OHB Shelves €1 Billion Share Sale as SpaceX Mania Steals the Show, But European Ambitions Remain on Track
22.05.2026 - 23:31:20 | boerse-global.de
The glare of Elon Musk’s upcoming mega-IPO has forced Bremen-based space contractor OHB to hit pause on its own €1 billion equity-raising plans. The company, which had mandated additional banks on 18 May to prepare the placement, now finds itself waiting for the hype around SpaceX’s public listing to subside before daring to tap the market.
The decision came as no surprise to market watchers, who pointed to the fragility of investor sentiment in the New-Space sector. A poorly timed offering risked leaving OHB with a depressed price, so management chose to bide its time. Even the French defence group KNDS is reportedly adopting a similarly cautious stance with its own financing ambitions.
The market’s reaction was swift and sharp. OHB shares swung wildly on Friday, falling as much as 9% intraday before closing 6.95% lower at around €585. The trigger? A hydraulic failure during the 12th test flight of SpaceX’s Starship, which forced an abort and rescheduled the next attempt for 23 May. That may seem like a minor operational hiccup for the American giant, but for OHB – which had ridden the coattails of SpaceX’s investor euphoria – any stumble in the narrative hits disproportionately hard. By contrast, Airbus and Leonardo each lost less than 1% on the same day, underscoring the profit-taking that is now engulfing OHB after an extraordinary run.
Should investors sell immediately? Or is it worth buying OHB SE?
Over the past twelve months the stock has surged roughly 770%, with last month alone adding nearly 98%. At one point the company’s market capitalisation touched €11.2 billion. All of that has been fuelled in large part by the pending SpaceX IPO, which is scheduled for 12 June and could value the US rocket builder at an eye-watering $1.75 trillion. OHB’s leadership is acutely aware that going head-to-head with that spectacle for investor attention would be unwise.
Yet beneath the daily volatility, the group continues to build tangible European space assets. Together with Dassault Aviation, OHB has proposed the VORTEX-S orbital spaceplane to the European Space Agency. Under the project, Dassault – which reported 2025 revenue of €7.43 billion and carries an order book exceeding €46 billion – acts as architect and integrator, while OHB takes charge of the service module. The initiative fits squarely into the strategic push for European transport capacity independent of US suppliers and represents the kind of structural growth catalyst that will matter long after the current SpaceX-induced sentiment bubble bursts. How much of OHB’s current valuation reflects that fundamental substance will become clear once the IPO frenzy fades.
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