OHB's Asteroid Antenna Deal Lifts Shares as Rocket Launch and Billion-Euro Placement Steal the Spotlight

OHB SE shares rise on ESA asteroid mission antenna deal, but volatility persists. RFA applies for first test launch, KKR plans €1B+ placement, and Q1 results show strong growth.

OHB SE gave its shareholders a much-needed reprieve on Thursday, jumping 7.6% to €482 after the Bremen-based space company clinched a contract to build the communications antenna for the Ramses asteroid probe. The gain, however, only partly reversed the previous week's 20% rout — a stark reminder of just how volatile the stock has become.

The Ramses award, announced at the SmallSat Conference in Amsterdam, sees OHB Italia and fellow German outfit HPS GmbH collaborate on the antenna for the European Space Agency’s asteroid-deflection mission. The market immediately rewarded the news, with OHB far outstripping its space-sector peers, which managed gains of just 0.7% to 2.4% on the day. Year-to-date, the stock is still up an eye-popping 273%, with a three-month gain of 107% and a one-month advance of 63%.

But the company is not resting on one contract. Its rocket subsidiary, Rocket Factory Augsburg (RFA), has now applied for a launch window for the first test flight of the RFA ONE vehicle, with July 1 pencilled in. The rocket is set to carry seven satellites for multiple organisations, coordinated by the German Aerospace Center. Helix engine tests are already underway in Kiruna, and a flight vehicle sits in SaxaVord’s integration hall. A successful debut would give OHB its own orbital launch capacity — a strategic prize that CEO Marco Fuchs recently described as a “gold rush” era for space. Serial production is targeted for 2028, with the potential for up to 25 launches annually. RFA is equity-accounted, so its launches do not appear directly in OHB’s medium-term guidance, but the optionality is widely seen as a powerful upside catalyst.

The operational foundation for all this activity is robust. In the first quarter of 2026, total output rose 15% to €279.3 million, adjusted EBITDA climbed 37% to €27.3 million, and earnings per share more than doubled to €0.52. The order backlog hit an all-time high of €3.35 billion as of March 31, a 45% increase year-on-year, with the Space Systems segment contributing €2.68 billion, fuelled by ESA programmes and expanding defence budgets.

Alongside the operational milestones, OHB is preparing a massive capital markets move. KKR, which holds around 29% of the shares, intends to place roughly 20% of that stake. The banking syndicate has been expanded to seven institutions, with Berenberg and Commerzbank joining the roster. The transaction could raise more than €1 billion, with proceeds earmarked for pre-financing large constellation projects and expanding manufacturing capacity. The founding Fuchs family retains control with 65% of voting rights.

The placement comes at a time when the space sector is attracting intense investor interest, not least because of SpaceX’s planned initial public offering in mid-June 2026. That benchmark effect is already lifting valuations across the industry, and OHB is riding the wave. Yet the stock’s extreme price swings are also a function of its famously tight free float. Only 5.68% of the 19.15 million shares are freely tradable, meaning even modest orders can produce outsized moves.

With the virtual annual general meeting set for June 8, the RFA ONE launch window opening July 1, and second-quarter results due August 6, OHB has a packed calendar of catalysts. Each will test whether the company’s operational momentum can sustain the valuation that has built up during this year’s spectacular rally.