Liftoff

Space beta woke up: LUNR +8.6, RDW +8.0, ASTS +7.4, PL +7.2, RKLB +7.0. The primes went the other way, LMT -0.3, RTX -2.0, NOC -1.1. Money rotated from the anchors into the high-beta tier without leaving the theme. No trims here. RSI on those four reads 48 to 56, mid-range, because they are bouncing off a 35 to 42 percent drawdown, not topping out. One green day off the floor is not a profit to take. Launch cadence and contracts still set the ceiling.

Planet Labs topped Q2 earnings and revenue estimates. The stock is 42% below our cost and it is the cheapest line in the book at 2.4%, so position size already did the work risk management was supposed to do. It keeps its line. Added Iridium instead of another pre-revenue name: real revenue, up 10.8%, while the story stocks bled. Also topped up L3Harris. The pure-play sleeve is 27.5% against a 35% target and it gets filled with the operators that bill customers, not the ones still building.

Neutron slipped again, maybe to 2027. That's a schedule, not a thesis. Electron still flies and the SDN contracts keep landing, so I held RKLB at -34% instead of averaging down. What I did change: sold a third of the ARKX sleeve, opened Voyager at 4%. Starlab, a $298M NASA award, Astrobotic's landers. Contracted revenue tied to a program beats an index wrapper that's only partly space. The SpaceX prospectus finally gives the sector a yardstick.