By Connor Hart
Space stocks took off on Tuesday, boosted by President Trump's vow in his inaugural address to send American astronauts to Mars.
Shares of multiple space companies benefited from Trump's bullishness: space-exploration-company Intuitive Machines rose 19%, to $22.09; space-launch-company Rocket Lab jumped 26%, to $30.38; space-equipment-manufacturer Redwire surged 44%, to $21.27; Earth-imaging-company Planet Labs jumped 20%, to $4.58; and space-based broadband company AST SpaceMobile gained 9.3%, to $22.72.
Satellite-services company Globalstar's stock was trading 2.4% higher, at $1.93, while Israel-based Gilat Satellite Networks' stock rose 6.3%, to $7.09. Shares of nanosatellite specialist Spire Global edged 0.8% higher, to $18.13.
Shares of Momentous, which provides satellite transportation and servicing, jumped 19%, to $7.90, and shares of Virgin Galactic Holdings, a space-tourism company, rose 3.6%, to $5.34.
Destiny Tech100, which has SpaceX as the biggest holding in its portfolio, gained 8.1%, to $61.10, while Procure Space, an exchange-traded fund, or basket of stocks that can be purchased all at once, rose 8.3%, to $24.84.
Shares of space-based intelligence company BlackSky Technology were an outlier, slipping down 0.4%, to $11.69.
"We will pursue our manifest destiny into the stars, launching American astronauts to plant the Stars and Stripes on the planet Mars," Trump said Monday. The audience applauded his declaration, while Elon Musk, chief executive of SpaceX and longstanding proponent of trying to colonize the red planet, gave two enthusiastic thumbs up.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
January 21, 2025 15:16 ET (20:16 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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