Short Thesis
The firm’s central thesis: the sector’s entire premium rests on one trade — buy public space proxies before SpaceX goes public via its SPCX listing, then ride the re-rating.
Fugazi argues that trade is about to unwind.
“When SpaceX begins trading under SPCX, giving capital direct access to the only space company with actual revenue, actual launch dominance, and actual recurring cash flows,” the report states, the structural reason to hold any of the six names at a premium “amounts to zero.”
The Targets
Benzinga reached out to the companies named in the report, but did not immediately receive a response.
Virgin Galactic Holdings, Inc. (NYSE: SPCE ): Fugazi points out that analyst consensus for Virgin Galactic's Q2 revenue stands at $244,800 — a figure the firm notes was revised downward 86.67% in just three months.
The report highlights that Virgin Galactic has guided Q4 commercial flight commencement for four consecutive years, and that the vehicle has completed one unpowered glide test.
Sidus Space, Inc. (NASDAQ: SIDU ): Fugazi notes that Sidus Space generates only about $3 million in annual revenue, just raised $100 million and, in the firm’s view, will need to raise more.
The firm points out that cash on hand as of March 31, 2026 stood at $4 million against an accumulated deficit of $75.6 million, with zero revenue and zero space operations. A going concern qualification is already on file.
SpaceX Begins Trading
Adding to the sector's woes, investors "sold-the-news" as SpaceX shares opened for trading at $150 per share, according to Benzinga Pro data.
Traders booked profits on the other space stocks that had run up sharply ahead of the SpaceX IPO.
SPCX Stock Price Activity: SpaceX shares were up 25.77% at $169.79 at the time of publication Friday, according to Benzinga Pro .
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