Momentus shares surge 110% on SpaceX IPO speculation
US commercial space company Momentus sees massive rally driven by buzz around SpaceX’s planned listing, despite widening net losses and a single analyst maintaining a $1 price target.
Shares of US space company Momentus (MNTS) surged approximately 110% on 26 May 2026, closing at $15.48 and trading as high as $18.90 after hours. The rally was driven by investor speculation surrounding SpaceX’s planned initial public offering (IPO), with reports suggesting a target valuation of $1.75 trillion. The stock touched a high of $22.20 the following day before settling near the $17 level, reflecting broader momentum in the space sector as investors treat the SpaceX IPO as a catalyst for smaller public companies.
Momentus reported first-quarter 2026 revenue of $3.21 million, a significant increase from $322,000 in the same period the previous year. The increase came mainly from hosted payload services, which generated $1.62 million, and engineering project work contributing $1.59 million. Gross profit improved to $1.82 million, indicating growing business activity in satellite buses, in-space transportation, and last-mile delivery services through its Vigoride orbital service vehicle.
Despite revenue growth, the company posted a net loss of $9.48 million, widening from a $6.17 million loss a year earlier. The company used $5.8 million in operating cash during the quarter, though it ended March with $23.48 million in cash and cash equivalents, which later improved to $26.2 million after financing activity in April. Management highlighted operational milestones, including the launch of Vigoride 7 aboard a SpaceX Transporter mission and the completion of the Preliminary Design Review for Vigoride 8.
The stock currently trades near $17, significantly above the $1 price target set by the only active analyst covering the company. With a market capitalisation of $204 million and roughly $4 million in trailing revenue, the stock trades at approximately 51 times sales, a stark contrast to the aerospace and defence sector median price-to-sales ratio of closer to three times. This valuation disparity highlights the speculative nature of the current rally.
CEO John Rood stated that the company remains focused on execution, customer delivery, and long-term growth opportunities in the expanding commercial space market. However, the limited analyst coverage and wide gap between current trading levels and analyst expectations suggest that Momentus remains a high-volatility name. Investors are currently weighing the potential of the broader space economy against the company’s ongoing profitability challenges.
