Space Stocks Crashed in July. Their Businesses Didn’t.

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July was a brutal month for space stocks.

BlackSky (BKSY) was down almost 20%. Rocket Lab (RKLB), AST SpaceMobile (ASTS), and Planet Labs (PL) shed more than 30%. Even SpaceX (SPCX) – fresh off the largest IPO in history – slid over 50% from its June 16 record close.

But here’s what makes this moment so interesting: while the stocks were selling off, the businesses were doing the exact opposite.

BlackSky just reported 50% year-over-year revenue growth and swung to positive adjusted EBITDA. Redwire (RDW) posted record revenue – up nearly 90% year-over-year – with gross margins flipping from deeply negative to nearly 28%, and a record $542 million backlog. And SpaceX’s first-ever public earnings report showed revenue up 92%, with its AI segment growing 247%.