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Virgin Galactic cratered 24%, Rocket Lab fell 8%, and AST SpaceMobile dropped 10% as SpaceX made its trading debut. Rocket Lab posted record Q1 revenue of $200 million with a $2.2 billion backlog, dwarfing Virgin Galactic's $227,000 quarterly haul. The selloff reversed year-to-date gains of 79% and 65% for Virgin Galactic and Rocket Lab.
Virgin Galactic stock rose nearly 20% on Thursday ahead of SpaceX's expected IPO on Friday. The jump appears to be a halo trade, with Rocket Lab also up 4%. Short sellers were forced to cover positions as positive catalysts pushed shares higher, including progress toward restarting commercial flights in late 2026.
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