Space Economy Growth & Vision - The space economy is at an inflection point, experiencing rapid growth, driven by commercial space activities and private companies [1][2][5] - By the end of the decade, a fully commercial space station, built by Axiom Space, is expected to be in orbit before the International Space Station retires, with the first module launching by early 2027 [3][4] - The ultimate destiny for humanity is interstellar travel, with the moon and Mars serving as stepping stones [16] - By 2050, the vision includes hourly launches to a space city above Earth, daily launches to the moon, and weekly launches to Mars, with quarterly launches to Proxima Centauri [18] Commercial Space Opportunities - Opportunities exist in low Earth orbit (LEO) for orbital data centers, semiconductors, pharmaceuticals, and bioprinting due to the unique environment of space [10][12] - AI data centers in space are a growing area, with companies like AWS pioneering in this field [13][14] - Mining on the moon, particularly for helium-3, presents economic and national security opportunities [16] Human Spaceflight & International Collaboration - Access to space is becoming more affordable, attracting interest from numerous countries, with Axiom Space having worked with 11 countries and being oversubscribed [6] - Space missions inspire the next generation, as demonstrated by the 350 million people under 16 in India who tuned in to a mission [8] Power & Nuclear Energy - Nuclear energy is crucial for space habitation and interstellar travel, with X-Energy developing small modular reactors [20][24] - X-Energy has signed deals with Amazon AWS for initially 5 gigawatts, potentially growing to 10 gigawatts, and with Centricon in the UK to power AI data centers [21] - Safe space nuclear power is necessary for lunar surface operations, nuclear electric propulsion, and nuclear thermal propulsion to shorten travel times to other planets [24]

Core Insights - The space industry is experiencing significant growth in 2025, driven by increased global security needs, demand for faster satellite communication, and collaboration between governments and private companies [2] Group 1: Company Overview - Rocket Lab USA Corp. (RKLB) provides comprehensive space solutions, including small satellite launches, spacecraft design, manufacturing, and advanced space systems [3] - Intuitive Machines (LUNR) primarily focuses on lunar missions, offering lunar landers, payload delivery, data services, and long-term Moon infrastructure [3] Group 2: Performance and Milestones - Rocket Lab reported a year-over-year revenue growth of 48% in its third-quarter 2025 results, bolstering investor confidence [5] - In November 2025, Rocket Lab successfully launched a suborbital mission for the Defense Innovation Unit and the Missile Defense Agency, enhancing its role in national security [6] - Rocket Lab also launched two Explorer-class spacecraft for NASA's ESCAPADE mission to Mars, highlighting its expanding role in deep-space research [7] - The company completed its 74th Electron mission, reinforcing its reliability as a launch partner for Earth-imaging satellites [8] - Intuitive Machines secured an $8.2 million contract extension from the U.S. Air Force Research Laboratory to advance next-generation nuclear power systems for spacecraft and lunar infrastructure [11][12] - Intuitive Machines agreed to acquire Lanteris Space Systems, enhancing its position in the space industry and expanding its revenue base [10] Group 3: Financial Estimates and Stock Performance - The Zacks Consensus Estimate for Rocket Lab's 2025 sales indicates a year-over-year surge of 37.7%, with a 20% improvement in bottom-line estimates over the past 60 days [13] - In contrast, the Zacks Consensus Estimate for Intuitive Machines' 2025 sales suggests a year-over-year decline of 4%, although its bottom-line estimates have improved by 7.14% and 20% for 2025 and 2026, respectively [14] - Rocket Lab shares gained 63.3% over the past year, while Intuitive Machines' shares declined by 35.8% during the same period [15] Group 4: Valuation and Investment Considerations - Intuitive Machines has a more attractive forward sales multiple of 6.00X compared to Rocket Lab's 26.98X [18] - Both companies currently exhibit negative Return on Invested Capital, indicating challenges in generating sufficient profit from investments [19] - Overall, Rocket Lab is viewed as the stronger contender in the current market, with better performance and earnings outlook, while Intuitive Machines presents long-term potential but faces risks due to its reliance on lunar missions [20]

Industry Overview - The space economy is projected to grow from approximately $630 billion in 2023 to $1.8 trillion by 2035, encompassing technologies such as satellites, launchers, GPS, and broadcast television [1] Investment Opportunity - The Ark Space Exploration & Innovation ETF (ARKX), managed by ARK Invest, offers a way to invest in a diverse range of space-related stocks, focusing on long-term technological shifts [2][3] - The ARKX fund aims for thematic exposure to space exploration, including orbital and sub-orbital aerospace, enabling technologies, and beneficiaries of aerospace activities [3] Fund Performance - The ARKX fund has about $448 million in assets under management and holds 25 different stocks, with the top 10 holdings comprising nearly 64% of the fund [5] - The fund has shown strong performance, being up over 33% since its inception in March 2021, approximately 52% over the past year, and about 38% in 2025, outperforming the S&P 500 index [7] Key Holdings - Major holdings in the ARKX fund include: - Kratos Defense & Security Solutions (10.3%) - Rocket Lab (8.6%) - AeroVironment (8.5%) - L3Harris Technologies (7.2%) - Teradyne (6.4%) [6] Market Dynamics - The growth of space-related stocks is driven by increasing satellite connectivity, demand for positioning and navigation technologies, and the rising use of AI and machine learning [9] - The competitive landscape features significant overlap among firms in technologies, systems, and services, making a diversified ETF like ARKX more appealing [9] Fund Characteristics - The ARKX ETF has an expense ratio of 0.75%, which is relatively high for ETFs, but may be justified by its recent performance [8]

Table of Contents As filed with the Securities and Exchange Commission on November 17, 2025. No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Yellowstone Midco Holdings II, LLC to be converted as described herein to a corporation named York Space Systems, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 3761 39-4190941 (Primary St ...

Core Insights - Rocket Lab is positioned favorably in the expanding space transportation market, particularly as many SPAC-backed space stocks have struggled to meet expectations [2][14] - The company has seen significant stock performance, with a 376% increase since October, suggesting strong investor confidence [3][12] Group 1: Rocket Lab's Launch Capabilities - Rocket Lab's Electron rocket has successfully launched 74 times, deploying 240 satellites, and is designed for small payloads up to 300 kilograms [4][5] - The company plans to increase its launch frequency, with expectations of at least 20 launches in 2025, driven by the growing demand for small satellites [5] Group 2: Upcoming Developments - The Neutron rocket, set to launch in 2026, will carry larger payloads of up to 13,000 kilograms and has already garnered interest from the Air Force Research Laboratory [6][7] - Rocket Lab is competing for government contracts worth up to $5.6 billion under the National Security Space Launch program, indicating potential for increased revenue [7] Group 3: Business Model Evolution - The company has shifted from primarily offering lower-margin launch services to generating nearly three-quarters of its revenue from higher-margin space systems [8][9] - Recent acquisitions, such as Mynaric, aim to enhance Rocket Lab's capabilities and position it as an "end-to-end" space company, capitalizing on the growing global space economy [10] Group 4: Financial Projections - Analysts project Rocket Lab's revenue to nearly triple from $436 million in 2024 to $1.2 billion by 2027, with adjusted EBITDA expected to turn positive in 2026 [12] - Despite a high valuation at 23 times projected sales for 2027, comparisons to SpaceX's valuation suggest potential for continued growth and premium valuation [13]

Core Insights - The Aerospace Index has surged 45% over the past year, outperforming the Semiconductors Index which gained 41% [1] - Key players in the aerospace sector include Rocket Lab Corp (+250%), Planet Labs PBC (+374%), and Archer Aviation Inc (+92%) [1] - Investors are shifting focus from semiconductor companies to aerospace, betting on the potential of the space economy [1][5] Aerospace Sector Performance - Rocket Lab has transformed from a "mini SpaceX" into a highly watched stock due to its steady launch cadence and defense work [6] - Planet Labs has seen its satellite imaging services triple in value this year, impacting various sectors including climate analytics and national security [6] - Archer Aviation is leveraging the hype around electric vertical takeoff and landing (eVTOL) vehicles and recent FAA approvals to advance electric air taxi developments [6] Market Trends - The space economy is growing faster than the semiconductor cycle, indicating a potential shift in investment focus [5] - Aerospace stocks are beginning to exhibit characteristics similar to early-stage AI winners, suggesting a new wave of innovation [5] - Nvidia's recent partnership with Palantir Technologies reflects a strategic pivot towards building an ecosystem for AI, indicating a broader industry trend [4]

Core Insights - Rocket Lab is being evaluated as a potential major player in the space economy, with insights provided by expert analysts [1] Group 1: Company Overview - Rocket Lab's stock price increased by 3.38% as of September 17, 2025, indicating positive market sentiment [1] Group 2: Expert Analysis - The expert panel discusses market trends and potential investment opportunities related to Rocket Lab, suggesting a growing interest in the company's future prospects [1]

Event Overview - Disrupt 2025's Space Stage focuses on the orbital economy, featuring founders and investors [1] - The event takes place from October 27-29 [1] Featured Sessions - Discussions will cover ground stations, artificial gravity, and space defense with speakers from Northwood Space, Vast, and True Anomaly [1] - Baiju Bhatt (From Robinhood to AetherfluxUSA) will share insights on building across different industries in aerospace [1] - AerospaceCorp will present AI-powered space startups, featuring Dr Tom Cwik from NASA JPL [1] Discount Information - A $624 discount on tickets is available [1]

Core Insights - The Procure Space ETF (UFO) has significantly outperformed the S&P 500 with over 60% gains this year [1] - The space economy is projected to reach $1.8 trillion in the next decade, with a substantial annual growth rate for backbone applications [3] Industry Overview - The space industry encompasses satellite buildout, launchers, and services that support various applications, including broadcast television and GPS [2] - McKinsey & Company has revised its growth estimates for the space economy, indicating a robust growth trajectory that outpaces global GDP growth [3] ETF Composition - UFO tracks the S-Network Space Index and includes companies that are integral to the space economy, such as AST SpaceMobile, Rocket Lab, and Planet Labs [4][5] - AST SpaceMobile has seen a nearly 300% increase in stock price this year, contributing significantly to UFO's performance [5] - Rocket Lab has secured a contract with JAXA for satellite deployment, enhancing its market position [6] - Planet Labs has experienced over 200% stock price growth this year, driven by its innovative satellite imaging capabilities [6] Growth Potential - The space industry is generating considerable interest and investment, with UFO positioned to capitalize on this growth [7]

The Space Stage at Disrupt 2025 brings together the founders and investors building the orbital economy, and you can save $624 on your ticket today but checking out this link: https://t.co/TOfth9RIktFeatured sessions during the Oct. 27 - 29 Disrupt extravaganza include...🛰️ Laying the Groundwork for a New Space Economy@bridgitmendler (Northwood Space), @maxhaot (Vast), and Even Rogers (@The_TrueAnomaly) cover ground stations, artificial gravity, and space defense🚀 From Robinhood to @AetherfluxUSA@BaijuBhatt ...