2 Space Stocks That Could Double in 2027 (Hint: Neither of Them Is SpaceX)

The space industry is taking off, and while Space Exploration Technologies (also known as SpaceX) grabs most of the headlines, companies like Redwire (NYSE: RDW) and Rocket Lab (NASDAQ: RKLB) offer different ways to play the same boom.

And as the industry keeps growing rapidly, these two stocks could have what it takes to double by 2027, no SpaceX position required.

Redwire is betting on everything the space economy needs

Redwire isn't trying to be the next SpaceX, and that's what makes the stock so interesting right now. Instead of betting everything on rockets, Redwire is building the technology and infrastructure that governments and defense customers need. Think of it as a pick-and-shovel business for the space economy.

Its portfolio spans spacecraft platforms, satellite components, and power systems, all of which are becoming increasingly important as the U.S. and its allies invest in space infrastructure to strengthen national security.

Satellites aren't just used for monitoring the weather or communications anymore. Governments are using them for intelligence, surveillance, and military operations, and Redwire is positioned directly in the middle of all that spending.

Its expansion into defense technology, including autonomous systems and counter-drone technology, gives investors exposure to something more than just commercial space launches. The company also announced a major expansion of its Huntsville campus, adding 164,000 square feet of manufacturing and engineering capacity for space infrastructure and defense systems.

But at the same time, Redwire still has exposure to the commercial side of the space industry. For example, its work in microgravity research is important to its SpaceMD business. In fact, the company announced its first commercial SpaceMD mission on SpaceX's Starfall spacecraft, aimed at scaling pharmaceutical development in space.

As Redwire bets on the infrastructure for the growing space economy, another company is taking it a step further.

Rocket Lab is building more than a rocket company

Rocket Lab is a different investment case. If Redwire is the infrastructure play, Rocket Lab is trying to become one of the companies that run multiple layers of space infrastructure. It all started with Electron, its small rocket, but over time, the company has built a much broader business around it, spanning spacecraft, satellite components, and defense technology.

These days, Rocket Lab has been winning business to build satellites for the U.S. government, including a major Space Force program designed to detect and track airborne threats from space. It has also won contracts to build geostationary satellites for the U.S. government.

Then there's Neutron, arguably the most important piece of the 2027 bull case. Neutron is the company's attempt to enter a much larger segment of the launch market with a reusable medium-lift rocket. The company is targeting its first Neutron launch within the next 12 months, and recent updates show that first-flight hardware is progressing toward launch-pad delivery. If Neutron works, Rocket Lab's total addressable market changes dramatically.

But the biggest recent development may actually be Iridium. Rocket Lab agreed to acquire Iridium, a major satellite communications company, and has since completed the financing required for the cash portion of the transaction. The deal is expected to close in mid-2027, subject to regulatory approvals.

Together, Redwire and Rocket Lab are two different ways to bet on the same story: Space is becoming a real, fast-growing industry.

The space boom has more room to grow

Investors don't need to own SpaceX to bet on the next phase of the space boom. Redwire and Rocket Lab offer unique ways to play it. Could either double in 2027? It's certainly possible.

For investors who want the steadier of the two plays, Redwire is the pick, as its diversified defense and infrastructure business doesn't hinge on any single catalyst. Rocket Lab is the higher-risk, higher-reward option, since the bull case depends heavily on Neutron actually flying and the Iridium acquisition closing and integrating smoothly.

Either way, as space and defense spending keep growing worldwide, SpaceX isn't the only name in town, and these two could be some of the best positioned to double by 2027.

Rick Orford has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Rocket Lab. The Motley Fool has a disclosure policy.