Covering Space Sector Market Trends & Indices for November 2025, including:
 
Our Core space index underperformed the broader market for the first time in six months, falling 13% vs. flat overall market performance . Only two of 18 companies (Globalstar, JSAT) managed positive gains, while 10 lost 15% or more.
Our Frontier index declined 11% in November and has now underperformed the market in five of the past six months . Voyager posted the largest decline (down 26%), while Synspective was the only name in positive territory (+15%).
Space Hardware , which had been one of the best performing sectors YTD, suffered the steepest drop in November (down 17%), with Firefly, Redwire, and Rocket Lab all declining by more than 25%.
Traditional A&D primes and Gov’t Space Services proved to be a safe haven during the month, falling 5% and 6%, respectively. Both sectors are up ~30% YTD, or 2x the return of the S&P 500.
Capital market activity remained elevated in November, with above average M&A and private company investments . Public capital raises weremodest, but York Space Systems filed to go public.