NASA’s Artemis program returns humans to the Moon by April 2026. Behind the headlines, a race is underway: who captures revenue from this multi-billion dollar effort? Amentum Holdings Inc. (NYSE: AMTM | AMTM Price Prediction) just delivered critical engineering support for the Artemis II launch rehearsal. We compared five stocks to see who’s positioned to benefit.
The Contenders: Five Companies Chasing Artemis Dollars
Amentum is a $14.39 billion revenue government contractor focused on complex engineering for defense, science, and sustainability. In December 2025, they mobilized over 300 personnel to support the Artemis II Countdown Demonstration Test at Kennedy Space Center, simulating launch day operations for the integrated Orion spacecraft and Space Launch System. The stock trades at $34.58 after a 49% gain over the past year.
Lockheed Martin (NYSE: LMT) is the $134.9 billion defense giant building the Orion spacecraft that will carry astronauts to lunar orbit. With $73.3 billion in annual revenue and 11.7% operating margins, they represent the established contractor model. The stock sits at $577.89, up 23% over the past year.
Boeing (NYSE: BA) manufactures the Space Launch System rocket powering Artemis missions. Boeing is unprofitable with negative $13.70 earnings per share and negative 20.4% operating margins despite $80.76 billion in revenue. The stock trades at $247.74, up 48% over the past year as analysts price in a turnaround.
Northrop Grumman (NYSE: NOC) supplies propulsion systems and critical components. They generate $40.9 billion in revenue with 13.2% operating margins and explicit space operations capabilities. The stock trades at $654.61, up 40% over the past year.
Rocket Lab (NASDAQ: RKLB) is the pure-play space company with $554.5 million in revenue. They’re unprofitable but improving, narrowing losses from $0.38 per share in 2023 to $0.23 in 2025. The company hit $600 million in 2025 revenue with a $1.1 billion contract backlog. The stock exploded 276% over the past year to $90.76.
How Their Businesses Compare
The fundamental difference is revenue exposure. Lockheed Martin builds the Orion capsule, meaning Artemis contracts flow directly to a core product line. Boeing manufactures the SLS rocket, but their financial distress and margin compression raise execution risk despite contract wins.
Amentum’s role is systems engineering support, not hardware manufacturing. They mobilize personnel and provide technical expertise for mission operations. This creates steady, lower-margin revenue without the multi-billion dollar hardware contracts flowing to Lockheed or Boeing.
Rocket Lab represents the new space economy. Their 100% mission success rate across 21 Electron launches in 2025 and early completion of the U.S. Space Force STP-S30 mission (five months ahead of schedule) demonstrate operational excellence. But their NASA exposure appears limited compared to legacy contractors embedded in Artemis from the start.
Northrop Grumman sits in the middle with component supply contracts and space operations capabilities, capturing Artemis dollars without the spotlight.
What Management Is Saying
Amentum’s December 2025 deployment of 300+ personnel for the Artemis II rehearsal demonstrates committed operational support. Citizens analyst raised their price target to $40 in January 2026, citing “expectations for improving fundamentals through calendar year 2026 and rising demand for complex nuclear infrastructure work, where Amentum is a key provider.”
Rocket Lab’s CEO emphasized their $1.1 billion backlog and shift toward higher-margin satellite manufacturing, positioning for the broader space economy beyond any single program.
Who Actually Benefits Most
Lockheed Martin wins on direct Artemis exposure. Building the Orion spacecraft means they capture the largest hardware contracts with the highest margins. Their 62.8% return on equity and established NASA relationship position them as the primary beneficiary.
Amentum benefits differently. Their engineering support role creates recurring revenue as Artemis missions continue, but without the multi-billion dollar hardware wins. The recent institutional investment surge (Voya increased their stake by 66.5% in December 2025) suggests sophisticated investors see value in their government contractor model beyond just Artemis.
Rocket Lab represents the future. Their operational excellence and $1.1 billion backlog show momentum, but current Artemis exposure appears limited compared to legacy contractors.
The Bottom Line
Lockheed Martin captures the most Artemis revenue through Orion manufacturing. Amentum provides critical support but at lower dollar values per contract. Rocket Lab’s opportunity lies in the broader space economy Artemis helps create. Boeing’s financial distress makes them the riskiest Artemis bet despite their SLS role. For investors chasing NASA’s Moon return, follow the hardware contracts to Lockheed, not the engineering support to Amentum.
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