York Space Systems Inc. (YSS)

York Space Systems Inc. is a U.S.-based space and defense prime contractor that provides mission-critical solutions for national security, government and commercial customers. Founded in 2012 by CEO Dirk Wallinger, the company offers a vertically integrated technology stack covering the design, production, integration and operation of spacecraft, with turnkey offerings to manage spacecraft and constellations across the full mission lifecycle. It reports 74 missions flown, 17 products with flight heritage, and more than four million on-orbit hours. It says its price per satellite on awarded contracts has been about half that of competitors, that it was first to deliver and launch satellites for the DoD's Proliferated Warfighter Space Architecture (PWSA), and that it is the first and only company to demonstrate Link-16 connectivity from space. The company converted from a Delaware LLC (Yellowstone Midco Holdings II, LLC) into a corporation on January 28, 2026, and completed its IPO of 18.5 million shares at $34 per share on January 30, 2026. Its stock trades on the NYSE under "YSS," and investment funds managed by AE Industrial Partners became direct holders after a holdings liquidation.

York's mission solutions fall into six categories: Components, Subsystems, Spacecraft Platforms, Ground Operation, Global Downlink, and Software-Enabled Services. Its modular spacecraft platforms are the S-CLASS (85-200 kg, 2 kW peak power), the LX-CLASS (up to 500 kg, 1.5 kW baseline, flown 22 times) and the M-CLASS (up to about 2,000 kg, 8 kW peak power). The three platforms share about 75% of hardware and 95% of software. In-house components include primary and secondary flight computers, command and data handling, attitude control, electrical power systems and special test equipment. Proprietary software covers flight control, edge computing, mission planning and autonomous operations, including the Multi-Mission Operations Center (M-MOC) and the Bastion ground software, which manages fleets across more than 45 ground antennas. The antennas came with the ATLAS Space Operations acquisition, and the Emergent Space Technologies (2023) and Orbion Space Technology acquisitions added further capabilities. Once spacecraft are fielded, York provides ongoing operational support, downlink antenna usage and software upgrades. It expects a spacecraft replacement cycle of about five to six years and recurring revenue growth as its installed base grows.

Substantially all revenue comes from defense markets, with contracts concentrated among government entities. The company targets DoD priorities of missile defense (including the Golden Dome), counter-space capabilities, communications and space domain awareness, and also serves civil and commercial customers. It holds an award under the Missile Defense Agency's SHIELD multiple-award IDIQ contract, which has a $151 billion ceiling. Backlog was about $543 million and 107 spacecraft as of December 31, 2025. The company cites third-party projections of a global satellite market above $600 billion by 2032 and a global space economy of $1.8 trillion by 2035. It competes mainly with companies that act as prime contractors for spacecraft solutions enabling on-orbit and in-space services.

York manufactures and tests spacecraft in-house and controls design, assembly, integration and test, automated test, launch coordination, mission operations and ground station planning. Its 60,000 square foot Potomac facility, opened in August 2023, quadrupled production capability, and the company believes it can manufacture and test over 1,000 satellites annually. It uses qualified dual-source supply for radiation-tolerant components. Its M-CLASS is designed to fit 25 units on a SpaceX Falcon 9 and an expected 120 units on a Starship. The company reports a history of net losses and exposure to government budgets, supply chain pressures, inflation and tariffs.