OHB Puts €1 Billion Equity Raise on Hold as SpaceX Hype Sucks Up Investor Attention

German space group OHB delays €1 billion share placement as SpaceX IPO absorbs global investor liquidity, sending shares down 7% despite record orders and profits.

OHB SE has hit pause on a planned €1 billion share placement, bowing to the overwhelming gravitational pull of SpaceX’s looming initial public offering. The German space and defence group had already mandated banks to prepare the capital increase, but the euphoria surrounding Elon Musk’s rocket venture is soaking up global investor liquidity, leaving little appetite for a European competitor’s stock sale.

The decision to delay, which traders described as cautious but prudent, sent OHB shares into a tailspin on Friday. The stock dropped as much as 9% in intraday trading, with the last visible trade on the Tradegate platform coming in at around €589 – a 7% retreat from the prior session. That marks a sharp reversal from Thursday, when the equity had surged up to 15% on renewed momentum. Even after the pullback, the 12-month performance remains staggering at roughly 770%, driven by a relentless rally that pushed the company’s market capitalisation past €11.2 billion at its peak. In 2026 alone, shares added between 397% and 422%, depending on the trading venue.

The shelved capital raise comes even as OHB’s underlying business delivers record numbers. The order backlog swelled to €3.4 billion in the first quarter, a 45% jump from a year earlier. Total output climbed to €279 million, while adjusted operating profit rose 48% to €25.7 million. New project wins continue to flow: the European Space Agency last month selected the Earth observation mission SOVA-S, led by OHB’s Czech unit, for its next development phase.

Market participants say OHB is not alone in its cautious stance. Rival defence contractor KNDS is also reported to be holding back on financing plans, wary of being drowned out by the SpaceX spectacle. The US company’s expected debut, fuelled by excitement over its new V3 rocket, is pulling the attention of institutional investors worldwide.

OHB originally mandated additional banks on 18 May to prepare the share sale. That work is now on ice. The timing of any future offering will depend almost entirely on the SpaceX IPO timetable, with the German group unwilling to risk a discounted placement in a crowded market. For now, the record order book provides a solid cushion against short-term turbulence – and the company is content to wait until the noise around its US rival subsides before reopening the capital markets window.