Space IPO Mirror: RKLB, ASTS, LUNR, RDW Need a Multiple Reality Check

The SpaceX IPO buzz that sent these stocks sliding last week isn't the problem. It's the mirror. For months, RKLB, ASTS, LUNR, and RDW have been riding the assumption that a publicly traded, trillion-dollar SpaceX would legitimize and re-rate the entire space economy. That premise was fine as long as SpaceX remained private. Now that a $1.75 trillion to $1.8 trillion valuation is approaching - backed by $18.7 billion in actual 2025 revenue - the gap between narrative and operating proof has nowhere to hide.