Filtronic Lands Its Biggest SpaceX Order Yet, Lifting Shares 16%

Filtronic secured its largest-ever SpaceX order, worth USD 68.1 million, for GaN E-band amplifiers, sending shares up 16% to EUR 3.02.

Filtronic has secured the largest single order it has ever received from SpaceX, a follow-on agreement worth USD 68.1 million — roughly GBP 51.3 million — for gallium nitride-based solid-state power amplifiers.

The news sent the British high-frequency specialist's stock up 16% to EUR 3.02 on the day, building on a prior close of EUR 2.60. That advance lifts the company's market capitalization to EUR 598.24 million.

At the heart of the contract are Cerus E-band GaN SSPA units, power amplifiers designed for ground and satellite systems within SpaceX's Starlink network. The components are built to handle broadband communication in low Earth orbit, where gallium nitride's ability to deliver higher signal power and efficiency in the E-band spectrum is essential for fast data links between satellites and ground stations.

Delivery Timeline Stretches Into Fiscal 2029

Shipments are scheduled to begin in fiscal 2028 and continue into the early part of fiscal 2029, giving Filtronic unusually long revenue visibility. CEO Nat Edington said the company had deliberately expanded its manufacturing capacity since SpaceX's first E-band order twelve months ago in order to handle rising volumes.

The arrangement reinforces existing guidance for fiscal 2028. It follows a series of smaller wins, including a GBP 5.9 million deal with an unnamed US customer for satellite prototypes.

SpaceX's previous major order, placed in August 2025, was valued at USD 62.5 million and also covered GaN E-band technology. The new agreement extends a strategic partnership between the two firms that dates back to 2024.

Cavendish Keeps Buy Rating, 290p Target

Analysts at Cavendish reaffirmed their "Buy" rating and 290 pence price target following the announcement. In their view, more than 90% of projected fiscal 2028 revenue is now covered by firm orders. The broker left its operating forecasts untouched, projecting annual revenue of GBP 75 million and adjusted EBITDA of GBP 17 million for that fiscal year.

Edington described the order as a significant milestone underscoring gallium nitride's growing role in high-frequency communications.

Beyond the SpaceX deal, Filtronic is broadening its ground-infrastructure work. On Tuesday the company secured funding through the UK Space Agency's Ground Station Innovation Programme for an RF-over-IP demonstrator backed by the ESA-ARTES initiative. CTO Tudor Williams called the architecture a key technology for future satellite ground networks. On the same day, Filtronic Broadband of Stockton-on-Tees topped a regional survey of British technology companies ranked by percentage growth.