SpaceX IPO Fever Lifts OHB, but Euphoria Masks a Modest Operating Reality
26.05.2026 - 07:51:02 | boerse-global.de
European space stocks have been caught in the slipstream of Elon Musk’s SpaceX as it prepares for what promises to be one of the biggest initial public offerings in history. But for Bremen-based satellite specialist OHB SE, the rally has taken on a life of its own — pushing the share price from just €116.50 at the start of the year to a peak above €650 in recent days, a gain that far outstrips the company’s steady but unspectacular financial performance.
SpaceX filed registration documents for a listing on June 12, 2026, targeting a valuation of nearly $2 trillion and seeking to raise $75 billion in fresh capital. The news sent a shockwave through the global space sector, and OHB shares jumped 12% on the announcement alone. By May 25, the stock was trading at around €595–€596 across German exchanges, up roughly 1% on the day, making it one of the strongest performers in the domestic market.
The enthusiasm is not entirely without foundation. OHB has established itself as a leading satellite and systems contractor in Europe, giving investors a gateway to the commercial space boom without betting solely on a US listing. Yet the operational numbers tell a more restrained story. Revenue last year came in at just over €1.2 billion, with adjusted EBITDA of €125.6 million and net profit of about €50 million. The proposed dividend of €0.60 per share underscores the gap between market excitement and hard earnings.
Should investors sell immediately? Or is it worth buying OHB SE?
That disconnect is now being tested by real-world events. OHB is currently showcasing its capabilities at the Small Sat Conference EU in Amsterdam, which runs until May 28. No major financial updates are expected there, but the gathering keeps the company in the spotlight as the SpaceX countdown continues. The next concrete milestones are the annual general meeting on June 8, where shareholders will vote on the dividend, and the release of second-quarter results on August 6 — the first opportunity to see if operational momentum can justify a market capitalisation that has swollen dramatically.
For now, the direction hinges largely on SpaceX’s market reception. A strong debut on June 12 would prolong the tailwind for OHB and the broader European space sector. A lacklustre first day, however, could quickly deflate a rally built more on anticipation than on underlying earnings growth.
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