Artemis Program
NASA's flagship program to return humans to the Moon and establish sustained lunar presence, Artemis has already flown its first crewed mission (Artemis II, April 2026) and targets the first crewed lunar landing no earlier than early 2028 [1][2]. With over $26B in government-held property spread across six prime programmes and commercial landers from both SpaceX and Blue Origin under contract, it is the largest government-sponsored space endeavour since Apollo [4].
Funding & Contract Structure
Total committed: Over $26B in government property allocated to contractors across six Artemis programmes as of Feb 2025 (does not include NASA direct-labour; total lifecycle cost estimate not yet published for FY2027 request) [4]
Annual run-rate: FY2027 budget request filed April 2026; specific Artemis line-items in the Congressional Justification not yet publicly extracted (PDF only) [7]
Procurement vehicle: MIXED — Combination of vehicles across program phases.
Congressional status: Artemis has sustained bipartisan support across multiple administrations; FY2027 budget request submitted April 3, 2026 [7]
GAO / CRS findings
| Date | Finding |
|---|---|
| Lander development challenges will delay planned Artemis launch dates; NASA lacks current capability to rescue crew stranded on lunar surface (IG-26-004)[6] | |
| Over $26B in government property allocated to contractors across six Artemis programmes; OIG recommended stronger management controls (IG-25-010)[4] | |
| SLS Block 1B development encountered multiple issues including Boeing's ineffective quality management, inexperienced workforce, continued cost increases and schedule delays affecting Artemis IV (IG-24-015)[8] |
Beneficiary Breakdown
| Contractor | Role | Share | Ticker |
|---|---|---|---|
| Boeing | prime | SLS core stage prime contractor; also leads SLS Block 1B Exploration Upper Stage for Artemis IV+[9] | BA |
| Lockheed Martin | prime | Orion crew vehicle prime; contract covers up to 12 Orion spacecraft for Artemis III through XIV[10] | LMT |
| Northrop Grumman | sub | SLS solid rocket boosters (both 5-segment solid boosters per mission); also Gateway HALO module prime[11] | NOC |
| SpaceX | prime | Starship Human Landing System — carries crew from lunar orbit to surface for Artemis III LEO demo, Artemis IV and V[6] | private |
| Blue Origin | prime | Blue Moon Human Landing System — selected for Artemis V and sustained lunar development[6] | private |
| Axiom Space | supplier | Next-generation Axiom Extravehicular Mobility Unit (AxEMU) spacesuits for lunar surface operations[3] | private |
Key Milestones
Artemis Accords signed — multilateral rules-based framework for lunar exploration
Artemis I — uncrewed SLS/Orion 25.5-day mission, 1.4M-mile trajectory around the Moon; first integrated flight test
Artemis II — first crewed Orion flight (Apr 1–11); four-astronaut lunar flyby, first humans near the Moon in over 50 years; crewed farthest-from-Earth record set at 406,740 km
67 nations have signed the Artemis Accords (Paraguay became 67th on May 7, 2026)
Artemis III crew named — Bresnik, Parmitano, Rubio, Douglas; mission redefined as a LEO HLS docking demonstration with the first landing moved to Artemis IV
Artemis III — LEO HLS rendezvous-and-docking demonstration testing SpaceX and/or Blue Origin landers
Artemis IV — first crewed lunar surface landing; South Pole vicinity; SpaceX Starship HLS descent for two crew
Artemis V — second crewed lunar landing with Blue Moon or alternate commercial HLS; Gateway assembly begins
Catalysts
| Date | Event | Sentiment |
|---|---|---|
| Artemis II launched — first crewed lunar flyby in over 50 years, with Reid Wiseman, Victor Glover, Christina Koch and Jeremy Hansen aboard Orion[12] | bullish | |
| Orion 'Integrity' splashed down in the Pacific, completing Artemis II; crew set the farthest-from-Earth record for a crewed spacecraft at 406,740 km[13] | bullish | |
| Artemis III crew named (Bresnik, Parmitano, Rubio, Douglas); mission confirmed as a LEO HLS rendezvous-and-docking demonstration — first crewed landing slips to Artemis IV[14] | neutral | |
| Artemis III — LEO rendezvous-and-docking demonstration testing commercial HLS from SpaceX and/or Blue Origin[1] | bullish | |
| Artemis IV — first crewed lunar surface landing; two astronauts descend to South Pole via Starship HLS while two remain in Orion[3] | bullish | |
| Artemis V — second crewed lunar landing using alternative commercial lander; Gateway assembly begins[1] | bullish |
Risk Register
Competitive Landscape
Investability Map
| Ticker | Exposure | Note |
|---|---|---|
| BA | high | Boeing is the SLS core stage and Block 1B prime — the largest single Artemis development contract. OIG quality-management findings are a known risk; upside if Block 1B schedule recovers. |
| LMT | high | Lockheed Martin's Orion contract spans up to 12 spacecraft (Artemis III–XIV), providing long-duration, smoothed revenue visibility through the mid-2030s. |
| NOC | medium | Northrop Grumman supplies SLS solid boosters (both per mission) and leads Gateway's HALO module; exposure is protected by SLS continuity and Gateway long-lead production. |
| LUNR | low | Intuitive Machines holds CLPS task orders to deliver Artemis-related science payloads to the lunar surface; Artemis precursor exposure, not crewed-programme exposure. |
Not investment advice. Figures as-quoted from cited sources.
Sources
- [1] NASA — Artemis program overview (humans-in-space hub) (Agency budget doc, accessed )
- [2] NASA — Artemis II mission page (launched April 1, completed April 10, 2026) (Agency budget doc, accessed )
- [3] NASA — Artemis IV mission page (early 2028 first crewed lunar landing) (Agency budget doc, accessed )
- [4] NASA OIG IG-25-010 — Audit of Government Property for the Artemis Campaign (Aug 2025); $26B in contractor-held property (GAO / CRS report, accessed )
- [5] NASA — Artemis Accords (67 signatory nations as of May 2026) (Agency budget doc, accessed )
- [6] NASA OIG IG-26-004 — NASA's Management of the Human Landing System Contracts (March 10, 2026); lander delays, crew rescue gap (GAO / CRS report, accessed )
- [7] NASA — Fiscal Year 2027 Budget Request (Apr 3, 2026) (Agency budget doc, accessed )
- [8] NASA OIG IG-24-015 — NASA's Management of Space Launch System Block 1B Development (Aug 8, 2024); Boeing quality / cost / schedule (GAO / CRS report, accessed )
- [9] Boeing — Space Launch System program page (Official company site, accessed )
- [10] Lockheed Martin — Orion spacecraft program page (up to 12 Orion spacecraft contract confirmed) (Official company site, accessed )
- [11] Northrop Grumman — Space (SLS boosters + Gateway HALO) (Official company site, accessed )
- [12] NASA — Liftoff! NASA Launches Astronauts on Historic Artemis Moon Mission (Apr 1, 2026) (Agency budget doc, accessed )
- [13] NASA — NASA Welcomes Record-Setting Artemis II Moonfarers Back to Earth (Apr 11, 2026 Pacific splashdown; 406,740 km crewed distance record) (Agency budget doc, accessed )
- [14] NASA — NASA Marches Toward Artemis III Mission in 2027, Names Crew Members (Jun 9, 2026; LEO HLS docking demo, landing moves to Artemis IV) (Agency budget doc, accessed )
