As SpaceX IPO Stirs a Space Sector Rally, OHB Takes the Harder Track
Veröffentlicht: 03.06.2026 um 06:13 Uhr, Redaktion boerse-global.de
The countdown to SpaceX’s Nasdaq debut has sent ripples through the space industry, but for Germany’s OHB SE, the tide is moving in the opposite direction. On Tuesday, June 2, US peers such as Rocket Lab and AST SpaceMobile posted gains of 3.8% and 9.6% respectively, riding the wave of enthusiasm ahead of the June 12 listing under the ticker SPCX. SpaceX is targeting a valuation of up to $1.75 trillion and aims to raise at least $75 billion in what would be a record-breaking IPO. Yet OHB’s stock headed south, sliding between 4.1% (to €393.25) and 5.8% (to €387.50) depending on the trading venue — a stark divergence from the transatlantic euphoria.
The session’s intraday action told an even wilder story. According to Tradegate data, the shares closed at €387.50, down 5.37%, but had swung from a low of €379.50 to a high of €449.00 — a €69.50 range that underscores extreme volatility. Over the trailing seven days, the stock has shed 36.43%, though it still shows a 46.86% gain on a 30-day horizon. The sharp moves suggest that positive sector narratives are doing little to shield OHB from aggressive short-term trading mechanics.
Adding to the drama, OHB took part in a high-profile panel on the very same day. At the Tech Europe conference, Sabine von der Recke joined representatives from OroraTech, constellr and the German Space Command to discuss “Sovereignty in Orbit: Europe’s Space Tech Challenge.” The conversation framed space technologies as critical infrastructure for security and communications — a theme that ought to resonate with investors focused on defense and geopolitical risk. The equity’s swings, however, appeared entirely disconnected from the strategic positioning on stage.
Should investors sell immediately? Or is it worth buying OHB SE?
Underneath the price noise, OHB’s operating performance has improved meaningfully. First-quarter 2026 results, released on May 7, showed total output of €279.3 million, up 15% year-on-year. Adjusted EBITDA climbed from €20.0 million to €27.3 million, while earnings per share more than doubled from €0.20 to €0.52. The period net profit rose to roughly €10 million from near €4 million. These numbers provide a fundamental justification for investor attention, but they have so far failed to anchor the stock amid the market’s choppy waters.
Beyond space, analysts are increasingly positioning OHB within the AI infrastructure narrative. With the build-out of data centers driving demand for stable power, Germany’s average of only 11.7 minutes of outage per end user in 2024 makes it an attractive hub. OHB is seen as playing a role in securing that critical energy infrastructure. The broader market, meanwhile, was resilient: the DAX added 0.5% to 25,124 points, and Infineon jumped 9.5% on positive semiconductor signals, while defense and small-cap names faltered.
The VanEck Space Innovators UCITS ETF has surged 106% since the start of the year, confirming deep investor appetite for the sector. Whether the SpaceX roadshow, which kicks off on June 2, eventually lifts European names like OHB remains an open question. For now, the company’s management must contend with a market that rewards long-term narratives with short-term whipsaws — and the next real test will be sustaining the earnings momentum that has so far been overshadowed by the daily turbulence.
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