The biggest space stock initial public offering (IPO) of the year, in terms of both the amount expected to be raised and the attention it will ultimately receive, will be the SpaceX IPO. Still, that doesn’t mean there aren’t other opportunities out there.
Outside of the SpaceX IPO, HawkEye 360 (NYSE: HAWK) and York Space Systems (NYSE: YSS) went public this year, and MDA Space (NYSE: MDA) also completed a U.S. IPO, with the Canadian company now having its shares trade on both the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX).
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In order of the most appealing investable opportunities, here’s how I rank them.
1. MDA Space
MDA Space has the longest operating history of any company on this list, having been founded in 1969. Its business is split among three main segments: satellite systems, robotics and space exploration, and geointelligence.
With its finances reported in Canadian dollars, it has a head start on many other companies just going public, with revenue hitting a record for the company in 2025 at CA$1.6 billion. It’s also a profitable company, reporting CA$108.5 million in net income in 2025.
Although it’s been publicly traded on the TSX, its U.S. IPO launch on the NYSE can give it more investor exposure. As a profitable company with a long operating history, among the three companies, MDA Space is where I would start my space stock research.
2. HawkEye 360
HawkEye was founded in 2015 and has over 30 satellites in operation that detect and characterize radar, navigation, and communication signals, largely for government entities. As mentioned, the company’s revenue is primarily concentrated on government contracts, with U.S. customers accounting for 61% of sales for 2025.
The company squeezed out a small profit in 2025, reporting net income of $2.7 million. The opportunities ahead look bigger, however, as HawkEye has a backlog of about $320 million and believes its total addressable market (TAM) offers even greater revenue potential. HawkEye expects its TAM for the global RF spectrum exploitation market to reach $34 billion by 2030.
In the short term, to see progress after the IPO, potential investors will want to keep tabs on new contracts and satellite fleet expansion. But in the long term, the need for space-based signals intelligence is only going to increase, and HawkEye could be a leader. It also has a stronger moat through its data and proprietary algorithms.
