火箭实验室、直观机器、维珍银河：3只值得关注的太空股

就像生物技术领域的投资一样，太空股也充满风险。尽管地球轨道上布满了约 7,500 颗活跃卫星，但除了成本高昂外，每颗火箭的发射也可能会失败。

With Earth’s orbit peppered with ~7,500 active satellites, space stocks are a natural progression in an era where each rocket launch can fail, adding to its hefty cost. Yet, the space industry’s cost-effectiveness has drastically increased over the decade, going from $65k for heavy launches to just $1.5k per kg of payload by 2022.

由于地球轨道上布满了大约 7,500 颗活跃卫星，在每次火箭发射都可能失败的时代，太空库存是一种自然的发展，从而增加了高昂的成本。然而，十年来，航天工业的成本效益大幅提高，从重型发射的 6.5 万美元到 2022 年每公斤有效载荷仅为 1500 美元。

Moreover, micro-satellite launches into lower Earth orbit (LEO) to create commercial constellation coverages have become common, evidenced by Amazon’s Project Kuiper and SpaceX’s Starlink.

此外，向近地轨道 (LEO) 发射微型卫星以创建商业星座覆盖已经变得很常见，亚马逊的柯伊伯计划和 SpaceX 的星链就是证明。

According to the World Economic Forum (WEF), in collaboration with McKinsey & Company, the space economy is forecasted to grow from $630 billion in 2023 to $1.8 trillion by 2035, giving the sector a CAGR of 9%.

根据世界经济论坛 (WEF) 与麦肯锡公司的合作，预计太空经济将从 2023 年的 6,300 亿美元增长到 2035 年的 1.8 万亿美元，该行业的复合年增长率为 9%。

For retail investors looking for exposure to this nascent sector, these space stocks stand out.

对于寻求投资这一新兴行业的散户投资者来说，这些太空股脱颖而出。

Rocket Lab USA, Inc. (NASDAQ:RKLB)

Rocket Lab USA, Inc.（纳斯达克股票代码：RKLB）

Specializing in small LEO satellite launches on Electron rockets capable of up to 300 kg payload, Rocket Lab executed 51 deployments. Having placed in orbit over 190 satellites, the company had only four failures.

Rocket Lab 专门利用有效载荷高达 300 公斤的 Electron 火箭发射小型 LEO 卫星，执行了 51 次部署。该公司已将 190 多颗卫星送入轨道，仅发生过四次失败。

The key to Rocket Lab’s success has been this minimalistic approach, steadily growing from that accrued experience to more ambitious Neutron mid-capacity rockets. These will have up to 13,000 kg payload capacity, and their Archimedes engine has already been successfully tested for the upcoming 2025 rollout.

火箭实验室成功的关键是这种简约的方法，从积累的经验稳步发展到更雄心勃勃的中子中等容量火箭。这些将具有高达 13,000 公斤的有效载荷能力，并且其阿基米德发动机已经成功进行了测试，即将于 2025 年推出。

With a streamlined component manufacturing due to 3D-printing and full-stack launch service, Rocket Lab aims to tackle SpaceX’s market hold because “the medium launch monopoly needs breaking”, according to CEO Peter Beck. With a combined revenue from government and commercial contracts, the company’s Q2 2024 earrings showed a $106 million record, representing 71% year-over-year growth.

Rocket Lab 首席执行官 Peter Beck 表示，凭借 3D 打印和全栈发射服务简化的组件制造，Rocket Lab 的目标是解决 SpaceX 的市场垄断问题，因为“中型发射垄断需要打破”。加上来自政府和商业合同的收入，该公司 2024 年第二季度的耳环创下了 1.06 亿美元的记录，同比增长 71%。

Of that total, only $29.4 million was generated from actual Launch Services while the rest came from the Space Systems division, encompassing software and hardware needed. A part of that full-stack service was Rocket Lab’s acquisition of SolAero Holdings in early 2022 for its radiation-resistant solar cells.

其中，只有 2940 万美元来自实际发射服务，其余部分来自空间系统部门，包括所需的软件和硬件。该全栈服务的一部分是 Rocket Lab 于 2022 年初收购 SolAero Holdings 的抗辐射太阳能电池。

Although worth $80 million, Rocket Lab managed to offset $23.9 million of the cost courtesy of the CHIPS Act. Year-to-date, RKLB stock is up 18%, with a significant 48% boost in the last three months.

尽管价值 8000 万美元，Rocket Lab 仍设法通过 CHIPS 法案抵消了 2390 万美元的成本。今年迄今，RKLB 股价上涨 18%，过去三个月大幅上涨 48%。

Presently at $6.27 per share, RKLB shares are over their 52-week average of $4.67. According to Nasdaq’s forecasting, the average RKLB price target is $7.48, which would be just over the 52-week high point of $7.36 per share. As a well-known space stock alternative to SpaceX, this makes RKLB less attractive in the short term, but the company ticks all the boxes for long-term space exposure.

目前 RKLB 股价为每股 6.27 美元，高于 4.67 美元的 52 周平均水平。根据纳斯达克的预测，RKLB 的平均目标股价为 7.48 美元，略高于每股 7.36 美元的 52 周高点。作为 SpaceX 的知名太空股替代品，这使得 RKLB 在短期内吸引力下降，但该公司满足长期太空投资的所有条件。

Intuitive Machines, Inc. (NASDAQ:LUNR)

直觉机器公司（纳斯达克股票代码：LUNR）

Unlike Rocket Lab which covers the entire spectrum of satellite launches, Intuitive Machines is targeting the Moon without having launched commercial satellites. In February 2024, the company launched its first lunar mission IM-1, as a part of NASA’s efforts to revisit the Moon since the Apollo Program.

与涵盖整个卫星发射范围的火箭实验室不同，直觉机器公司的目标是月球，但没有发射商业卫星。 2024 年 2 月，该公司启动了首次月球任务 IM-1，这是 NASA 自阿波罗计划以来重访月球努力的一部分。

Intuitive Machines’s Lunar Payload Delivery Services (LPDS) is effectively NASA’s outsourcing approach. In turn, this means that the company is tax payer funded, removing some of the inherent risk with the industry. Case in point, NASA awarded Intuitive Machines $30 million as the first phase to map NASA’s $4.6 billion Lunar Terrain Vehicle (LTV) program.

Intuitive Machines 的月球有效载荷交付服务 (LPDS) 实际上是 NASA 的外包方法。反过来，这意味着该公司是由纳税人资助的，从而消除了该行业的一些固有风险。举个例子，NASA 向 Intuitive Machines 授予 3000 万美元，作为第一阶段绘制 NASA 价值 46 亿美元的月球地形飞行器 (LTV) 计划的地图。

In collaboration with Boeing, AVL, Northrop Grumman and Michelin, Intuitive Machine is building its Moon RACER (Reusable Autonomous Crewed Exploration Rover) to robustly create a Moon foothold. In February, the company successfully landed its solar-powered Odysseus near the Moon’s south pole to explore frozen water potential, delivered by SpaceX’s Falcon 9 rocket.

Intuitive Machine 与波音、AVL、诺斯罗普·格鲁门和米其林合作，正在建造其 Moon RACER（可重复使用的自主载人探索漫游车），以稳健地建立月球立足点。今年 2 月，该公司成功将其太阳能奥德修斯号降落在月球南极附近，以探索由 SpaceX 的猎鹰 9 号火箭运送的冰水潜力。

Considering the company’s laser focus on the Moon rather than the general deployment of satellites for immediate practical use, this makes Intuitive Machines less enticing than Rocket Lab. However, it is also clear the company is deeply embedded in the aerospace industrial complex, courtesy of taxpayers.

考虑到该公司的重点是月球，而不是普遍部署卫星以供立即实际使用，这使得直观机器公司的吸引力不如火箭实验室。然而，也很明显，该公司深深融入了航空航天工业综合体，这是纳税人的恩惠。

By 2027, Intuitive Machines is set to deliver six scientific instruments on the Moon’s South Pole, courtesy of NASA’s $116.9 million funding. Still a penny stock, LUNR is priced at $4.97 vs its 52-week average of $4.24. Highly volatile, LUNR’s 52-week price ceiling was $13.25.

在 NASA 1.169 亿美元的资助下，Intuitive Machines 计划到 2027 年在月球南极交付六台科学仪器。 LUNR 仍然是一只细价股，其股价为 4.97 美元，而其 52 周平均价格为 4.24 美元。 LUNR 波动性很大，52 周的最高价格为 13.25 美元。