Lockheed Books $514M GPS Order as SpaceX IPO Swells to $85.7B and Gilat Buys Comtech Satcoms

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The briefing

SpaceX's underwriters exercised the greenshoe in full Monday, lifting the IPO's total to $85.7 billion after the initial $75 billion priced Thursday. Goldman Sachs, Morgan Stanley, Bank of America and JPMorgan bought an additional 83.3 million shares from the company. SpaceX has said proceeds will retire roughly $20 billion in legacy X and xAI debt, expand AI compute, and fund Starship and Starlink. The stock closed its debut near $161 and kept climbing Monday, pushing market value above $2 trillion. Retail allocations were small, and Payload reported other listed space names sold off Friday as investors rotated into the listing.

The Space Force awarded Lockheed Martin a $514 million contract for GPS 3F satellites 23 and 24, lifting the GPS 3F backlog to 14 spacecraft and total contract value to roughly $4.6 billion. Gilat Satellite Networks agreed to buy Comtech's satellite ground infrastructure, troposcatter and engineering assets for $157.5 million in cash, six years after Comtech's own $533 million bid for Gilat collapsed; the acquired business generated $195.2 million in revenue for the twelve months ended Jan. 31. France's DGA placed a first €138 million tranche of Eutelsat OneWeb capacity under the 10-year, €1 billion Centaure program.

The upper stage from LandSpace's Zhuque-2E, which launched June 9, broke apart in low Earth orbit, likely generating 100 to 150 fragments between 335 and 424 kilometers, an inclination that crosses the International Space Station (ISS) and threads lower Starlink shells used for direct-to-cell service. The Space Force said there is no immediate threat to human spaceflight and most debris should reenter within months. JAXA returned the H3 to flight with its first three-engine variant from Tanegashima, and Isar Aerospace scrubbed Spectrum's second test flight from Andøya for the fourth time this year after detecting off-nominal behavior in fluid systems.

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The headlines

SpaceX IPO grows to $85.7 billion after greenshoe exercised in full

SpaceX

SpaceX's IPO underwriters exercised their overallotment option in full, buying an additional 83.3 million shares and lifting the total raised to $85.7 billion. The stock priced at $135, closed its debut at about $161 for a market value above $2 trillion, and climbed further Monday. SpaceX has said proceeds will retire about $20 billion in legacy X and xAI debt rolled into the company and fund AI compute, Starship and Starlink expansion.

Retail allocations stay tiny as other space names sell off

SpaceX

Retail investors in the SpaceX IPO reported allocations as small as one or two shares against requests for thousands, and several retail investors split between selling into Friday's pop and holding through the lockup. Payload reported that publicly traded space names broadly declined Friday as investors rotated into SpaceX, with analysts framing the move as a temporary correction tied to capital rotation.

Space Force orders two more GPS 3F satellites from Lockheed for $514M

LMT

The Space Force awarded Lockheed Martin a $514 million contract for GPS 3F space vehicles 23 and 24, bringing the GPS 3F backlog to 14 spacecraft, with the LM2100 Combat Bus introduced starting with space vehicle 13 (SV13). The satellites add anti-jam features, M-Code security and the L1C and L5 civilian signals. The 2018 framework contract allows up to 22 satellites, and the cumulative committed value now stands at roughly $4.6 billion. Lockheed said all earlier GPS III satellites have reached orbit.

Gilat to buy Comtech satcoms assets for $157.5M

GILT

Gilat Satellite Networks agreed to acquire most of Comtech's space communications business, including satellite ground infrastructure, troposcatter systems and engineering assets, for $157.5 million in cash. The acquired business generated $195.2 million in revenue for the twelve months ended Jan. 31, up nearly 4% from Comtech's fiscal year ended July 31, 2025. The deal reverses the direction of a 2020 attempt by Comtech to buy Gilat for $533 million that collapsed during the pandemic.

France books €138M of Eutelsat OneWeb capacity under Centaure program

ETL

France's arms procurement agency DGA placed an initial €138 million, four-year order for Eutelsat OneWeb low Earth orbit capacity under its Centaure program, the first tranche of a 10-year, €1 billion commitment made in June 2025. Centaure has a maximum value of €350 million over eight years and falls under the broader June 2025 Nexus - New Space framework.

Zhuque-2E upper stage breaks apart near Starlink altitudes

SpaceX

The upper stage of LandSpace's Zhuque-2E rocket, which launched June 9 with two direct-to-cell satellites, broke apart in low Earth orbit and likely created 100 to 150 pieces of debris, according to LeoLabs. The Space Force said tracked pieces are being added to routine conjunction assessment with no immediate threat to human spaceflight. The debris field sits between roughly 335 and 424 kilometers, an inclination that crosses the ISS orbit and threads lower Starlink shells that host newly launched and direct-to-device satellites.

[ 03 / +11 / -33 ]

Market pulse

Archived snapshot from this edition. Prices and moves are not live.

Gainers+11

Decliners-33

Big mover GLW+10.4%

AST SpaceMobile is the worst-performing space-linked name in the market snapshot at -8.6%, consistent with Payload's report that publicly traded space stocks broadly pulled back on Friday as investors rotated into the SpaceX IPO. Satellogic also sits among the bigger decliners...

Asset	Snapshot	Move
GLWCorning	$193.57	+10.4%
MTRNMaterion	$271.36	+2.8%
APHAmphenol	$164.95	+2.4%
ASTSAST SpaceMobile	$78.10	-8.6%
VOYGVoyager Space	$35.79	-7.1%
LHXL3Harris Technologies	$291.87	-6.8%