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Epistrophy Week Ahead
The Week Of April 13, 2026
The war in Middle East will surely dominate headlines in the coming week, but the world of technology is turning to upcoming earnings from big tech companies — with lithography giant ASML Holdings (ASML:NASDAQ) reporting mid week (we can make the case that it is the single more important company in tech.)
Meanwhile, we turn our eyes towards space, trying to understand the coming SpaceX IPO and come up with a framework for all of the space companies.
You can find prior notes and the full research archive at https://epistrophy.beehiiv.com.
As always, I’m focused on three things:
1) Technology-driven change;
2) the latest in innovation and startup trends, and;
3) stock fraud.
Companies Discussed
Ticker | Name | Market Cap ($B) | Price |
|---|---|---|---|
? | SpaceX | $1,750.00 B? | ? |
AIR | AAR | $4.80 B | $120.83 |
AIRI | Air Industries Group | $0.01 B | $3.11 |
AMS:TOM2 | TomTom NV | $0.55 B | $4.40 |
ASTR | Astra Exploration | $0.09 B | $0.76 |
ASTS | AST SpaceMobile | $36.25 B | $94.90 |
AVIO | Avio SpA | $1.73 B | $34.56 |
BKSY | Blacksky Technology | $1.26 B | $34.14 |
CW | Curtiss-Wright | $26.78 B | $725.71 |
ETL | E3 Lithium | $0.10 B | $1.15 |
FLY | Firefly Aerospace | $6.00 B | $37.54 |
GILT | Gilat Satellite Networks | - | #N/A |
GRMN | Garmin | $49.45 B | $256.89 |
GSAT | Globalstar, . | $9.41 B | $73.16 |
HO | Thales SA | $62.31 B | $259.20 |
HON | Honeywell International | $149.42 B | $235.06 |
HXL | Hexcel | $6.30 B | $83.59 |
IRDM | Iridium Communications | $3.62 B | $34.20 |
KRMN | Karman | $10.94 B | $82.52 |
LDO | Leonardo SpA | $32.66 B | $56.31 |
MDA | MDA Space | $5.83 B | $30.59 |
MNTS | Momentus | $0.02 B | $3.48 |
MOG.A | Moog Class A | $9.89 B | $312.03 |
MRCY | Mercury Systems | $4.78 B | $79.60 |
OHB | OHB SE | $5.04 B | $264.00 |
PL | Planet Labs PBC | $12.00 B | $34.67 |
RDW | Redwire | $1.78 B | $9.29 |
RKLB | Rocket Lab | $39.18 B | $68.05 |
SATL | Satellogic | $1.05 B | $7.33 |
SATS | EchoStar | $37.15 B | $128.59 |
SESG | SES SA | $2.86 B | $6.44 |
SIRI | Sirius XM | $7.93 B | $23.70 |
SKPJF | SKY Perfect JSAT | $910.90 B | $20.83 |
SPCE | Virgin Galactic | $0.25 B | $3.02 |
SPIR | Spire Global | $0.75 B | $21.56 |
TDY | Teledyne Technologies | $29.91 B | $645.74 |
TPE:6285 | WNC | $109.07 B | $225.50 |
TRMB | Trimble | $15.03 B | $64.77 |
TSAT | Telesat | $2.21 B | $43.15 |
VSAT | Viasat | $7.64 B | $56.25 |
In This Note:
Lennart Iverus”Rocket (Raket)” (1960)
Source: the MET
2026: A Space Ontology
Our Framework Space Investments
Space is suddenly busy.
SpaceX flew 96 Falcon missions in 2023 and 134 in 2024, according to public records and the company’s launch history. In 2025 the company shattered its own record yet again with 165 Falcon 9 launches (all successful except for a handful of partial anomalies), more than the rest of the world combined. As of early April 2026, SpaceX has already completed 44 Falcon launches this year—roughly three per week on average—and continues to deploy thousands of Starlink satellites annually.No launch provider in history has sustained that tempo. The company built something more consequential than a rocket program. It created a transportation system capable of placing thousands of satellites into orbit at industrial scale.
Capital rushed in. Venture investors have committed more than $55 billion to space startups over the past decade, according to Seraphim Space, with annual funding reaching roughly $12 billion in 2025. The broader global space economy now exceeds $600 billion, driven largely by satellite communications and orbital infrastructure. Public markets joined the surge during the pandemic. Beginning in 2020, a wave of companies entered the market through traditional IPOs and SPAC mergers, including Astra Space (ASTR: NASDAQ), BlackSky Technology (BKSY: NYSE), Planet Labs PBC (PL: NYSE), Rocket Lab USA (RKLB: NASDAQ), Satellogic (SATL: NASDAQ) and Spire Global (SPIR: NYSE).
So how are we to think of this new sector, a confusing loose collection of launch firms, satellite operators, geospatial data companies and aerospace suppliers?
Forthwith, a Space Ontology (a favorite word of these space nerds.) We think the industry becomes easier to understand when mapped as a supply chain. Five categories capture the economic structure: Space Build 🛠️, Space Launch 🚀, Assets In Space 🛰️, Space Data 📡 and Department of War ☠️.
Space Build 🛠️
Every mission begins on the ground. Satellites require structures, sensors, propulsion systems and command electronics before they ever reach orbit.
Among them:
Ticker | Name | Market Cap ($B) | Description |
|---|---|---|---|
AIR | AAR | $4.80 B | Aviation maintenance contractor with only tangential exposure to space |
AIRI | Air Industries Group | $0.01 B | Small aerospace supplier machining precision aircraft and defense parts |
CW | Curtiss-Wright | $26.78 B | High-end aerospace electronics and mission systems for defense and space |
HO | Thales SA | $6.30 B | French defense electronics giant building satellites and payload systems |
HON | Honeywell International | $149.42 B | Industrial conglomerate supplying avionics, propulsion and satellite components |
HXL | Hexcel | $10.94 B | Carbon-fiber composites critical to modern aircraft and spacecraft structures |
KRMN | Karman | $32.66 B | Solid rocket motors and propulsion hardware for missiles and launch systems |
LDO | Leonardo SpA | $5.83 B | Italian aerospace contractor building satellites, sensors and defense electronics |
MDA | MDA Space | $4.78 B | Canadian satellite builder famous for robotics like the Canadarm |
MOG.A | Moog Class A | $9.89 B | Precision motion-control systems used in missiles, aircraft and spacecraft |
MRCY | Mercury Systems | $5.04 B | Radiation-hardened electronics powering modern defense and space systems |
OHB | OHB SE | $1.78 B | European satellite prime contractor serving governments and space agencies |
RDW | Redwire | $29.91 B | New-space infrastructure company building spacecraft components and orbital hardware |
TDY | Teledyne Technologies | $62.31 B | High-end sensors and imaging electronics used in satellites and telescopes |
TPE:6285 | WNC | $15.03 B | Satellite networking hardware and broadband communications equipment |
TRMB | Trimble | $109.07 B | GNSS positioning technology embedded across construction, agriculture and navigation |
Space Launch 🚀
Launch converts hardware into operational assets. Rockets remain the most technically demanding element of the system and historically the least profitable.
Ticker | Name | Market Cap ($B) | Description |
|---|---|---|---|
AVIO | Avio SpA | $1.73 B | Italian rocket manufacturer producing the Vega launch vehicle |
ASTR | Astra Exploration | $0.09 B | Troubled small-launch startup chasing ultra-cheap orbital access |
FLY | Firefly Aerospace | $6.00 B | New launch entrant developing Alpha rockets and lunar landers |
MNTS | Momentus | $0.02 B | Orbital tug developer promising in-space satellite transportation |
RKLB | Rocket Lab | $39.18 B | Fast-growing launch provider building rockets and satellites |
SPCE | Virgin Galactic | $0.25 B | Space tourism venture selling suborbital joyrides to wealthy passengers |
Assets In Space 🛰️
Ticker | Name | Market Cap ($B) | Description |
|---|---|---|---|
ASTS | AST SpaceMobile | $1.26 B | Ambitious satellite cellular network aiming to connect ordinary smartphones |
ETL | E3 Lithium | $49.45 B | European satellite operator providing broadcast, broadband and government communications |
GILT | Gilat Satellite Networks | $12.00 B | Satellite communications equipment connecting ground networks to orbiting satellites |
GOGO | Gogo | $1.05 B | In-flight internet provider buying satellite capacity for aviation connectivity |
GSAT | Globalstar, . | $0.55 B | Global satellite network quietly powering Apple emergency messaging |
IRDM | Iridium Communications | $1.26 B | Iridium’s global constellation delivering voice, data and IoT connectivity |
SATS | EchoStar | $49.45 B | Satellite broadband operator and owner of Hughes network |
SESG | SES SA | $12.00 B | Global satellite fleet delivering broadcast, broadband and government services |
SIDU | Sidus Space | $1.05 B | Satellite radio broadcaster with millions of paying listeners |
SIRI | Sirius XM | $0.55 B | Japan’s dominant satellite broadcast and communications operator |
SKPJF | SKY Perfect JSAT | $1.26 B | Tiny satellites harvesting weather, maritime and aviation data |
SPIR | Spire Global | $49.45 B | Thailand’s national satellite communications operator |
TSAT | Telesat | $2.19 B | Canadian satellite operator building the Lightspeed broadband constellation |
VSAT | Viasat | $7.08 B | Global satellite broadband provider serving airlines, militaries and ships |
Space Data 📡
Satellites generate information. Some companies plan to convert that information into commercial products.
Ticker | Name | Market Cap ($B) | Description |
|---|---|---|---|
AMS:TOM2 | TomTom NV | $1.26 B | Digital mapping platform built on satellite positioning and navigation data |
BKSY | Blacksky Technology | $49.45 B | Real-time geospatial intelligence derived from imaging satellites |
GRMN | Garmin | $12.00 B | GPS navigation powerhouse built on satellite positioning infrastructure |
PL | Planet Labs PBC | $1.05 B | Massive Earth-imaging satellite fleet selling global data subscriptions |
SATL | Satellogic | $0.55 B | Low-cost imaging satellites targeting global geospatial analytics markets |
Department of War ☠️
Governments remain the largest customers in space. Military satellites provide communications, missile detection, military navigation and surveillance.
Ticker | Name | Market Cap ($B) | Description |
|---|---|---|---|
BA | Boeing | $166.83 B | Defense giant building military aircraft, rockets and satellites |
BAESY | BAE Systems PLC - | $91.45 B | British defense contractor producing electronic warfare and satellite systems |
BWXT | BWX Technologies | $19.79 B | Nuclear reactor builder supplying propulsion for naval and space systems |
KTOS | Kratos Defense & Security Solutions | $13.88 B | Defense contractor specializing in drones, missiles and satellite communications |
LHX | L3Harris Technologies | $67.01 B | Defense electronics powerhouse building sensors and satellite payloads |
LMT | Lockheed Martin | $147.01 B | Prime contractor behind many U.S. military satellites and space systems |
NOC | Northrop Grumman | $98.75 B | Missile defense and strategic satellite systems contractor |
RTX | Rtx | $267.05 B | Huge defense supplier producing sensors, missiles and space electronics |
STO:SAAB-B | Saab AB | $342.73 B | Swedish defense firm developing radar and space surveillance systems |
Space is no longer a single industry. It is a supply chain. To be sure, SpaceX is in everyone of these categories and dominates them.
But beyond SpaceX, investors searching for “space stocks” are really searching for exposure to one or more links in that space supply chain. Understanding which link matters more than the rockets.
Just remember the emojis: 🛠️, 🚀, 🛰️,📡 and ☠️.
Tweet O’ The Week
Live from New York! With Schwab’s Nicole Petallides, Yahoo’s Julie Hyman and NewsNation’s Hena Doba.
Epistrophy In The News
We had a great New York City media tour this week to highlight some recent Epistrophy research. At the New York Stock Exchange, Schwab Network had me on to talk about the photonics revolution in data centers. Yahoo! Finance had me on to talk about the upcoming SpaceX IPO and all things Elon Musk (leading to wonderful “There is ‘no way” There is 'no way' SpaceX is worth $2 trillion, strategist says” headline). And then on NewsNation, we examined Iran’s use of AI-manipulated media where I paraphrased Henry Kissinger: “The US loses by not completely winning. Iran wins by not completely losing.”
📆 of Epistrophy Events
Ticker | Name | Market Cap | Expected Date | Type |
|---|---|---|---|---|
PPI | Producer Price Index | Apr 14 | Economic Event | |
ASML | ASML Holding NV | $570 B | Apr 15 | Earnings |
CRM | TDX 2026 | $152 B | Apr 15 | Conference |
NFLX | Netflix | $435 B | Apr 16 | Earnings |
TSMC | Taiwan Semiconductor Manufacturing CEDEAR | $1,621 B | Apr 16 | Earnings |
RS | Advance Retail & Food Services Sales | Apr 16 | Economic Event | |
IP | Industrial Production & Capacity Utilization | Apr 16 | Economic Event | |
NHC | New Residential Construction | Apr 17 | Economic Event | |
IBM | IBM Common Stock | $216 B | Apr 22 | Earnings |
LRCX | Lam Research | $329 B | Apr 22 | Earnings |
NOW | ServiceNow | $86 B | Apr 22 | Earnings |
INTC | Intel | $313 B | Apr 23 | Earnings |
SAP | SAP SE | $198 B | Apr 23 | Earnings |
NRS | New Residential Sales | Apr 23 | Economic Event | |
DG_ADV | Durable Goods Orders (Advance) | Apr 24 | Economic Event | |
CDNS | Cadence Design Systems | $73 B | Apr 27 | Earnings |
GLW | Corning | $147 B | Apr 28 | Earnings |
SPOT | Spotify Technology SA | $98 B | Apr 28 | Earnings |
GLW | Corning | $147 B | Apr 28 | Earnings |
FFIV | F5 | $16 B | Apr 28 | Earnings |
FOMC | FOMC two-day meeting | Apr 28 | Economic Event | |
FOMC | FOMC two-day meeting | Apr 28 | Economic Event | |
Stripe Sessions 2026 | Apr 28 | Conference | ||
QCOM | Qualcomm | $137 B | Apr 29 | Earnings |
CTSH | Cognizant Technology Solutions | $28 B | Apr 29 | Earnings |
GOOG | Alphabet | $3,826 B | Apr 29 | Earnings |
QCOM | Qualcomm | $137 B | Apr 29 | Earnings |
KLAC | KLA | $228 B | Apr 29 | Earnings |
MSFT | Microsoft | $2,754 B | Apr 29 | Earnings |
AAPL | Apple | $3,824 B | Apr 30 | Earnings |
TEAM | Atlassian | $15 B | Apr 30 | Earnings |
RIVN | Rivian Automotive | $19 B | Apr 30 | Earnings |
PCE | Personal Income & Outlays (incl. PCE) | Apr 30 | Economic Event | |
GDP | GDP Advance Q1 2026 | Apr 30 | Economic Event | |
CSP | Construction Spending | May 1 | Economic Event |
Availability This Week
I’ll be back in our San Francisco office at the Ferry Building all week and quite available.
Written reports are available to clients, with video summaries on YouTube, and of course our popular summaries of the summaries on Instagram, TikTok, and YouTube Shorts.
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