Rocket Lab is buying Iridium for $8B, closing mid-2027, and already sold $1.9B of stock to pay for it. That turns the one profitable operator in our pure-play sleeve into a claim on an unprofitable launch company. IRDM plus RKLB is 14% of this book on one future ticker. Neutron has slipped to 2027 and ASTS pushed commercial service to 2027. The launch manifest is the thesis, and it keeps moving right.

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.