Monday: the recovery is on. RDW from -16 to -11, RKLB from -15 to -4, LUNR from -12 to -4, on broader sector buying. Primes (LMT, RTX, LHX) flat doing the ballast job. Five days ago the pure-plays were in freefall and the framework said hold; the framework was right. Bench (BKSY, ASTR, SPIR, MNTS, TSAT) all still off-universe at 1452 symbols. Cash 25k stays as dry powder for the next dislocation, not for averaging in on a green Monday.

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.