Beyond SpaceX: The aerospace companies investors should be watching next
Few private companies have reshaped an industry the way SpaceX has transformed aerospace. With more than 600 rocket launches completed and an ambitious long-term mission to make life multiplanetary, SpaceX has set a new benchmark for what private space companies can achieve.1 Along with its starship development and low-cost reusable technology, the firm’s Starlink has built one of the world’s largest satellite constellations, powering the internet for more than 9 million customers globally.2
Most recently, SpaceX made headlines with its acquisition of Elon Musk’s artificial intelligence company, xAI, further expanding its technological footprint.3 At the same time, rumors have resurfaced about a potential public offering, one that could come at a record-setting $1.5 trillion valuation if markets align, firmly establishing itself as the defining aerospace success story of the modern era.4 SpaceX is listed as one of Forge’s Private Magnificent 7 companies, known for driving innovation and growth in the secondary market.
But SpaceX is not alone in shaping the future of flight and space infrastructure. A new generation of aerospace companies is building launch systems, satellite platforms and next-generation aircraft that could one day rival SpaceX in impact and potentially in scale. For investors looking beyond today’s market leader, here are three private aerospace companies worth watching.
Stoke Space, reusable launch vehicles
Stoke Space is a rapidly scaling aerospace company developing one of the most ambitious reusable launch vehicles outside of SpaceX’s portfolio. Stoke is building the Nova rocket, a fully and rapidly usable medium-lift launch vehicle designed to provide on-demand access through space, and at lower costs compared to traditional rockets.5
Founded in 2019 by former SpaceX engineers, the firm has raised over $1.34 billion to put towards its research and development.6 Stoke Space has leased and reopened Space Launch Complex 14, a 50-yearlong quiet launch pad on Cape Canaveral, Florida to support its upcoming missions. The private aerospace company is reportedly on track for operational launches starting this year.7
Based in Kent, Washington, Stoke Space’s Forge Price™ is $32.06 as of February 11, 2026, implying a valuation of $1.95 billion. The company’s notable investors include Breakthrough Energy Ventures, Spark Capital, Y Combinator and MaC Ventures.
Loft Orbital, space infrastructure as a service
While launch providers often command the spotlight, Loft Orbital focuses on a different but critical layer of the space economy: simplifying access to satellite infrastructure. Loft provides “space infrastructure as a service,” allowing customers to deploy payloads without building and managing entire satellite systems themselves.
Founded in 2017, the San Francisco, based company recently landed a contract with the French government. The partnership will allow for a network of satellites, data and space imagery contributing to France’s strategic autonomy.8 This latest initiative is just one among partnerships with firms like Microsoft, Honeywell, and Helsing.9 Early last year, Loft Orbital claimed it had achieved over $500 million in client bookings.10
Loft Orbital’s Forge Price™ as of February 11, 2026, is $15.81 implying a valuation of $609.21 million. Its notable investors include Foundation Capital, Uncork Capital, Kima Ventures and Cendana Capital.
Relativity Space, satellite deployment and launch missions
Relativity Space brings a manufacturing-first disruption to the aerospace industry. Known for its heavy use of 3D printing and automation, Relativity aims to drastically reduce rocket production timelines and parts complexity.
Founded in 2016, the company has recently focused on its Terran R launch vehicle, designed to serve the growing demand for satellite deployment and constellation missions.11 In November, the aerospace firm announced a multi-year partnership with SES, a leading space solutions company to do medium-to-heavy lift, reusable vehicle launch services to put SES’ satellites in orbit.12 The news comes almost one year after Eric Schmidt, former CEO of Google took over leadership of the private company.
Based in Long Beach, California, Relativity Space’s price per share is $22.67 as of its last Series F funding round in November of 2023, implying a post-money valuation of $5.86 billion at the time. Boom’s notable investors include Tiger Global Management, BlackRock, Y Combinator and Fidelity.
What’s next for the aerospace sector?
Aerospace is no longer defined by legacy incumbents alone. SpaceX may have set the modern standard, but companies like Stoke Space, Loft Orbital, and Relativity Space are building across launch, infrastructure, manufacturing and next-generation aviation in ways that could shape the industry’s next era. For investors, the next breakout aerospace success story may already be taking shape — and is worth watching.
