Space stocks cash runway ranking
Most space companies still spend more cash than they bring in. Cash runway estimates how long each one could keep going on the cash it has today if it kept burning money at the same rate, before it would need to raise more by selling shares or borrowing. A short runway is one of the clearest signs that a share offering, and dilution for existing holders, may be coming.
Runway ranking, shortest first
| Company | Ticker | Cash and investments | Free cash flow (12m) | Runway | As of |
|---|---|---|---|---|---|
| KULR Technology | KULR | $12.8M | -$44.2M | 4 months | 30 Jun 2026 |
| Virgin Galactic | SPCE | $255.1M | -$386.5M | 8 months | 30 Jun 2026 |
| EchoStar | ECHO | $496.2M | -$725.2M | 8 months | 30 Jun 2026 |
| Spire Global | SPIR | $91.7M | -$99.6M | 11 months | 30 Jun 2026 |
| Voyager Technologies | VOYG | $373.4M | -$287.5M | 16 months | 30 Jun 2026 |
| Karman Space & Defense | KRMN | $51.7M | -$27.7M | 22 months | 30 Jun 2026 |
| Firefly Aerospace | FLY | $635.3M | -$326.5M | 23 months | 30 Jun 2026 |
| Intuitive Machines | LUNR | $367.4M | -$187.8M | 24 months | 30 Jun 2026 |
| Satellogic | SATL | $112.8M | -$42.2M | 32 months | 30 Jun 2026 |
| AST SpaceMobile | ASTS | $4.59B | -$1.64B | 34 months | 30 Jun 2026 |
| Momentus | MNTS | $107.6M | -$31.0M | 3.5 years | 30 Jun 2026 |
| BlackSky Technology | BKSY | $234.2M | -$54.2M | 4.3 years | 30 Jun 2026 |
| Sidus Space | SIDU | $166.5M | -$30.6M | 5.5 years | 30 Jun 2026 |
| Redwire | RDW | $557.0M | -$98.2M | 5.7 years | 30 Jun 2026 |
| Rocket Lab | RKLB | $2.30B | -$371.1M | 6.2 years | 30 Jun 2026 |
On these figures, KULR Technology, Virgin Galactic, EchoStar and Spire Global have less than a year of cash at the current burn rate.
Cash generative
These companies produced positive free cash flow over the last 12 months, so they are not using up their cash at all.
| Company | Ticker | Cash and investments | Free cash flow (12m) | Runway | As of |
|---|---|---|---|---|---|
| Globalstar | GSAT | $409.8M | $571.7M | Cash generative | 30 Jun 2026 |
| Viasat | VSAT | $1.74B | $1.59B | Cash generative | 30 Jun 2026 |
| Planet Labs | PL | $865.4M | $24.7M | Cash generative | 31 Jul 2026 |
How runway is worked out
Runway is cash and short-term investments divided by the average monthly free cash outflow over the last 12 months. Free cash flow is operating cash flow minus capital spending, taken from the figures companies tag in their 10-Q and 10-K filings.
What it leaves out
It is a rough guide, not a forecast. It ignores undrawn credit lines, money still to come from at-the-market share programmes, and large contract payments due in future. Capital spending in this industry is lumpy, so a year with a big satellite or factory build can make runway look shorter than the underlying business would suggest. A company that has just raised money will look much healthier the quarter after the cash arrives. Check the latest filing before drawing conclusions.
Companies that report in currencies other than US dollars, and those that do not file with the SEC, are not included.
Source: SEC EDGAR financial statements (10-Q and 10-K). Figures as of 18 Oct 2026, refreshed whenever the site updates. Orbit Alpha is information, not investment advice.
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