Lockheed MartinCrescent Space
Overview
Owns and operates Parsec, a commercial cislunar comms + navigation constellation. Sells relay + positioning service to NASA, commercial lunar lander operators, and partner agencies — infrastructure as a service rather than custom mission build.
Moat: Backed by parent Lockheed Martin's spacecraft heritage (Lunar Trailblazer, Janus, GPS satellites). Uses Lockheed's existing Curio smallsat bus, derisking the constellation's spacecraft side.
Business
Primary customers
- Government: NASA Near Space Network task orders
- Commercial: Commercial lunar lander operators
- Government: International space agencies
Sectors
Cislunar comms · PNT services · Infrastructure as a service
Gallery
Key Products
- Parsec lunar relay + PNT constellationdevelopment
Small satellites in cislunar orbits providing continuous Earth-to-Moon connectivity plus precise position/timing/navigation for lunar customers.
First flight: 2025 (first nodes)
Investor Resources
Primary-source documents — straight from Crescent Space's investor relations and SEC filings.
Near-term Catalysts
- 2025-2026
First Parsec nodes launch
Activates the commercial relay service — competitive entry against ESA Moonlight + NASA NSN providers.
- 2026-2027
First customer task order beyond NASA
Validates commercial demand outside the government anchor.
Top Risks
- Competes directly against ESA Moonlight + ESA Lunar Pathfinder for the same lunar comms market.
- Heavy capex up-front with revenue back-loaded as customer landings begin.
- Lockheed Martin parent could fold the subsidiary back into Space Systems if customer traction stays soft.
Recent Milestones
- 2023-03-28
Lockheed Martin announces Crescent Space subsidiary
- 2025
First Parsec nodes targeted for launch
From Management
Recent interviews and talks from Crescent Space's leadership — hear the strategy in their own words.
What investors should know
Q1How does Crescent differ from Lockheed Martin's other space businesses?⌄
Q2What's Parsec's competitive position vs ESA Moonlight?⌄
Q3Is Crescent Space publicly tradeable?⌄
Q4Who is the management team?⌄
Q5What does the business model look like at scale?⌄
Peers
Compare side-by-side →Sources & References
Investor Relations
- Lockheed Martin press release · 2023-03-28
- Crescent Space website · 2025-12-31
Trade Press
- SpaceNews — Lockheed subsidiary for lunar services · 2023-03-28