Rocket Lab is the most-cited public proxy, but it is not the only listed way investors are framing the post-SpaceX-IPO landscape. Two other names help map the terrain — each with its own risk profile, and neither a proxy for the other. Firefly Aerospace (Nasdaq: FLY), which listed on the Nasdaq in 2025, pairs its small-lift Alpha rocket and Blue Ghost lunar-lander heritage with a growing spacecraft-solutions business; it reported record first-quarter 2026 revenue of about US$80.9 million, up roughly 45% year-over-year, while continuing to invest heavily and operate at a loss. Karman Holdings (NYSE: KRMN) rounds out the set on the systems side, designing payload-protection, propulsion, and interstage hardware for missile-defense, hypersonics, and space-launch programs; it has posted strong revenue growth as defense and hypersonic demand has accelerated. Together these names illustrate that the “space trade” is really several distinct businesses — launch, satellites, and defense — being re-rated together in SpaceX’s wake, even as each company’s fortunes ultimately rest on its own execution.