Thematic Study: RKLB vs AST SpaceMobile vs Astra – Space SPACs in 2025
Executive summary Space-related SPAC-era equities remain a high-variance, catalyst-driven cohort. Rocket Lab (RKLB) delivered a record Q2-2025 quarter – revenue $144.5M, 36% y/y growth – and a ~$1.0B backlog while pushing toward Neutron and expanded space-systems revenue. (Business Wire) AST SpaceMobile (ASTS) is aggressively capitalizing its direct-to-cell constellation: Q2-2025 revenue remained trivial (~$1.1–$1.2M) while capex…