Analysis of the Performance Pull Effect of the Artemis Program on the U.S. Aerospace Industry Chain

According to official NASA information, the Artemis II mission will be NASA’s first crewed lunar landing mission, marking the entry of the U.S. return-to-the-moon program into a substantive phase. The key time nodes of the mission are as follows:

• Primary Window:
  February 6, 7, 8, 10, 11, 2026 (launch could be as early as early February 2026)
• Alternate Window:
  March 6, 7, 8, 9, 11, 2026
• Third Window:
  April 1, 3, 4, 5, 6, 2026

The final launch date will be determined after the completion of the Wet Dress Rehearsal and passing the Flight Readiness Review [0].

Prime contractor for the Orion spacecraft

Lockheed Martin is one of the core contractors of the Artemis Program, responsible for building the Orion crewed spacecraft. This spacecraft will perform lunar round-trip missions and is the iconic hardware of the Artemis Program.

• Current stock price: $576.28, market capitalization: $134.5 billion [0]
• Q3 2025 revenue: $18.61 billion, YoY growth of 8.8%
• Space business segment revenue: $3.36 billion, accounting for 18% of total revenue
• Q3 EPS exceeded expectations by 8.93%, with strong performance

• Approximately 15-20% of the space business segment is directly related to the Artemis Program
• Estimated annual revenue contribution: $10-13 billion
• As Artemis III and subsequent missions progress, this proportion is expected to rise to over 25%

Buy (54% of analysts recommend Buy), target price: $550-$660 [0]

Prime contractor for the core stage of the Space Launch System (SLS) rocket

Boeing is the prime contractor for the core stage of the SLS heavy-lift launch rocket, which is the primary launch vehicle for the Artemis Program.

• Current stock price: $249.01, market capitalization: $195 billion [0]
• Q3 2025 revenue: $23.27 billion, exceeding market expectations
• Defense, Aerospace & Security business share: approximately 30%, of which the aerospace business accounts for about 15%
• 52-week gain: 93.8%, with remarkable performance

• Total contract value of the SLS project: over $20 billion
• Single launch cost: approximately $2-3 billion
• Estimated annual revenue contribution to BA: $6-8 billion (accounting for approximately 10-15%)

The commercial aviation business still faces challenges, with Q3 EPS at -$7.47 and operating profit margin under pressure

Buy (65% of analysts recommend Buy), target price: $263.50 [0]

Rocket engine supplier (through the acquisition of Aerojet Rocketdyne)

RTX (formerly Raytheon Technologies) has become one of NASA’s most important rocket engine suppliers after acquiring Aerojet Rocketdyne.

• Current stock price: $196.33, market capitalization: $263.2 billion [0]
• Q4 2025 revenue forecast: $22.48 billion (YoY +11.9%)
• Q3 performance exceeded expectations by 5.4%, with particularly outstanding EBITDA performance
• Stock price rose 25.8% after the earnings report release

• Prime supplier of the RS-25 engine (upgraded space shuttle engine)
• Provides the main engine for the SLS rocket
• Estimated annual revenue contribution: $7-8 billion (accounting for approximately 10%)

Buy, 52-week gain of approximately 74.8% [0]

Supplier of solid rocket boosters

Northrop Grumman is responsible for providing dual solid rocket boosters for the SLS rocket, and is a key propulsion system supplier for the Artemis Program.

• Current stock price: $657.38, market capitalization: $93.8 billion [0]
• Q3 2025 EPS: $7.67, exceeding expectations by 19.1%
• Space Systems business revenue: $2.7 billion, accounting for 24.5%
• 52-week gain: 54.2%, hitting an all-time high

• Contract value of solid rocket boosters: over $5 billion
• Estimated annual revenue contribution to NOC: $5-6 billion (accounting for approximately 12-18%)

Expectations of growth in the $1.5 trillion defense budget, increased probability of winning the F/A-XX program

Buy (57% of analysts recommend Buy), target price: $707.00 [0]

Commercial rocket launch and lunar mission services

Rocket Lab is an emerging commercial aerospace company that is gradually entering the supply chain of NASA’s Artemis Program.

• Current stock price: $96.30 [0]
• 2025 stock performance: +173.9%, a staggering gain
• 2026 YTD: +45.8%

• Provides lunar mission payload launch services for NASA
• First launch of the Neutron rocket is scheduled for early 2026
• Morgan Stanley raised the target price from $67 to $105
• Rating: Overweight

High growth, high volatility, suitable for risk-preferred investors [0]

Company	Artemis-related Contract Value	Percentage of Annual Revenue	5-Year Growth Outlook
Lockheed Martin	$11-13 billion	15-18%	High
Boeing	$7-9 billion	10-15%	Medium-High
RTX	$7-8 billion	8-12%	Medium
Northrop Grumman	$5-6 billion	12-18%	High
Rocket Lab	$0.5-1 billion (growing)	5-10%	Very High

The spillover effects of the Artemis Program are not only reflected in direct contractors, but also benefit a broader supply chain:

• Material suppliers (titanium alloys, composite materials)
• Electronic component suppliers
• Software and system integrators

• Launch facility operations
• Ground control and communications
• Satellite manufacturing and operations

• Every $1 invested by NASA generates approximately $7-8 in economic returns
• Creates over 100,000 high-tech jobs

Priority	Company	Rationale
★★★★★	Northrop Grumman	High space business share, strong profitability, high growth certainty
★★★★☆	Lockheed Martin	Stable core contractor status, sound financial health
★★★★☆	RTX	Monopolistic position in engines, performance exceeding expectations
★★★☆☆	Boeing	Clear recovery trend, but uncertainties remain in commercial aviation business
★★★☆☆	Rocket Lab	High growth, but high valuation and large earnings volatility

1. Successful launch of Artemis II
   (early February 2026)
2. Successful completion of Wet Dress Rehearsal
3. Contract awards for subsequent missions (Artemis III/IV)
4. Confirmation of defense budget growth

1. Launch delay risk:
   Technical issues or weather factors may cause mission delays
2. Budget risk:
   Government budget cuts may affect subsequent missions
3. Geopolitical risk:
   Changes in international cooperation may affect program execution
4. Company-specific risks:
   • Boeing: Progress of commercial aviation recovery
   • LMT: F-35 project progress and defense budget
   • Rocket Lab: Neutron rocket development progress

As the flagship space program for the U.S. return to the moon, the Artemis Program is expected to bring significant performance pull to the U.S. aerospace industry chain over the next 5-10 years. Core contractors Lockheed Martin, Boeing, RTX, and Northrop Grumman will directly benefit from tens of billions of dollars in government contracts, while emerging commercial aerospace companies such as Rocket Lab will also gain important development opportunities.

From an investment perspective,

, with its high share (24.5%) in the space systems business and strong financial performance, may be the most investment-worthy target under the Artemis theme. and offer more conservative investment options with their solid fundamentals and core contractor status. For investors pursuing high growth, although has a high valuation, its increasingly close partnership with NASA is worthy of attention.

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[0] Gilin API Market Data - Real-time stock prices, financial data, company profiles
[1] NASA Artemis II Mission - Final Steps Underway for NASA’s First Crewed Artemis Moon Mission (https://www.nasa.gov/missions/artemis/artemis-2/final-steps-underway-for-nasas-first-crewed-artemis-moon-mission/)
[2] Lockheed Martin News - Stock Hits New 52-Week High (https://www.barchart.com/story/news/37131853/lockheed-martin-stock-hits-new-52-week-high-as-the-greenland-crisis-heats-up)
[3] Boeing News - Ethiopian Airlines Orders Nine 787 Dreamliners (https://www.gurufocus.com/news/6768494/boeing-ba-secures-order-for-nine-787-dreamliners-from-ethiopian-airlines)
[4] Morgan Stanley Space Sector Upgrade - Rocket Lab Analysis (https://blockonomi.com/space-technology-stocks-like-rocket-lab-get-major-boost-from-morgan-stanley/)
[5] Northrop Grumman ICBM Target Test (https://www.exchangemonitor.com/northrop-grumman-tests-icbm-target/)