year-over-year, contrasting sharply with CoreWeave's nearly doubled revenue [6] - The company is in the early stages of quantum computing, with ambitious goals to deliver advanced quantum systems in the coming years [6] Rocket Lab - Rocket Lab reported record Q3 revenue of $155 million, up approximately 48% year-over-year, although it remains unprofitable [11] - The company has a backlog of 49 launches under contract, with 17 deals signed in Q3 alone [11] - Rocket Lab is affected by the government shutdown, which has delayed awards for key projects [12] AST SpaceMobile - AST SpaceMobile is building a satellite-based cellular network and has secured contracts with over 50 mobile network operators globally, covering nearly three billion subscribers [17] - The company reported just under $15 million in revenue for Q3 but has $1 billion in contracted revenue commitments [15] - AST SpaceMobile expects to launch a satellite every 1-2 months, aiming to deploy between 45 and 60 satellites by the end of next year [18]

Core Insights - Rocket Lab has demonstrated solid growth across all business units, particularly with its Electron launch vehicle, which is now the second most frequently launched US vehicle [2][4] - The company is on track for its biggest launch year ever, with a backlog of 17 booked launches in one quarter [4] - Rocket Lab is also focusing on innovative projects like Photon and Haste, which are expected to enhance its capabilities in space exploration and hypersonic testing [6][8] Business Performance - The Electron vehicle has seen significant success, contributing to a growing backlog and strong performance metrics [3][4] - The company anticipates that next year will be even bigger in terms of launches and overall growth [4] - Rocket Lab's Photon missions are set to launch spacecraft to Mars at a fraction of the typical cost and time, showcasing the company's efficiency [6] Future Projects - Haste, a hypersonic suborbital variant of the Electron vehicle, aims to accelerate hypersonic testing, addressing a critical area of development for the US [8] - The Neutron vehicle is positioned to disrupt the current market dominated by SpaceX's Falcon 9, providing new options for government and commercial customers [10][11] - The Neutron vehicle will also enable Rocket Lab to deploy its own satellite constellations, enhancing its competitive edge [11] Market Opportunities - The total addressable market for space-related opportunities is vast, with significant potential in both space exploration and artificial intelligence [16] - The company is well-positioned to capitalize on these opportunities, having established itself as a reliable player in the commercial launch market [14]

Core Insights - Rocket Lab's stock increased by up to 5% following the announcement of record revenues in Q3, driven by an increase in launch deals and a growing backlog [1] Financial Performance - The company reported Q3 revenue of $155 million, exceeding the analyst forecast of $152 million and representing a 48% increase from approximately $105 million a year ago [2] - Rocket Lab posted a smaller-than-expected loss of 3 cents per share, compared to the anticipated loss of 10 cents per share [2] - The company reported an adjusted EBITDA loss of $26.3 million, which was higher than the previously forecasted loss range of $21 million to $23 million and above the analyst expectation of $22.2 million [7] Future Guidance - Rocket Lab provided strong guidance for the current quarter, expecting revenues between $170 million and $180 million, slightly above the analyst forecast of $172 million [3] - The company anticipates adjusted EBITDA losses in Q4 to range between $23 million and $29 million, exceeding the $13 million loss forecast by analysts [7] Operational Highlights - Rocket Lab has a record backlog with 49 rocket launches on contract, having signed 17 new deals in Q3 and plans to complete over 20 launches by year-end [3] - The company is on track to achieve a new annual launch record, as stated by CEO Peter Beck [4] Market Context - Competition in the space technology sector is intensifying, with increased reliance on independent contractors by the U.S. government and NASA, including competitors like SpaceX [5] - Rocket Lab's stock has more than doubled this year and surged nearly 270% over the last twelve months, despite a 13% pullback in November amid broader market conditions [6]

Group 1 - SoftBank sold its entire stake in Nvidia for $5.8 billion, leading to a nearly 10% drop in Coreweave's shares, which rent Nvidia's GPUs [12][6][13] - SoftBank's second-quarter net profit more than doubled to $16.6 billion, driven by valuation gains in its OpenAI holdings [13][14] - The exit from Nvidia aligns with SoftBank's strategy to fund future AI investments, including a $1 trillion AI manufacturing hub in Arizona [14][15] Group 2 - Animoka Brands plans to go public again through a reverse merger with Current Group, aiming to own 95% of the merged entity [16][20] - The merger is seen as strategic, combining Animoka's focus on crypto and tokenization with Current's fintech services [20][22] - The regulatory environment for crypto has improved since Animoka's delisting from the Australian Securities Exchange in 2020 [23][24] Group 3 - Investors are showing interest in AI, with Coreweave's Q3 results beating estimates but issuing weaker full-year guidance, reviving concerns about AI spending returns [5][6][14] - The potential trade deal between the US and Switzerland could lower tariffs on Swiss exports, positively impacting companies like Swatch and Richemont [33][34] - Rocket Lab reported a 48% year-over-year revenue increase, reaching $155 million, indicating strong demand and growth prospects [37]

Core Insights - Rocket Lab's stock surged 10.5% in pre-market trading following the announcement of its Q3 earnings [1] Financial Performance - Q3 revenue reached $155 million, representing a 48% year-over-year increase [1] - The net loss for the quarter was $18.26 million, an improvement from a loss of $51.94 million in the same period last year [1] Order Backlog and Cash Position - The company reported a backlog of orders totaling $1.1 billion at the end of the quarter [1] - Following an ATM issuance, Rocket Lab's total cash, cash equivalents, and other liquid assets exceeded $1 billion [1] Future Guidance - For Q4 2025, Rocket Lab projects revenue between $170 million and $180 million, with a midpoint of $175 million, which is above market expectations of $172 million [1]

Core Insights - AST SpaceMobile Inc. is focused on creating the first space-based cellular broadband network, aiming to provide mobile connectivity directly from satellites to standard mobile phones, positioning itself against competitors like Rocket Lab [1] Financial Performance - On November 10, 2025, ASTS reported an EPS of -$0.45, missing the expected -$0.39, and revenue of $14.7 million, below the forecasted $22 million, attributed to delays in U.S. government contract milestones and gateway deliveries [2][6] - The company's net losses reached $122.9 million, exceeding the predicted loss of $94.9 million, indicating a faster-than-expected increase in operating expenses [3] - Despite having $1.2 billion in cash reserves, the rising cash burn rate raises concerns about the company's financial sustainability [3] Market Reaction - Despite the earnings miss, ASTS's stock price surged by 217% in 2025, suggesting that the market may have already factored in these operational challenges into the stock's valuation [4][6] Financial Ratios - ASTS has a low debt-to-equity ratio of 0.02, indicating minimal reliance on debt financing, and a current ratio of 8.23, reflecting strong short-term liability management capabilities [5]

Company Development - Rocket Lab's first launch of the larger Neutron rocket delayed until next year [1] - The delay represents a setback in Rocket Lab's effort to compete with SpaceX [1]

Regulatory Action - The FAA issued an emergency order restricting US airspace, grounding all commercial rocket launches between 6:00 a m and 10:00 p m Eastern time, effective November 10th [1][2] - The curfew is implemented to address fatigue among air traffic controllers amid the ongoing government shutdown [2] - The FAA has not specified how long the curfew will last, only that it will remain in effect until canceled, likely until the shutdown is over [7] Industry Impact - The move applies to all commercial operators, including SpaceX, Blue Origin, Rocket Lab, Relativity, and United Launch Alliance [3] - Industry experts warn the move could force significant scheduling shifts, nighttime staffing costs, and a ripple effect across the supply chain and the launch schedule [8] - SpaceX rescheduled Starlink 6-87 to the opening of the evening window on Monday, 10 p m Eastern time [5][6] Mission Considerations - Blue Origin states they are working with the FAA to ensure New Glenn's upcoming launch of the Escapade mission to Mars can proceed [7] - Several missions could be affected, including Blue Origin's Escapade mission, SpaceX Starlink missions, Rocket Lab's Suborbital Electron, and SpaceX's Sentinel 6B mission [4][5] - The order does not affect NASA, so if SLS was on the pad, it could launch [3]

Group 1 - The stock market is experiencing volatility as the earnings season concludes, with notable selling pressure on Palantir Technologies and Robinhood Markets despite their strong earnings results [2] - Cisco Systems has faced selling pressure after reaching new highs, indicating a potential shift in investor sentiment [2] - Upcoming earnings reports from Rocket Lab, Nu Holdings, and Cisco are anticipated, which may influence market dynamics [3] Group 2 - Palantir's stock has fallen below a critical trading level, raising questions about its investment viability amidst a broader pullback in AI stocks [5] - Cisco has been upgraded based on expectations that AI orders will enhance fiscal 2026 sales performance [5] - CoreWeave has terminated its deal with Core Scientific after shareholders rejected the offer, highlighting ongoing challenges in the sector [5]