The Space Comeback That Needs More Than Altitude

This company has refinanced, reset, and re-promised, again. The next phase of its story will be a prove-it one.

Every few quarters, space stocks remind the market they are still alive. The spark can be a financing deal, a test flight update, or a new government partnership. The rally usually fades once investors realize the story still depends on execution years away.

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Joby Aviation | JOBY

Price: $15.41

JOBY is entering a key window with its Ohio factory purchase deadline approaching and FAA certification work still in motion.

The plant represents a major step toward scaling production of its electric air taxis, targeting four aircraft per month by 2027.

The company has delivered on simulator milestones and continues to hit certification checkpoints, but costs are heavy and sentiment is tied closely to rate expectations.

In this environment, every macro data point — CPI, retail sales, or yield move — can shake the stock.

Why it matters for you: JOBY sits in that rare pre-revenue group with real assets and a long runway.

The next 6–12 months of regulatory progress will decide whether investors keep paying up for the dream.

QuantumScape | QS

Price: $10.72

QS is one of the few battery names that still commands attention after a rough few years for clean tech.

The focus is squarely on 2026, when field trials for its solid-state cells begin.

The company’s “Cobra” manufacturing process looks promising — faster, smaller footprint, and scalable — but all of it still needs to work outside the lab.

Cash runway extends into 2029, which buys time to execute.

But valuation has already bounced nearly 100% in a year, and expectations are now ahead of proven results.

Why it matters for you: QS is an execution story, not a macro one. If 2026 field data confirms performance, the market will start pricing a commercial business instead of a science project.

Gold Opportunity (Sponsored)

Warren Buffett is holding a record cash pile as traditional markets lose value and inflation erodes purchasing power.

His next move may surprise investors—not banks, not tech, but gold.

Many gold companies now trade at deep discounts while generating strong cash flow.

One major miner stands out for disciplined management and prime positioning in a renewed U.S. mining push.

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FuboTV | FUBO

Price: $2.63

FUBO has been fighting for relevance in a brutal streaming market.

The recent $145 million loan from Disney gives the company near-term relief by addressing 2026 maturities and removing dilution risk for now.

Investors applauded the improved liquidity profile but remain cautious on profitability and long-term cost of capital.

Execution on subscriber growth, churn, and ARPU will be critical before the next debt cycle hits.

With the next earnings report in late February, any evidence of operating leverage could change the tone quickly.

Why it matters for you: FUBO now has time to fix itself, but not much margin for error. The debt extension helps only if growth trends stabilize.

Hims & Hers Health | HIMS

Price: $32.34

HIMS slipped after Amazon Pharmacy entered the weight-loss pill market, a direct shot across its most profitable growth category.

The company’s broader telehealth platform still looks strong, but competition is intensifying from deep-pocketed players that can undercut pricing and expand reach faster.

The bull case rests on Hims’ brand loyalty and recurring subscription model, which have delivered strong revenue growth even as new entrants crowd the field.

The bear case: margin pressure and higher customer-acquisition costs as price wars begin.

Why it matters for you: HIMS still has momentum, but investors should expect a tougher fight ahead. In digital health, scale and marketing muscle can matter as much as product quality.

Virgin Galactic | SPCE

Price: $3.19

SPCE’s new financing round gave it breathing room, replacing near-term debt with pricier, longer-dated notes and fresh equity warrants.

The move reduced total obligations and delayed repayment until 2028, aligning better with its 2026 commercial launch goal for the Delta spacecraft.

It also lifted short-term risk sentiment after four straight days of gains.

The company still has over $400 million in cash, but burns close to $100 million per quarter.

Even with the debt push-out, that means continued dilution risk if development stays on schedule.

Investors now want to see tangible proof that flight programs and pre-sales for 2026 are real, not just aspirational.

Why it matters for you: SPCE remains a high-volatility moonshot. If 2026 commercial flights stay on track, the risk/reward resets fast. If not, even the new capital runway could run short of orbit.

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Stat of the Day: < 3 Months

It took less than three months from the April 2025 bear-market lows for the S&P 500 to reclaim an all-time high, the second-fastest recovery in the past 75 years, behind only 1982’s vertical rebound.

The speed of that move shows how quickly sentiment can swing once fear peaks. It also reminds investors that markets tend to move before the data confirms the story.

The challenge now is staying disciplined in a market that feels euphoric while economic footing still looks uneven.

Best Regards,
—Noah Zelvis
Everyday Alpha