Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Firefly Aerospace has quickly become one of the most talked-about names in the commercial space trade, helped by rising excitement around lunar infrastructure, defense demand, and broader investor enthusiasm for space stocks.</li><li>The latest rally was not difficult to understand: NASA’s push toward a permanent U.S. presence on the Moon gives companies like Firefly a far larger narrative than ordinary satellite launches.</li><li>However, the company’s plan to sell new shares, while existing holders also sell stock, brings the story back to earth.</li></ul>

Firefly Aerospace has quickly become one of the most talked-about names in the commercial space trade, helped by rising excitement around lunar infrastructure, defense demand, and broader investor enthusiasm for space stocks.The latest rally was not difficult to understand: NASA’s push toward a permanent U.S. presence on the Moon gives companies like Firefly a far larger narrative than ordinary satellite launches.However, the company’s plan to sell new shares, while existing holders also sell stock, brings the story back to earth.

Firefly’s NASA Buzz Just Met Wall Street Reality!

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Blue Origin has raised $185.4 million in disclosed funding, with its most recent round totaling $18 million in January 2024.</li><li>New Glenn can deliver payloads of up to 45 tons to low Earth orbit and 13 tons to geostationary orbit.</li><li>The NASA Artemis lunar lander contract is valued at $3.6 billion and operates under a firm-fixed-price structure, where Blue Origin assumes development and operational risks in exchange for milestone payments.</li></ul>

Blue Origin has raised $185.4 million in disclosed funding, with its most recent round totaling $18 million in January 2024.New Glenn can deliver payloads of up to 45 tons to low Earth orbit and 13 tons to geostationary orbit.The NASA Artemis lunar lander contract is valued at $3.6 billion and operates under a firm-fixed-price structure, where Blue Origin assumes development and operational risks in exchange for milestone payments.

<ul><li>The round was led by the US Innovative Technology Fund (Thomas Tull) and included a $100 million debt facility led by Silicon Valley Bank.</li><li>Stoke Space is building Nova, a two-stage medium-lift rocket designed for complete reusability of both the first and second stages.</li><li>The company&#39;s vertical integration of engine development, manufacturing systems, and launch operations creates control over the entire cost structure.</li></ul>

The round was led by the US Innovative Technology Fund (Thomas Tull) and included a $100 million debt facility led by Silicon Valley Bank.Stoke Space is building Nova, a two-stage medium-lift rocket designed for complete reusability of both the first and second stages.The company&#39;s vertical integration of engine development, manufacturing systems, and launch operations creates control over the entire cost structure.

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

York Space Systems / Equity Capital Markets

<ul>
<li>York Space Systems is targeting a $3.75b–$4.25b valuation in a January IPO, backed by AE Industrial Partners and BlackRock, following strong sector precedents.</li>
<li>The company is the leading provider to the DoD’s PWSA and a prime contractor on Golden Dome, benefiting from accelerating defense space spending.</li>
<li>Revenue grew 59% year over year in 2025, with expanding recurring software and services supporting long-term growth despite near-term losses.</li>
</ul>


York Space Systems is targeting a $3.75b–$4.25b valuation in a January IPO, backed by AE Industrial Partners and BlackRock, following strong sector precedents.
The company is the leading provider to the DoD’s PWSA and a prime contractor on Golden Dome, benefiting from accelerating defense space spending.
Revenue grew 59% year over year in 2025, with expanding recurring software and services supporting long-term growth despite near-term losses.


York Space Station (YSS): Targets $4B Valuation as Defense-Space Momentum Fuels January IPO

<ul>
<li>York Space Systems (YSS US) revenues surged 59% in nine months, leveraging momentum and investor interest ahead of its late-January IPO.</li>
<li>The company plans to raise over $500 million, targeting a $4 billion valuation, with AE Industrial Partners maintaining a significant stake post-IPO.</li>
<li>Vertically integrated, cost-efficient, and technologically advanced, York leads the DoD’s PWSA program, offering scalable satellite platforms, mission services, and recurring revenue streams.</li>
</ul>


York Space Systems (YSS US) revenues surged 59% in nine months, leveraging momentum and investor interest ahead of its late-January IPO.
The company plans to raise over $500 million, targeting a $4 billion valuation, with AE Industrial Partners maintaining a significant stake post-IPO.
Vertically integrated, cost-efficient, and technologically advanced, York leads the DoD’s PWSA program, offering scalable satellite platforms, mission services, and recurring revenue streams.


York Space Station (YSS): Space & Defense Company Sets Terms for IPO Seeking North of $4b Valuation

United States

Firefly Aerospace develops small- and medium-lift launch vehicles for commercial launches to orbit, including the Alpha rocket and Eclipse launch vehicle. The company also offers lunar landers (Blue Ghost) and orbital transfer vehicles (Elytra) for end-to-end space missions, providing integrated launch, lunar delivery, and in-space mobility services. Firefly Aerospace is headquartered in Cedar Park, Texas, and was formed in March 2017.

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Firefly Aerospace (FLY US)

Firefly’s NASA Buzz Just Met Wall Street Reality!

Firefly Aerospace has quickly become one of the most talked-about names in the commercial space trade, helped by rising excitement around lunar...

Baptista Research

Primer: Blue Origin - 19 Jun 2026

Aerospace manufacturer offering reusable rockets for space tourism, orbital launches, and lunar missions

Sacra

Primer: Stoke Space - 25 May 2026

Company developing fully reusable medium-lift rockets for affordable access to space

Sacra

York Space Station (YSS): Targets $4B Valuation as Defense-Space Momentum Fuels January IPO

York Space Systems aims for a high valuation in upcoming IPO with strong backing, driven by growth in defense space spending and expanding revenue...

IPO Boutique

York Space Station (YSS): Space & Defense Company Sets Terms for IPO Seeking North of $4b Valuation

York Space Systems sees 59% revenue surge, plans $500 million IPO with $4 billion valuation, maintaining partnership with AE Industrial Partners.

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Firefly’s NASA Buzz Just Met Wall Street Reality!

Firefly Aerospace has quickly become one of the most talked-about names in the commercial space trade, helped by rising excitement around lunar...

Baptista Research

Primer: Blue Origin - 19 Jun 2026

Aerospace manufacturer offering reusable rockets for space tourism, orbital launches, and lunar missions

Sacra

Primer: Stoke Space - 25 May 2026

Company developing fully reusable medium-lift rockets for affordable access to space

Sacra

York Space Station (YSS): Targets $4B Valuation as Defense-Space Momentum Fuels January IPO

​York Space Systems aims for a high valuation in upcoming IPO with strong backing, driven by growth in defense space spending and expanding revenue...

IPO Boutique

York Space Station (YSS): Space & Defense Company Sets Terms for IPO Seeking North of $4b Valuation

​York Space Systems sees 59% revenue surge, plans $500 million IPO with $4 billion valuation, maintaining partnership with AE Industrial Partners.

IPO Boutique

York Space Systems aims for a high valuation in upcoming IPO with strong backing, driven by growth in defense space spending and expanding revenue...

York Space Systems sees 59% revenue surge, plans $500 million IPO with $4 billion valuation, maintaining partnership with AE Industrial Partners.