The Index
400 dossiers
A research screener for every company we cover. Search a name or ticker, then sort and triage dossiers by coverage freshness, our conviction and trading relevance.
| The only credible bet on FULL (both-stages) reuse besides SpaceX — a metallurgy/physics moat the others ducked — but it is a single-vehicle, zero-revenue, zero-flights company whose entire value is gated on one un-flown second stage surviving reentry; WATCHING, not investable, until Nova reaches orbit and the upper stage comes home intact. | — | 1 | |
| A genuine launch-and-connectivity monopoly wrapped inside an unprofitable $2T+ aspiration stock — Starlink is the real business, but at ~110x sales the market is paying for Mars, orbital AI data centers, and a $60B Cursor bet that aren't earnings yet. | — | 1 | |
| A $20M-revenue EO manufacturer trading like a $1B growth story on a 200% YTD re-rate — the cost-per-satellite edge and Tether-backed balance sheet are real, but the price already discounts a Merlin success that hasn't launched, and three customers are half the revenue. | — | 1 | |
| A genuinely great company and a genuinely terrible price — the only Western full-stack launch+satellite pure-play, compounding at ~50%, but trading at ~64x EV/sales with the entire Neutron thesis still un-flown. Own the business, fade the multiple. | — | 1 | |
| No longer a rocket startup — an Eric Schmidt-controlled option on Terran R becoming the launch arm of an orbital-AI-datacenter thesis, gated entirely on an unflown late-2026 maiden flight and carrying a stale $4.2B (2021) mark that almost certainly no longer holds. | — | 1 | |
| A real, accelerating dual-use (space + combat-proven drones) franchise welded onto a still-loss-making, AEI-controlled, serial-dilution SPAC — the business is finally interesting but the cap table and cash burn are doing the pricing; WATCHING, not yet ownable, until the ATM overhang clears and adjusted EBITDA turns. | — | 8 | |
| A commercial-imagery company that quietly became a sovereign-defense satellite-services contractor — the backlog (+72%) and the Rule-of-40 inflection are real, but a $1.5B ATM on top of ~30x sales means the bet is now whether durable government demand outruns relentless dilution. | — | 1 | |
| "The 'Maxar' instrument has dissolved — Lanteris (the satellite-builder) was sold to Intuitive Machines (LUNR) in Jan 2026, leaving the private residual = Vantor, an Advent carve-out repricing 30 cm imagery as defense-software ahead of a ~$14.5B exit. WATCHING the Vantor IPO/strategic-exit; the only tradeable Maxar today is LUNR's space-systems half." | — | 1 | |
| A spec-locked, sole-source space-and-defense subsystem roll-up riding Golden Dome and OBBBA tailwinds at ~50% growth — but it is a leveraged (2.1x D/E) PE-sponsor exit story with a live material weakness, ~$680M of floating-rate debt, and a still-rich ~34x forward EV/Adj-EBITDA; the 58% drawdown is a Trive-Capital supply unwind, not a thesis break. WATCHING (coverage note: this is fundamentally a defense prime-supplier — see exclusion flag). | — | 1 | |
| A debt-levered, cash-machine LEO monopoly being re-rated on spectrum scarcity — own the durable EMSS/IoT/Aireon annuity, but the spectrum-takeout dream is now mostly in the price. | — | 1 | |
| Best-in-class aerospace-aftermarket compounder firing on all engines (18% organic, record margins) — but the moat is in the price; at ~60x forward earnings the stock is a great company priced as a bond you can never lose on, and any organic deceleration re-rates it hard. | — | 0 | |
| GSAT is no longer a fundamental story — it is an Amazon merger-arb at $90/sh (≈10.8% gross spread, 2027 close); buy the deal-break protection (Apple re-signed, $592M reverse break fee, FCC defends the spectrum, vote already done), not the satellites. The only real risk is regulatory drag, not deal failure. | — | 0 | |
| A balance-sheet roll-up of the fragmenting Western defense-satcoms supply chain (DataPath→Stellar Blu→Comtech) wrapped around an orbit-agnostic ground-terminal franchise that wins whether GEO or LEO wins — but the stock already prices the re-rating (~23x EV/EBITDA) while organic margins are still convalescing and two customers are 44% of revenue. | — | 1 | |
| A debt-free, 59%-gross-margin device compounder mispriced as "space" — the real bet is whether the FY25–26 fitness-wearable share surge is a durable re-rating or a post-pandemic echo that decays back to mid-single-digit growth at a 24x multiple that already pays for the good case. | — | 8 | |
| A real lunar/launch franchise wrapped in a serial-failure rocket, a money-furnace P&L, and a ~32x-sales price — the Golden Dome/SciTec defense pivot is the only thing that justifies the multiple, and Eclipse first-flight is the binary that settles it. | — | 1 | |
| A real #2 to SpaceX with anchor demand and a flight-proven heavy lifter — but a single-pad, single-stage company that just lost its only launch site and its only customer's confidence in the same month, forced into its first outside raise at the exact moment SpaceX vacuums up the capital. | — | 1 | |
A AST SpaceMobilecatalyst in 42d | A pre-revenue option on owning the only direct-to-unmodified-phone cellular layer in space — FCC-blessed and ~$4.5B-funded through ~90 satellites, but the entire bull case is a single binary that resolves in 2027: can it manufacture, launch, and switch on a 45–60 satellite constellation before Starlink's good-enough text/voice layer makes "broadband from space" a feature nobody pays a premium for. At ~$31B on $71M of 2025 revenue, the market is already paying for flawless execution it has not yet seen. | — | |
| A genuine post-COVID turnaround now firing on operating leverage (Q1 op margin 11.8%, book-to-bill 1.26, $734M record backlog) — but the stock already 3x'd to a ~64x trailing / ~27x forward P/E that prices the recovery as permanent, leaving thin margin of safety with a levered balance sheet and a live Lufthansa patent overhang. | — | 8 |
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