Artemis II Crew Returns Safely: Which Contractors Win Biggest from NASA's Lunar Economy Boom?
NASA's Artemis II crew splashed down safely in the Pacific Ocean on April 11, 2026, capping a 10-day mission that marked humanity's first crewed trip around the Moon since Apollo 17 in 1972. Built by Lockheed Martin, the Orion spacecraft—with propulsion from L3Harris and engines from RTX—performed flawlessly, carrying four astronauts including the first Canadian to orbit the Moon. This $4.1 billion test flight success clears the path for Artemis III's planned 2027 lunar landing, accelerating NASA's $93 billion push toward a sustained lunar presence and private lunar economy.
What changed? Over the past year, geopolitical tensions and commercial space momentum have supercharged NASA's budget: Congress approved $25 billion for Artemis in FY2026, up 10% YoY, with CLPS (Commercial Lunar Payload Services) awards topping $2.5 billion to date. Private firms like Intuitive Machines (already Moon-landed) and Rocket Lab eye cislunar infrastructure—Gateway station, landers, and resource mining—potentially a $100 billion market by 2035 per McKinsey. Artemis II's data confirms the stack (SLS rocket + Orion) works, de-risking $20+ billion in follow-on contracts. But who captures the value?
Lockheed Martin (LMT): Orion's Architect with Proven Execution
Lockheed Martin built the Orion crew capsule, central to Artemis II's success. The company logged 255 miles from the Moon's surface, validating life support, reentry heatshield (withstanding 5,000°F), and deep-space comms. Orion's backlog exceeds $10 billion, with Artemis III/IV builds locked in; LMT's 10-K highlights Orion as a core driver, with Space sales up 4% to $12B+ in FY2025 on higher Orion volume.
Artemis validates LMT's moat in human-rated spacecraft, positioning it for Gateway station modules and Mars missions. Management touted a $194B total backlog (up 20% YoY), with F-35 synergies funding space R&D.
| Metric | Value | Period |
|---|---|---|
| Market Cap | $141B | Current |
| Revenue | $75.1B | FY2025 |
| Revenue Growth | 5.7% TTM | TTM |
| Op. Margin | 10.3% | FY2025 |
| P/E Ratio | 28.5x | TTM |
| Price Return (3m) | +36% | Recent |
Verdict: Top pick. Best exposure at reasonable valuation; 2026 guidance calls for 5% sales growth to $78-80B, EPS $29-30.
Boeing (BA): SLS Core Stage Powerhouse Despite Headwinds
Boeing's Space Launch System (SLS) core stage propelled Artemis II skyward on April 1, 2026, from Kennedy Space Center—its RS-25 engines (RTX-supplied) firing for 8.5 minutes. BA's 10-K notes SLS as pivotal, with core stages in production for Artemis III/IV ($2B+ each). Amid commercial woes, space is a bright spot: Defense/Space revenue hit $89B in FY2025, up 34% YoY.
SLS exclusivity through Artemis V (2028) shields BA from rivals, but fixed-price risks linger. Recent earnings highlight MQ-25 and T-7A wins alongside SLS ramps.
| Metric | Value | Period |
|---|---|---|
| Market Cap | $171B | Current |
| Revenue | $89.5B | FY2025 |
| Revenue Growth | 34.5% | FY2025 |
| Op. Margin | -6.1% | FY2025 |
| P/E Ratio | 91.8x | TTM |
| Price Return (3m) | +3.5% | Recent |
Verdict: Cautious buy. Massive tailwind, but high valuation and losses demand execution; FCF guidance +$1-3B in 2026.
Northrop Grumman (NOC): Booster and Hypersonics Synergies
NOC supplied SLS solid rocket boosters, derived from shuttle tech, enabling Artemis II's 95,000-lb payload. Space segment sales rose 2.2% TTM to $42B FY2025, with backlog at $95B record. Earnings summaries note B-21/Sentinel ramps funding lunar tech like hypersonics for cislunar defense.
NOC's missile expertise (NGI, hypersonics) extends to lunar threats; international sales up 20% YoY.
| Metric | Value | Period |
|---|---|---|
| Market Cap | $96B | Current |
| Revenue | $41.9B | FY2025 |
| Revenue Growth | 2.2% TTM | TTM |
| Op. Margin | 10.2% | FY2025 |
| EV/EBITDA | 15.4x | TTM |
| Price Return (3m) | +30% | Recent |
Verdict: Strong buy. Steady grower with lunar upside; 2026 sales $43.5-44B, FCF $3.1-3.5B.
RTX (RTX): Engine Monopoly for SLS Liftoff
RTX's Aerojet Rocketdyne RS-25 engines powered SLS, with 16 flights contracted through Artemis IX. Collins Aerospace/Pratt & Whitney contributed avionics. FY2025 revenue $88.6B (up 11% organic), backlog $268B; Space ties boost Defense growth 8%.
RTX dominates propulsion; earnings guidance: 2026 sales $92-93B, EPS $6.60-6.80.
| Metric | Value | Period |
|---|---|---|
| Market Cap | $271B | Current |
| Revenue | $88.6B | FY2025 |
| Revenue Growth | 9.7% TTM | TTM |
| Op. Margin | 10.0% | FY2025 |
| EV/EBITDA | 23.0x | TTM |
| Price Return (3m) | +16% | Recent |
Verdict: Buy. Scale advantages shine; mid-teens EBITDA growth.
L3Harris (LHX): Propulsion and Avionics Enabler
LHX provided solid rocket motors and avionics for Artemis II launch, per press releases. Aerojet heritage delivers thrusters for Orion maneuvers. FY2026 revenue $21.9B (up 2.5%), with space in high-margin TAS segment.
LHX's $66B cap undervalues defense ramp; Q4 FCF $1.8B.
| Metric | Value | Period |
|---|---|---|
| Market Cap | $66B | Current |
| Revenue | $21.9B | FY2026 |
| Revenue Growth | 2.5% TTM | TTM |
| Op. Margin | 10.0% | FY2026 |
| P/E Ratio | 41.3x | TTM |
| Price Return (3m) | +31% | Recent |
Verdict: Buy. Niche exposure at premium multiple.
Rocket Lab (RKLB): Nimble Newcomer for Lunar Logistics
RKLB eyes CLPS landers and Neutron rocket for Artemis cargo. No direct Artemis II role, but $1.85B backlog (69% space) includes NASA Mars/Transport Layer wins. FY2025 revenue $602M (up 38%), gross margins 34-36%.
Neutron targets Q1 2026 debut, rivaling Falcon 9 for lunar tugs.
| Metric | Value | Period |
|---|---|---|
| Market Cap | $39B | Current |
| Revenue | $602M | FY2025 |
| Revenue Growth | 38% TTM | TTM |
| Op. Margin | -38% | FY2025 |
| P/S Ratio | 60x | TTM |
| Price Return (3m) | +32% | Recent |
Verdict: Speculative buy. High growth, high risk.
Ranked Conviction: The Lunar Leaders
- LMT (Highest conviction): Pure-play Orion leader, balanced valuation. 2. NOC: Reliable backlog converter. 3. RTX: Engine lock-in. 4. LHX: Underrated propulsion. 5. BA: Turnaround potential. 6. RKLB: Growth lottery.
Risks to Watch: Budget sequester (monitor FY2027 NASA bill), SLS delays (Artemis III slip >6 months), or commercial rivals like SpaceX Starship undercutting costs. Key signals: Q2 earnings for space segment beats, $2B+ CLPS awards by YE2026.