SpaceX (SPCX) has hogged the spotlight since its blockbuster June IPO.
Its stock was priced at $135, opened at $150, and closed day one at $160.95 before skyrocketing to a record $225.64 four days later, according to CNBC. After sliding to $143.69, the stock remains around 6% higher than its offer price and surged 33% in August, while its moves pulled smaller space stocks into sector-wide swings.
That said, Bank of America analysts have now identified two alternatives that might offer investors a different route into the boom.
BofA analysts led by Ronald Epstein argue that the space economy is no longer functioning purely as a launch story. Acquisitions are effectively turning specialized contractors into vertically integrated platforms covering rockets, satellites, communications, and defense technology.
The diversity in sales smooths out the long gaps between launches and government awards.
National security spending also has a critical demand engine. Space Force constellations and Golden Dome contracts are creating larger backlogs, while NASA’s renewed lunar push is creating fresh openings for landers, satellite buses, and commercial stations.
Nevertheless, that backlog alone isn’t enough. Solid execution, program profitability, and the ability to integrate acquisitions separate the potential winners from the rest.
That leaves a couple of Buy-rated names with major upside potential as investors look for less-expensive SpaceX alternatives.
Rocket Lab (RKLB) and Voyager Technologies (VOYG) are two of the stocks BofA sees as remarkably diversified platforms, but the numbers behind its calls tell two different stories.
Rocket Lab: BofA sees an end-to-end platform taking shape
Rocket Lab headlines the list of SpaceX stock alternatives in BofA’s pair. The company operates an end-to-end model, launching Electron, a larger Neutron rocket, and satellites through its Space Systems division.
For that reason, BofA analysts slapped a Buy rating on the stock, with a $110 price target, trimmed from $115. Based on its price in the report of $64.39, the target indicates a 71% upside.
SpaceX:
- Morgan Stanley doubles down on SpaceX stock for investors
- SpaceX analyst plots path to bold $100 billion claim
- JPMorgan resets SpaceX price target after earnings
Visibility is at the core of the bull case.
National security and Space Systems awards drove the company’s backlog to a record $2.36 billion, up a remarkable 28% year to date as of Q3 2026. Moreover, Rocket Lab won a $397 million Space Force satellite award, $160 million in geostationary contracts, and a $266 million launch contract for up to 18 missions. These wins lower its dependence on a single launch cadence.
On top of that, the planned Iridium acquisition further bolsters the bull case. Iridium is expected to add services in secure communications and in positioning, navigation, and timing, while its constellation creates internal demand for Neutron launches.
From a strategic standpoint, Rocket Lab is looking to own more of the value chain, from components and spacecraft to launch and applications.
At the same time, BofA’s valuation captures the opportunity and uncertainty. The $110 target uses a long-term DCF through 2045, a 12% discount rate, and equal weightings for the bull, base, and bear cases. The bank also bumped its 2026 through 2028 revenue estimates to $977 million, $1.54 billion, and $2.25 billion.
It’s important to note that Neutron’s potential Q4 2026 demonstration, according to SpaceFlightNow, is on a tight timetable. The upside assumes Rocket Lab converts vertical integration into cash flow before dilution and development chips away at the benefit.
Voyager: BofA sees acquisitions turning ambition into scale
Voyager Technologies is less of a launch competitor and more of a space-infrastructure player and a defense platform.
It supplies critical propulsion and space technologies, participates in human spaceflight through Starlab, and has added lunar spacecraft and infrastructure through its recent acquisition of Astrobotic.
BofA reiterated a Buy rating on the stock and raised its price target to $45 from $39. Against the report’s $34.29 price, that points to a remarkable 31% upside.
BofA’s bull case for the stock rests on accelerating defense demand and portfolio diversification. Q2 bookings surged to $113 million, up 150% sequentially, resulting in a 2.1x book-to-bill ratio.
Voyager secured $84.3 million of Golden Dome awards, finishing with an eye-popping $335 million backlog. Also, its RTX contract for SM-3 missile technology solidifies its position in the expansion of defense programs.
Astrobotic switches up its growth profile. BofA expects the acquisition to contribute $45 million of sales in the second half of 2026 and nearly $200 million in 2027, layering in lunar exposure alongside Starlab and defense technology. The bank is now forecasting sales of $291 million in 2026, $581 million in 2027, and $1.13 billion in 2028, all above its previous estimates.
In addition, BofA’s target applies a five-times 2027 enterprise-value-to-sales multiple, excluding Starlab, which is down considerably from the previous seven times, but is applied to a larger business that includes Astrobotic.
However, the catch remains profitability.
BofA expects losses of $2.75, $1.35, and $0.90 per share through 2028, which means Voyager still offers multiple growth options, but investors are underwriting sales well before margin proof.
What BofA’s space picks mean for SpaceX investors
BofA’s endorsement of Rocket Lab and Voyager doesn’t exactly weaken the SpaceX thesis, but it does change the benchmark somewhat.
Both stocks identified by BofA show that capital might no longer be concentrated in the launcher, and contracts and investor dollars can continue to reward specialized platforms, which creates alternatives.
One of the big issues for SpaceX investors is valuation.
SPCX stock trades at 1,631.91 times forward non-GAAP earnings compared to 13.70 for the sector, an 11,814% premium, according to Seeking Alpha. Its 1,162.54 forward GAAP multiple compares with just 15. These ratios underscore tiny near-term earnings relative to our incredibly lofty ambitions.
Competitor expansion can help.
An ecosystem that broadens out government and commercial spending validates a relatively speculative space as an investable asset class, thereby lifting valuations.
However, it also creates benchmark risk.
According to BofA, Rocket Lab and Voyager both offer 31% to 71% target upside while being pitted against backlogs, sales multiples, and cash-flow paths. If acquisitions translate into faster revenue growth, investors might want to rotate toward cheaper, more measurable growth.
SpaceX is still the scale leader, but the sector is entering a phase of comparison. At four-digit forward multiples, narrative dominance is insufficient.
