Investors are increasingly turning to space stocks as attractive opportunities to grow their wealth. High-profile entrepreneurs like Jeff Bezos and Richard Branson have paved the way with their private spaceflight ventures in recent years. This has inspired everyday investors to explore the potential of space stocks to buy.

The space stocks featured in this list encompass companies involved in various aspects of the industry. These include satellite launches and manufacturing essential supplies for space agencies like NASA. Furthermore, as spaceflight continues to emerge as a highly profitable growth sector, these companies are well-positioned to gain prominence and market share.

If you’re seeking space stocks with the potential to deliver stellar returns this May, consider investing in these top companies that are leading the way in the new space race. The advantage of buying these companies early is that their valuations could be seen as low relative to their long-term potential. 

Investors could then benefit from serious capital appreciation. So here are three space stocks for investors to consider.

Space Stocks to Buy: Intuitive Machines (LUNR)

Intuitive Machines (NASDAQ:LUNR)  is heavily involved in lunar exploration. The company secured a significant NASA contract for the Lunar Terrain Vehicle. 

LUNR has developed advanced lunar landers and technology solutions that support various lunar missions. The company designed the Nova-C class lander, part of the Odysseus mission, to deliver payloads to the moon efficiently. The successful landing of its Nova-C lunar lander, named Odysseus, at the lunar south pole marks a significant milestone.

LUNR reported revenue of $73.1 million, a significant 301% increase year-over-year, exceeding the consensus estimate of $59.53 million. It also raised $32.9 million through the sale of 23 million shares, bringing the total cash balance to $102.8 million at the end of Q1 2024.

With a significant amount of cash on hand, LUNR could be one of those space stocks to buy for investors who are eying up an entry into this industry.

Astra Space (ASTR)

Astra Space (NASDAQ:ASTR) focuses on providing launch services and spacecraft engines. The company recently delivered eight spacecraft engines and secured new contracts worth $11.7 million.

ASTR reported significant growth and strategic achievements in Q1 2024. The company recorded revenue of $11.7 million, bolstered by new contracts and the delivery of eight spacecraft engines from its Sunnyvale manufacturing facility. 

Despite a net loss of $46.5 million, the company improved from the previous quarter’s loss of $50.3 million. Astra raised $32.9 million through the sale of 23 million shares, increasing its cash reserves to $102.8 million. 

ASTR is highly leveraged with a current ratio of 0.24 and a quick ratio of 0.05. Still, at just 6 cents per share, it has one of the lowest valuations out of any of the space stocks that are available to retail investors, which I think makes for a valid consideration.

Planet Labs (PL)

Planet Labs (NYSE:PL) specializes in satellite technology and Earth observation services. The company has launched numerous satellites and introduced innovative products like the Global Forest Carbon Product, which enhances its Earth observation capabilities and market rhea.

PL reported strong financial performance for the first quarter of fiscal 2024. The company achieved a revenue increase of 31% year-over-year, reaching $52.7 million. This growth was driven by the expansion of its global data subscription base, which now includes over 900 customers. 

Despite a net loss of $20.1 million, an improvement from the previous quarter. The company introduced new satellite technologies.

PL, in my view, operates in a less speculative segment of the space industry. Moreover, given that it already has solid cash flows, it is a great buy. Although they are currently negative, on an accounting basis they are set to change. Its EPS forecasted to reach breakeven territory around FY2026 to FY2027, as per analyst expectations.

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