Most of the Canadian space basket sold off on SpaceX’s public debut but the severity was telling - with Stack Capital (STCK), MDA Space (MDA), and Telesat (TSAT) all down big…

… indicating these names were viewed more like proxies than 5N Plus (VNP) and Magellan (MAL). Framed differently, VNP supplies solar cells for satellites…

… and MAL supplies a range of manufactured components, avionics, and bus platforms to the space industry…

… so they’re less tied to the competitive dynamics playing out in low earth orbit, and more to the growth of the industry as a whole. Let’s see how they trade from here.

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