OHB’s €3.35 Billion Backlog Sets the Stage for a Make-or-Break Summer Launch

German space group OHB SE faces high-stakes RFA ONE maiden flight in July 2026, while record orders and defense pivot drive stock volatility.

The Bremen-based space group OHB SE is navigating a pivotal moment. While a record order book worth €3.35 billion underpins its financial footing through the next several years, the company is also days away from a high-stakes event that could redefine its standing in Europe’s space market: the first flight of its subsidiary’s rocket, RFA ONE.

Rocket Factory Augsburg (RFA) has applied for a sea launch licence, with a provisional window opening on 1 July 2026 at the SaxaVord Spaceport in Scotland. RFA has stressed that this is not a fixed date — maiden flights are fraught with complexity and delays remain a real possibility. Still, the hardware is already in place. Both stages of the rocket have been at the launch site since March, and the nine Helix engines for the first stage are undergoing final tests in Sweden before shipment and integration.

The path to this point has not been smooth. A static-fire test anomaly in August 2024 forced RFA to overhaul its safety systems, costing months of work. That setback explains why the maiden flight is only now within realistic reach.

Before the launch window opens, OHB will have a prominent stage at the ILA Berlin air show from 10 to 14 June. The event is more than an industry gathering; representatives from the European Commission plan to discuss independent space access, navigation, and communications — areas where OHB is directly positioned. A successful RFA ONE flight shortly after ILA would inject concrete evidence into that narrative.

Beyond the launch schedule, OHB is reshaping its strategic profile. The group is moving from a pure-play satellite builder to a defence-oriented technology partner. It recently formed a joint venture called KIRK with European AI company Helsing. The unit will develop AI systems for tactical reconnaissance from space, giving militaries the ability to capture and act on data faster. With European defence budgets rising steadily, the venture positions OHB for lucrative government contracts.

On the civilian side, the European Space Agency (ESA) has appointed OHB as the prime contractor for the complex LISA mission, a scientific project valued at €839 million. An additional €248 million contract for new weather satellites has also been awarded. To get this hardware into orbit, OHB is building its own launch infrastructure through a new entity, the European Spaceport Company, designed to enable cost-efficient launches from land and sea — a key part of securing Europe’s independent access to space.

The financials reflect this operational momentum. The order backlog hit a record €3.35 billion at the end of March, providing revenue visibility for the near future. But the stock has demonstrated extreme volatility. At around €415, the shares have surged more than 240% year-to-date and have more than quintupled over the past 12 months. The 52-week high of €688 was reached on 21 May, meaning the stock has since shed roughly 40% — though it still trades about 18% above its 50-day moving average. The annualised 30-day volatility of over 140% underscores how quickly the equity can swing in either direction.

Technically, the relative strength index (RSI) sits at 49.5 — neutral territory. The market appears to be waiting for a concrete catalyst. The RFA ONE first flight could be exactly that. Whether it lifts OHB to new heights or triggers further turbulence will depend on how the launch unfolds.