New Street Research Targets Space, Aims to Ground High-Flying Valuations

LONDON and NEW YORK – May 13, 2026 – In a move that signals the space industry's growing financial maturity, leading independent research boutique New Street Research announced today it is launching a dedicated Space Economy and Infrastructure vertical. The firm, renowned for its deep expertise in the Technology, Media, and Telecommunications (TMT) sectors, will now apply its rigorous analytical lens to a market soaring with both potential and speculative fervor.

The new coverage will consolidate the firm's expertise across launch services, satellites, connectivity, and datacenters. The initial list of covered companies reads like a who's who of the modern space race, including private behemoth SpaceX, launch innovator Rocket Lab, Earth-imaging specialist Planet Labs, and a host of satellite communications giants such as Viasat, Iridium, Telesat, and the newly formed Abu Dhabi-based Space 42. This initiative suggests that for institutional investors, the final frontier is rapidly becoming a core investment thesis.

A New Financial Frontier

The timing of New Street's entry is no coincidence. The global space economy, once the domain of government agencies, has transformed into a vibrant commercial marketplace. Recent industry reports peg the market's value at over $600 billion in 2024, with some analysts, including a joint team from McKinsey and the World Economic Forum, projecting it could surge to $1.8 trillion by 2035. This explosive growth, outpacing projections for global GDP, is fueled by dramatically falling launch costs—pioneered by SpaceX's reusable rockets—and a torrent of private sector innovation.

This rapid expansion has created an increasingly complex investment landscape. The industry is no longer just about building rockets; it's an intricate ecosystem of satellite mega-constellations, direct-to-device communication services, geospatial data analytics, and in-orbit infrastructure. As the sector moves from venture-backed hype to generating substantial revenue, the demand for sophisticated, independent financial analysis has become critical. Institutional investors are looking beyond exciting launch videos and seeking a deeper understanding of cash flows, profitability metrics, and sustainable competitive advantages.

"This initiative shows our research at its very best, providing independent and deep cross-sector understanding in this highly relevant and deeply connected investment area," said Iain Johnston, Chairman of New Street Research, in the official announcement. The firm's move is a clear indicator that the space economy is graduating from a niche, high-risk play to a sophisticated sector demanding the same level of financial scrutiny as established terrestrial industries.

From Telecom to Trans-Orbital: A Strategic Leap

New Street Research is not simply chasing a hot trend; it is making a strategic play that leverages its core competencies. The firm's decision to staff the new vertical with its veteran TMT analysts—Pierre Ferragu (Global Tech), James Ratzer (European and EM Telecom), and David Barden (US Telecom)—is telling. This underscores the argument that the future of space is inextricably linked to telecommunications and data infrastructure.

David Barden, for instance, brings over 30 years of experience and was doubly recognized by Institutional Investor's prestigious All-America rankings in 2024 for his work in U.S. telecommunications. His deep knowledge of capital-intensive, technologically complex, and heavily regulated industries provides a powerful framework for analyzing the satellite communications sector. The challenges and opportunities facing companies like Viasat, EchoStar, and SpaceX's Starlink division—from spectrum acquisition to network deployment and customer acquisition—mirror those of traditional telecom operators, albeit with an orbital twist.

This TMT-centric approach differentiates New Street from other research providers who may come from a more traditional aerospace or defense background. While firms like Space Capital and Lux Capital have excelled in early-stage venture investment, and consultants like PwC and Deloitte provide high-level market reports, New Street is positioning itself to deliver granular, actionable insights for public market investors. By analyzing space companies through the proven lens of TMT finance, the firm can offer a unique perspective on everything from satellite fleet economics to the valuation of spectrum assets in orbit.

Beyond the Hype: Scrutinizing Space Valuations

The most significant impact of New Street's new coverage may be on the valuations of the companies themselves. The sector is rife with soaring stock prices and astronomical private market valuations that can be difficult to ground in traditional financial metrics.

SpaceX stands as the prime example. With reports of a potential IPO at a valuation approaching $1.75 trillion, the need for credible, third-party analysis has never been greater. The recent FCC approval for SpaceX to acquire nationwide spectrum from EchoStar for its direct-to-device service is a complex, telecom-style deal that requires specialized analysis to properly value.

The public markets are equally turbulent. Telesat's stock has surged roughly 185% over the past year despite continued net losses, as investors bet on its future Lightspeed LEO constellation. Conversely, Viasat and Iridium, both established players, hold mixed "Hold" or "Moderate Buy" consensus ratings from analysts, with price targets that in some cases suggest significant downside from their current trading levels. This disparity highlights a market grappling with how to value legacy GEO satellite revenue against the promise of new LEO services.

New Street's coverage could bring much-needed clarity. For emerging players like Rocket Lab and AST SpaceMobile, which saw their stocks climb 313% and 372% respectively as they began generating meaningful revenue, independent research can help validate their business models and transition them from speculative stories to institutionally-owned growth stocks. By focusing on the fundamentals, New Street's analysts can help investors distinguish sustainable growth from market exuberance.

The firm's global scope, which includes coverage of Abu Dhabi's Space 42 and European giants SES and Eutelsat, ensures a comprehensive view of an increasingly international industry. As New Street Research prepares for its launch webinar on May 18, the investment community will be watching closely. The arrival of a seasoned TMT research powerhouse in the space sector is a powerful testament to the industry's maturation and the beginning of a new chapter in how the final frontier is financed.