1、USA|Aerospace&Defense ElectronicsEquity ResearchAugust 3,2025 GregKonrad,CFA*|Equity Analyst+1(212)284-2391|SheilaKahyaoglu*|Equity Analyst+1(212)336-7216|KyleWenclawiak*|Equity Associate+1(212)323-7671|EllenPage*|Equity Associate+1(212)323-3381|Whats Up in Space:SATCOM,X-37B,Broadband,LunarIn this

2、weekly report,we highlight key events and implications for the spacesector:1)Space Force awards five PTS-G contracts with downselect in 2026;2)Boeing gearing up for eighth X-37B mission to space;3)MDA Space selected byEchoStar for LEO broadband constellation with$1.3BB initial award;4)ThalesAlenia S

3、pace receives Human Lunar Outpost design contract from Italian SpaceAgency.Space Force Awards Five SATCOM Contracts.Space Force awarded$38MM($4BB ID/IQ ceiling)to Viasat,Northrop Grumman,Astranis,Intelsat(SES)and Boeing to demonstrate capabilities basedon their commercial product lines for Protected

4、 Tactical Satellite Communications-Global.PTS-G is a constellation of small sats in GEO that would provide secure comms w/anti-jammingcapabilities.A winning bidder is expected to be selected in 2026 to manufacture and test four spacevehicles(two Ka-band/two X-band).Launches are planned for 2028 with

5、 a second round of satellitecontracts expected in 2028 for 2031 launch with a target of 12 satellites in total.The broader PTS-G program is expected to serve a medium assurance capability role for SATCOM,between the gapof other capabilities.Boeing X-37B Slated For Eighth Mission August 21st.The Boei

6、ng built X-37B Orbital Test Vehicleis preparing to launch its eighth mission no earlier than August 21st.This comes less than sixmonths after the successful completion of the OTV-7 mission.The OTV-8 flight is expected to flywith a service module,expanding capacity for experiments and partners includ