Maritime Launch Services is a buy, this analyst says

Beacon Securities analyst Russell Stanley says Maritime Launch Services (Maritime Launch Services Stock Quote, Chart, News, Analysts, Financials TSXV:MAXQ) offers a pure-play way to invest in launch pad access, which he sees becoming a chokepoint for the space industry.

In a June 23 report, Stanley initiated coverage of Maritime Launch with a “Buy” rating and $1.25 target.

“We view MAXQ as a compelling investment opportunity,” Stanley said.

Maritime is developing Spaceport Nova Scotia, a dual-use launch facility for commercial and government customers. The company’s first major launch client is Canada’s Department of National Defence, under a 10-year, $200-million contract.

“Demand for Launch is growing rapidly, thanks in large part to launch cost reductions made possible by reusable rockets, and SpaceX in particular,” Stanley said.

He said SpaceX has reduced launch costs per kilogram by 92% compared with pre-2010 levels, with Starship targeting a reduction of more than 99%.

“Supply, specifically launch pad access, is limited by a combination of capacity constraints at traditional sites, overflight/safety considerations, geopolitical developments, and the physics of fuel and orbital inclinations,” Stanley said.

The analyst added that many satellite manufacturers lack their own launch vehicles or dedicated launch sites and must rely on third-party providers and government-run ranges.

Stanley said Spaceport Nova Scotia is favourably situated because of its open ocean exposure to the east and south, which supports safe access to high-demand orbital inclinations. He said the site also gives Canada a path toward more secure access to space.

“Spaceport Nova Scotia is well positioned to address the challenges (posed by limited launch pad access), and as one of precious few commercially owned/controlled facilities in the world, MAXQ is unique as the only publicly traded pureplay on what is rapidly becoming a chokepoint for the space industry,” Stanley said.

Stanley said federal support has been important, including regulatory initiatives and the DND anchor contract announced in March. He said sovereign access to launch capacity makes Canada a stronger partner to allies.

“We also expect SpaceX’s recent IPO to continue building awareness for the broader space industry, to the eventual benefit of MAXQ, as it is the only publicly traded pure play on this part of the space supply chain,” Stanley said.

Stanley expects Maritime Launch to generate Adjusted EBITDA of $7-million on revenue of $22-million in fiscal 2026, improving to Adjusted EBITDA of $39-million on revenue of $73-million in fiscal 2027.

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