OHB’s Space Race: A €75 Billion IPO and a Rocket of Its Own

OHB rides dual catalysts: SpaceX's $75B IPO boosts space sector re-rating, while RFA ONE launch roadmap and €3.35B backlog drive investor interest.

The stars are aligning for OHB. Europe’s independent space systems house is riding not one but two powerful waves — a sweeping re-rating of the entire space sector ahead of SpaceX’s blockbuster listing, and its own incremental progress on a home-grown launch vehicle. Investors have taken note: the stock traded around €566 on Wednesday, up 3.1% on the day, and has multiplied more than tenfold from the €50 range seen at the start of 2025.

Rocket Factory Augsburg (RFA), OHB’s majority-held but at-equity consolidated rocket venture, is emerging from the shadows. At a Capital Markets Update on 18 May, management laid out a clearer roadmap for RFA ONE. A first launch attempt is pencilled in for 2026, with series production to follow from 2028 and an eventual target of up to 25 launches per year. Technical progress is visible: Helix engine tests in Kiruna, an RFA ONE vehicle in the SaxaVord integration hall, and work on the launch tower. Yet the path remains treacherous — OHB itself notes that first flights of new launch systems historically succeed less than 30% of the time. For now, RFA contributes no direct revenue to the group’s medium-term guidance.

The valuation magic, however, is partly coming from elsewhere. The anticipated SpaceX IPO on 12 June 2026, reportedly valuing the US giant at $75 billion, is drawing fresh attention to the entire space ecosystem. OHB, as a pure-play European alternative with its own satellite-building capability and a growing defence focus, benefits from that spotlight. The timing is convenient: just days earlier, on 19 May, OHB sealed the KIRK joint venture with Helsing, Hensoldt and Kongsberg Defence & Aerospace to develop a space-based tactical surveillance system. The project combines software-defined satellites, onboard AI, and OHB’s lead role in turnkey space systems — exactly the kind of defence-driven narrative that resonates in the current geopolitical climate.

Underpinning it all is a hefty order backlog. At the end of the first quarter of 2026, OHB’s contract book stood at €3.353 billion, a 45% jump from €2.314 billion a year earlier. The group’s total performance reached €279.3 million, with adjusted EBIT of €16.8 million translating into a 6.0% margin. The Space Systems segment, which accounts for 76% of divisional output, is the workhorse — boosted by large orders such as the EPS-Sterna microsatellite constellation. On a reported basis, the adjusted EBITDA margin came in at 9.7%, suggesting improved production efficiency.

RFA remains an option rather than a guaranteed pay-off, and its exclusion from group guidance tempers any direct read-across. But if the rocket programme transitions into reliable operations, the market’s perception of the equity could shift materially. Meanwhile, management is also working to increase the free float to around 20%, which should improve tradability and potentially widen the investor base.

With the annual general meeting scheduled for 24 June, second-quarter results due on 6 August and third-quarter numbers on 12 November, the coming months will offer regular proof points — both on the core business and on RFA’s march toward that first launch attempt.