BofA Names Rocket Lab, Voyager as SpaceX Alternatives With Up to 71% Upside

SpaceX has dominated the space sector's spotlight since its June IPO, priced at $135 and peaking at a record $225.64 before settling around $143.69, up roughly 6% from its offer price after a 33% surge in August. But Bank of America analysts led by Ronald Epstein now point to two Buy-rated alternatives.
Rocket Lab: BofA cut its price target slightly to $110 from $115, still implying about 71% upside from the report's $64.39 price. The bull case rests on a record $2.36 billion backlog, up 28% year to date, including a $397 million Space Force satellite award, $160 million in geostationary contracts, and a $266 million launch contract for up to 18 missions. BofA raised its 2026-2028 revenue estimates to $977 million, $1.54 billion, and $2.25 billion, and noted the planned Iridium acquisition and a potential Neutron rocket demonstration in Q4 2026 as key catalysts.
Voyager Technologies: BofA raised its target to $45 from $39, implying about 31% upside from the report's $34.29 price. Q2 bookings surged 150% sequentially to $113 million, a 2.1x book-to-bill ratio, with an $84.3 million Golden Dome award contributing to a $335 million backlog. The bank expects Voyager's Astrobotic acquisition to add $45 million in sales in the second half of 2026 and nearly $200 million in 2027, and now forecasts sales of $291 million in 2026, $581 million in 2027, and $1.13 billion in 2028. BofA still expects losses of $2.75, $1.35, and $0.90 per share through 2028.
For context, SpaceX trades at 1,631.91 times forward non-GAAP earnings versus 13.70 for the sector, according to Seeking Alpha.