Bank of America points to Rocket Lab and Voyager Space as SpaceX-adjacent bets, touting upside tied to launch, defense and lunar markets

Bank of America has named two companies it views as potential beneficiaries of a growing space economy that spans commercial satellite launches, defense-related payload work, and lunar activity. The bank’s view, as summarized by Yahoo Finance, frames the selections as “SpaceX alternatives,” suggesting investors may find similar growth themes outside Elon Musk’s rocket and satellite launch company.

According to the report, Bank of America’s analyst work points to “massive upside,” with the most optimistic scenario indicating as much as 71% upside. The bank’s rationale, as described in the post, is that both companies are positioned to expand their reach across multiple space markets rather than relying on a single revenue stream.

The first company highlighted is Rocket Lab, a provider of launch services and related space systems. In the framing presented by Yahoo Finance, Rocket Lab is grouped with the broader theme that demand for space access is broadening, including activity that overlaps with national security needs and, separately, the growing push toward lunar operations.

The second company mentioned in the coverage is Voyager Space. The post ties Voyager Space into the same umbrella markets: launch and delivery services, government and defense-linked programs, and lunar-related initiatives. Voyager Space’s specific contracts, program milestones, and timing were not detailed in the material reflected in the Yahoo Finance summary.

The coverage characterizes the bank’s outlook as a step beyond “hype” around space accessibility, emphasizing a path to growth that could come from scaling operations across different categories of customers. In other words, the note’s investment case is not presented as a single binary bet on a single rocket or spacecraft campaign, but rather as multiple demand drivers potentially reinforcing one another.

Market participants have increasingly treated the space sector as a portfolio of distinct business models, ranging from launch providers to satellite manufacturers to mission services. Bank of America’s framing, as captured in the Yahoo Finance report, fits that approach by grouping companies that could be exposed to overlapping demand from commercial operators and governments, while also referencing lunar markets as an additional growth vector.

Even with the upbeat upside range reported in the coverage, key specifics were not provided in the Yahoo Finance summary. The post did not include the bank’s precise price targets, the underlying valuation assumptions, or the exact programs and contract details driving the “up to 71%” figure. It also did not spell out near-term catalysts, whether those catalysts are schedule-based, contract award driven, or tied to production scale.

What to watch next, based on the themes referenced in the coverage, is whether each company can translate demand across defense, launches, and lunar initiatives into measurable revenue growth and execution milestones. Investors typically look for clarity on order backlogs, contract timing, delivery performance, and how quickly the firms convert pipeline work into funded programs. Without those details in the summarized post, additional disclosure from the companies and follow-on analyst commentary could be important for confirming the basis of the upside view.