3 Stocks Under $40 with Indirect Exposure to SpaceX IPO

SpaceX (NASDAQ: SPCX) filed its public S-1 on May 20. Now things are getting serious. The roadshow kicks off around June 4. if all goes as planned, a Nasdaq listing under a reported valuation of $1.75 trillion could happen as early as June 12.

It’s setting up to be the largest IPO in stock market history. But most retail investors won't get a share of it. And if they do, they’ll be paying a premium price.

But there are attractive ways to invest in SpaceX-adjacent companies. Specifically, the companies that are directly tied to the commercial space ecosystem SpaceX is building. Three of them: Momentus Inc. (NASDAQ: MNTS), Redwire (NYSE: RDW), and Intuitive Machines (NASDAQ: LUNR) are all under $50 as of this writing. Each company is forecasting strong year-over-year revenue growth in 2026. However, none of these companies is profitable, so investors should expect volatility.

These stocks are seeing strong momentum ahead of the SpaceX IPO, with many trading at 52-week highs but reaching overbought levels. Here’s what investors should know ahead of the SpaceX IPO.

MNTS: The Highest-Risk Bet on In-Orbit Services

Momentus is the smallest and most speculative of these three stocks. The micro-cap space infrastructure company has a market cap of around $200 million and just $1.1 million in trailing revenue. The story is compelling: their Vigoride Orbital Service Vehicle acts as an in-orbit delivery layer on top of SpaceX's Transporter rideshare missions. Specifically, SpaceX puts the payload in orbit; Momentus shuttles it to the precise final destination.

This SpaceX connection is contractual. Vigoride 7 launched aboard SpaceX's Transporter-16 in late March 2026, hosting payloads for DARPA and commercial customers.

Vigoride 8 is already fully subscribed with NASA contracts and scheduled for 2027. Better still, Momentus has very little direct competition in its niche market.

The financial story is a classic pre-revenue growth bet. Management is forecasting $10 million in 2026 revenue, a 9x increase over 2025—driven by milestone-based contracts with NASA and the Department of Defense.

That said, the bear case is real. As of late April, Momentus had $26.2 million in cash on hand after the company retired its remaining convertible debt. This gives the company an estimated 12-month runway. Plus, short interest has risen by more than 600% over the past year and now accounts for roughly 20% of the float. A reverse stock split in late 2025 signals the company has been under financial stress.

RDW: The Picks-and-Shovels Play With Real Revenue

Redwire manufactures space infrastructure hardware—Roll-Out Solar Arrays, optical imaging systems, sun sensors, spacecraft components—and has expanded into military drones through its Edge Autonomy acquisition. Its products are aboard NASA missions and Space Force programs. Its solar array technology is being positioned for lunar electrical grid systems connected to the Artemis program, which relies on SpaceX's Starship for lunar access.

In Q1 2026, Redwire posted revenue of $97 million, up 57.9% year-over-year, and ended the quarter with a record contracted backlog of $498.1 million—up 71% annually. A book-to-bill ratio of 1.92 means the company is booking nearly twice as much new business as it's recognizing in revenue.

Full-year 2026 guidance sits at $450–$500 million, roughly 42% growth at the midpoint. The gross margin trend (26.6% in Q1) and the deepening backlog suggest the fundamentals are real.

That said, RDW has already roughly doubled from its late-April lows. After that kind of run, the risk/reward is less favorable at current prices. The Redwire analyst forecasts on MarketBeat have a consensus Moderate Buy rating with an average price target of $14.22 as of this writing. A pullback toward the $13–$15 analyst consensus zone would represent a more balanced entry.

LUNR: The Flagship Space Play

Intuitive Machines is the most prominent name on this list for a reason: the company’s flagship product landed on the Moon. IM-1 in 2024, IM-2 in 2025. IM-4 and IM-5 are coming—both launching on SpaceX rockets.

However, the company has been transforming rapidly to move beyond a single revenue stream.

Its $800 million acquisition of Lanteris Space Systems expanded the company’s satellite manufacturing capabilities.

It also recently announced the acquisition of Goonhilly Earth Station and COMSAT, adding ground station and communications network assets.

Management issued full-year 2026 revenue guidance of $900 million to $1 billion—with positive adjusted EBITDA—underpinned by a $4.82 billion Near Space Network Services contract with NASA and a record $1.1 billion Q1 backlog.

The Intuitive Machines analyst forecasts on MarketBeat show 12 analysts covering LUNR, with a consensus Hold rating and a price target of $31.50, which is substantially below its price as of this writing. That’s because LUNR hit 52-week highs in May on SpaceX IPO momentum and reported record revenue, gross margin, and adjusted EBITDA in Q1.

Here’s where caution is warranted. LUNR trades at roughly 17x 2026 price-to-sales. That valuation prices in execution. Shareholders' equity is negative $333 million, and the company had significant cash burn in Q1 following the Lanteris deal. If the $900 million revenue guide slips, the multiple compression will be swift.

The article "3 Stocks Under $40 with Indirect Exposure to SpaceX IPO" first appeared on MarketBeat.