Buy: SpaceX
SpaceX is not yet rocket economics, but it is rocket science. The company’s Falcon 9 boosters don’t just launch payloads. They land, refuel, and fly again. Reusability is the company’s game changer. Successful booster returns slash costs and widen the moat against competitors. That backbone powers Starlink’s global rollout, its satellite deployment at scale and even its ambitions of putting the cloud and compute into orbit. SpaceX’s first earnings as a public company beat expectations. Revenue nearly doubled at $7.8bn, beating Wall Street’s $6.9bn estimate, with Starlink and AI driving growth. Losses narrowed sharply, proving the economics of reusable rockets and satellites are working. At about $120, with analysts’ mean one-year target near $250 and the feared insider sell-off a no-show, the share price looks like a rocket still on the launchpad. Either the analysts are right, or they’ll be updating their résumés from Mars. SpaceX embodies innovation, momentum and the sheer daring of proving rockets can be flown like airplanes.
Sell: Boeing
If SpaceX is proving rockets can be reused, Boeing’s United Launch Alliance partnership, tied to expendable rockets, is looking increasingly outdated. The company has no reusable rocket programme, and its Starliner capsule has been plagued by setbacks. Meanwhile, Boeing’s core aircraft business remains mired in supply chain snarls and reputational turbulence from the 737 MAX saga. Demand for planes is there, but execution feels like being stuck in an airport security queue that somehow never moves. Investors keep waiting for take-off, but the runway stretches endlessly ahead. While SpaceX is redefining aerospace with reusable rockets and global connectivity, Boeing is still stuck on the tarmac. Selling Boeing and buying SpaceX is investing in the faith that innovation beats inertia and that the future belongs to those who dare to fly the same rocket twice.
