As SpaceX heads towards its IPO, I was reminded this morning that early-stage space infrastructure companies are likely worth the volatility. Redwire CEO Peter Cannito sat down with CNBC during the Artemis II mission and revealed a detail that reframes how you should think about this company’s positioning. And if it’s your first time, hearing about Redwire, dive in with me for a moment!
Eleven Cameras, One Historic Mission
Redwire (NYSE:RDW) is providing the eyes of the Orion spacecraft.
“We have 11 cameras on the Orion spacecraft. So a lot of the imagery that you see is being captured by our cameras. These cameras play a critical role not only in capturing the extraordinary imagery that you’ve mentioned, but they also play a critical role for the mission in terms of seeing both the inside and the outside of the spacecraft to ensure everything’s going well and that the systems are all functioning as they properly should.”
– Peter Cannito, CNBC interview, Artemis II mission
That dual-purpose function matters. The cameras capture historic imagery of the lunar surface, Earth rise, and everything in between, while simultaneously monitoring spacecraft systems inside and outside to ensure proper function. This is mission-critical hardware that doesn’t get swapped out for a cheaper alternative once qualified and trusted.
Cannito called the Artemis II mission “nothing short of historic” and said it has been “so inspiring” and has “really brought so much attention to the industry.” He also noted that NASA and its administrator have pivoted toward the lunar surface, including a repurposing of the lunar outpost to a longer-term moon base. something he called “incredible.”
What the Business Looks Like Right Now
The business is at an inflection point. Q4 2025 revenue hit $108.79 million, up 56.4% year-over-year. Contracted backlog reached a record $411.25 million with a book-to-bill ratio of 1.52. The company is guiding for $450 million to $500 million in full-year 2026 revenue.
Profitability remains challenging. Full-year 2025 net loss was $226.55 million, with free cash flow of -$200.61 million. The accumulated deficit stands at $621.8 million. Management expects gross margin to expand as development-stage programs move into production, and the February 2026 credit refinancing is expected to generate over $17 million in annualized interest savings.
The Artemis II camera contract with Lockheed Martin for the Orion Camera System builds long-term credibility. Redwire’s portfolio now spans SabreSat VLEO platforms, Roll-Out Solar Arrays, International Berthing and Docking Mechanisms, ISS payload facilities, and combat-proven Stalker and Penguin UAS systems across seven countries. That breadth is the story: a company threading itself into every layer of the new space and defense stack.
RDW shares are up 21% year-to-date but sit well below their 52-week high of $22.25. The analyst consensus price target is $13.50, with 7 buy ratings and no sell ratings among analysts. If you believe the lunar economy is real and Redwire’s hardware is embedded in the most visible NASA mission in a generation, the gap between where the stock trades and where analysts think it belongs is worth monitoring.
Redwire’s role in Artemis II underscores how deeply the company has embedded itself in the infrastructure of human spaceflight, and why investors watching the space economy should keep this name on their radar.
If you’re interested in the company, I wouldn’t buy too much right now. But it rarely hurts to get in the game with a small investment, and then over time get to know them better as they navigate this born-again industry.
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