February 19, 2026 04:54 PM GMT Space | North America Varda Space: Space Manufacturing, Pharma Made in Orbit One day, your doctor's prescription may have been produced in the microgravity of space. The benefits of manufacturing complex compounds in space have been documented for decades, but never commercialized. Please note that we are reposting due to earlier technical issues with file size. Is the Space Economy about to get a pharmaceutical sector? Morgan Stanley does and seeks to do business with compani ...

Core Thesis - Redwire Corporation is viewed positively as a potential investment opportunity, trading at $12.81 as of January 29th, with a market cap of approximately $1 billion, indicating it is undervalued relative to its strategic assets [1][3]. Company Overview - Redwire Corporation provides essential space solutions and infrastructure for both government and commercial clients across the U.S., Europe, and globally, positioning itself as a diversified player in the growing orbital economy [3]. - The company has evolved from a conglomerate of acquisitions into a unified prime contractor, delivering mission-critical technologies for low-Earth orbit, national security, and the Artemis lunar program [4]. Investment Case - The investment thesis is divided into two scenarios: a base-case normalization scenario and a high-conviction bull case. The base case anticipates stabilization in government contracting cycles and a potential EBITDA inflection by 2026, supporting a valuation range of $22–24 as governance penalties diminish [5]. - The bull case suggests that Redwire will be pivotal in enabling space-based computing, driven by terrestrial power constraints, with proprietary technologies like ROSA solar arrays and ZBLAN optical fiber serving as key components for orbital data center developments, potentially leading to a 10x rerating catalyst [6]. Market Dynamics - The company benefits from a durable backlog visibility due to defense-driven drone procurement, DARPA's VLEO programs, and NASA's Artemis spending, while Edge Autonomy contributes to near-term cash flow [7]. - Despite challenges such as potential dilution, cash burn, and governance issues, the combination of strategic positioning, technological advantages, and multiple catalysts offers significant upside for investors willing to manage volatility [7].