In the growing world of investment choices, space stocks are catching people’s attention these days. As the world is deeply interested in space science, the space industry is evolving and extending, and analysts forecast that the global space market may reach over $1 trillion within a decade. The space industry is growing rapidly and has a huge potential for massive growth in upcoming years.

Although the market targets a particular audience, the customer’s capacity is vast, which gives so much potential to these companies. This industry’s opportunities are also significant because the market rapidly attracts both customers and investors. Investing in space stocks is a game of high risk and reward, so potential investors who believe in long-term investment and growth should invest in the space industry. So, let’s see the best three space stocks to buy now for those willing to play the long game.

Space Stocks: Rocket Lab USA (RKLB)

Rocket Lab USA (NASDAQ:RKLB) is one of the fastest-growing space companies famous for its satellite-carrying rockets. It developed the partially recoverable Electron rocket, which utilizes the unique and proprietary Rutherford engines. The company provides reliable and frequent access to space for small satellites, making it possible and efficient for its customers.

During the third quarter of this year, Rocket Lab witnessed its stock drop by 29% due to its Electron’s first mission failure. However, the company grew its revenue by 9% from the second quarter to $67.7 million. During the same quarter, Rocket Lab had two successful rocket launches and landings and reused an engine for the first time.

Furthermore, The company plans to launch a hypersonic test vehicle for the U.S. Department of Defence’s (DOD) Defense Innovation Unit. The suborbital vehicle will be 3D printed and should operate at Mach 5, which is five times more than the speed of sound. The company projects to complete this mission at the beginning of 2025. Rocket Lab is now focusing on more Electron missions in 2024, targeting to send 22 satellites into orbit over the course of the year. Combined with its hypersonic missiles program, Rocket Lab is demonstrating resilience and ambitious growth strategies.

Currently, the Rocket Lab stock is undervalued and selling at a low price. It is worth buying for investors who seek long-term potential. Given Rocket Lab’s future growth prospects, there is significant upside potential.

Joby Aviation (JOBY)

Joby Aviation (NYSE:JOBY), known for its air taxis, holds a prominent position in space stocks and is the leading edge in its class within the context of the urban air revolution. Recently, the company finished a bunch of test flights and handed over the first electric air taxi to the U.S. Air Force, which is an excellent achievement for the company. Plus, the company is targeting to launch air taxis for public transport in 2025. Moreover, The company is close to wrapping up stage three certification, with the FAA currently accepting 84% of certification plans.

In the third quarter of this year, Joby Aviation showcased a robust financial position with $1 billion in cash and short-term investments, anticipating a solid financial foundation to support the company’s ongoing operations and forthcoming expansion initiatives.

Furthermore, Joby is making three aircraft at its Pilot Production Facility in Marina. It picked Dayton, Ohio, for its first prominent manufacturing place, and the local government is giving them support and benefits worth up to $5 million. With all these positives, investors should add Joby Aviation to their space stocks portfolio as it has the potential for long-term growth.

Space Stocks: Spire Global (SPIR)

Spire Global (NYSE:SPIR) is a famous cloud data analytics company with a market capitalization of $112.25 million. The company collects data on the atmosphere, coastal areas, and land through its network of satellites and transforms it into earth-to-cloud analytics.

In the third quarter of 2023, Spire Global showed a strong performance. The company’s revenue surged 34% to $27.3 million year-over-year (YoY), and gross profit increased to $17.8 million. Plus, the 65.2% increase in gross margin indicated significant growth compared to previous quarters. The company also reduced its net loss to approximately $17.8 million and adjusted its EBITDA loss to $3.4 million, indicating an improvement of 18% YoY and 60% YoY, respectively.

Furthermore, Spire Global has been awarded several orders from NASA and other companies. For instance, In October 2023, Spire Global was also selected for a NASA IDIQ contract worth a ceiling of $476 million, along with six other companies. This five-year contract provides an opportunity for competitive bids for task orders.

Analysts are hopeful that the company will start making profits in 2024 as its revenue increases rapidly this year. Given these developments, investors looking for a long-term investment in space should consider Spire Global as a top space stock to buy.

On the date of publication, Nauman Khan did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.