Expanding Horizons: Lockheed's Role in the Growing Space Economy

The global space economy is moving ahead at a rapid pace, driven by expanding satellite constellations, national security requirements, lunar exploration, and emerging commercial space markets. Lockheed Martin Corp. (LMT), being a key player in space innovation, stands to benefit from this growth trend through its integrated space mission solutions that span missile warning, advanced communications, and human exploration.

A centerpiece of Lockheed’s space program is the Orion spacecraft, developed in partnership with NASA as part of the Artemis missions, which aim at exploring the Moon, including establishing humanity's first lunar space station and sending astronauts to explore the lunar South Pole region.

In a major development in this program, Lockheed completed and delivered the Orion spacecraft to NASA in May 2025 for the Artemis II mission, which is scheduled for launch in April 2026 and aims to send four astronauts on a crewed lunar flyby.

Beyond Orion, Lockheed is investing heavily in next-generation satellite technology. Its Next-Generation Overhead Persistent Infrared (“OPIR”) missile-warning satellite for the U.S. Space Force reached system-level testing in 2024, completed environmental testing last month, and remains poised for 2025 launch. This satellite will provide essential global defense capabilities from geostationary orbit, enabling the detection of ballistic and hypersonic threats.

Lockheed is also driving advances in satellite constellations, AI-driven mission autonomy, and nuclear space propulsion, facilitating faster and more efficient space travel. Its development of proliferated Low Earth Orbit satellite constellations and the Tactical Satellite (TacSat) project exemplify the company’s emphasis on connectivity and resilience across domains.

Together, these initiatives showcase how Lockheed is shaping the future of space exploration, defense, and communications in the rapidly evolving space economy.

Other Stocks Warranting a Look

LMT apart, stocks like Boeing (BA) and L3Harris Technologies (LHX), which are heavily involved in space programs, warrant a look from investors interested in the space industry.

Notably, Boeing is the prime contractor for the U.S. Space Launch System program’s core stage, upper stage, and avionics systems. In July 2025, the ninth and tenth Boeing-built O3b mPOWER satellites were successfully launched, aimed at providing high-performance connectivity services to global users of the space solutions company, SES.

On the other hand, L3Harris supported more than 2,100 space launches that have provided critical intelligence to the United States. In August 2025, LHX’s advanced Navigation Technology Satellite-3 (NTS-3) was successfully launched on a United Launch Alliance Vulcan rocket, with NTS-3 being the U.S. Department of Defense’s first experimental navigation satellite system in nearly 50 years.

The Zacks Rundown for LMT

Shares of Lockheed have risen 8.9% in the past month compared with the industry’s growth of 1.9%.

From a valuation standpoint, LMT is currently trading at a forward 12-month earnings multiple of 17.16, a discount when stacked up with the industry average of 27.94.

The Zacks Consensus Estimate for LMT’s near-term earnings has moved south over the past 60 days.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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