Space stocks skyrocket after Trump vows to ‘pursue our manifest destiny into the stars’

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Space-related stocks surged upward on Tuesday's trading market, thanks in part to President Trump's support for American space exploration as he spoke during his Monday inauguration address.

"We will push forward with our goal of exploring the unknown and establishing a presence in space by sending American astronauts to mark our flag on the surface of Mars," he said.

“Greatness is the life force of our country, and currently, our country is more driven than any other. There is no country like our country.” Trump stated.

SpaceX's Starship suffered an explosion, but Elon Musk considers it "barely a bump in the road."

The company conducted its seventh flight test last week, which CEO Musk referred to as "barely a bump in the road" for the private space firm.

Trump's optimism about American space exploration boosted a variety of space stocks on Tuesday.

Tuesday's closing session showed a 23.9% increase. Rocket Lab USA Inc., a company specializing in space launches, saw its shares rise by 30.3% by the session's end. AST SpaceMobile Inc., a firm focused on space-based broadband, finished the session with an 11.2% gain.

Shares of Redwire Corp., which produces and supplies space equipment, skyrocketed, closing the session up 51.4%. Earth-imaging company Planet Labs PBC finished the day's trading up 22.3%. Satellite-services company Globalstar Inc. rose 4.2%. And Israel-based Gilat Satellite Networks Ltd. ended the session up 5.1%.

Space-based intelligence company BlackSky Technology Inc.'s stock closed the session up 3.1%; nanosatellite specialist Spire Global Inc.'s stock rose 1.1%; and shares of Momentus Inc., which provides satellite transportation and servicing, increased by 24.7%. Shares of space-tourism company Virgin Galactic Holdings Inc. went up 6.6% in Tuesday's trading session.

These are the space stocks to keep an eye on in 2023

The shares of the Destiny Tech 100 Inc. fund, which has SpaceX as its largest investment, rose by 8.4% at the end of the trading session on Tuesday. The Procure Space ETF also increased by 9%.

The debut of the enormous New Glenn rocket marked a significant milestone for the company. Bezos was present at the inauguration ceremony.

Technology CEOs such as Elon Musk, Jeff Bezos, and Mark Zuckerberg received preferable seating at Donald Trump's presidential inauguration compared to some members of his incoming cabinet.