Why Wait for SpaceX? This Space IPO Jumped 30%

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Investors may have to wait a bit longer for the SpaceX IPO—but they seem to be shopping for space stocks in the meantime.

HawkEye 360, which landed on the New York Stock Exchange under the symbol "HAWK" today, popped in its trading debut. The company, which uses satellite technology to provide signals intelligence to the U.S. government and its agencies, appears to have caught the eye of investors looking for ways to lift off ahead of the big space IPO—Elon Musk's SpaceX—they're waiting for: HawkEye shares opened at $31.50, roughly 20% above their IPO price, and closed over 30% higher even as major benchmark indexes finished the day in the red.

The defense firm's IPO, which raised about $416 million, suggests that there's momentum behind new issues tied to space, a theme investors are increasingly looking to plumb. (There are a number of ways to invest in the space economy now: Here's Investopedia's take on some of the options.) The precise timing of the SpaceX IPO, expected to raise tens of billions of dollars and, perhaps, mint a new trillion-dollar company, isn't yet known, though it's expected this summer.

Herndon, Va.-based HawkEye was founded in 2015 by a team of military veterans, engineers, and national security technologists, according to the company. It derives more than 60% of its sales from the U.S. government. Last year, it reported total revenue of around $118 million and net income of $2.7 million. At its closing price, HawkEye was valued at over $3 billion. The company had previously suggested it might go public at $24 to $26 per share; it ended up going public at $26.

Meanwhile, Rocket Lab (RKLB), which provides launch and other space services, rose in post-market trading today after reporting a revenue beat for the first quarter and a new multi-launch contract.

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