SpaceX flew 165 missions in 2025 and is on pace for 170+ in 2026; Blue Origin's New Glenn is operational with three flights and a reused booster, with NG-4 on the pad for Kuiper. The cadence gap, the revenue gap, and what each company is racing to prove next.
SpaceX today: a ~$1.25 trillion combined valuation post-xAI, 165 launches in 2025, Starship Block 3 incoming, Starlink at 10M+ subscribers, and an IPO on the runway.
