Launch Vehicles and Services Sector Outlook — September 2026

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INDUSTRIALS › CAPITAL GOODS › LAUNCH VEHICLES AND SERVICES

Launch Vehicles and Services: Five Names, One Wide Range

How the listed launch and propulsion set is valued today, what the transaction record shows, and which operating levers sit behind the range.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E)

Launch Vehicles and Services Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   INDUSTRIALS › CAPITAL GOODS › LAUNCH VEHICLES AND SERVICES

   Launch Vehicles and Services: Five Names, One Wide Range

   Cover slide framing the Launch Vehicles and Services sector report and its wide valuation range.

   We're looking at a small but revealing market: five listed names inside one propulsion, structures and subsystems group, priced across a very wide range. This deck walks through where that range comes from and what it means for how you run the business.

   Everything on this page

   INDUSTRIALS › CAPITAL GOODS › LAUNCH VEHICLES AND SERVICES Launch Vehicles and Services: Five Names, One Wide Range How the listed launch and propulsion set is valued today, what the transaction record shows, and which operating levers sit behind the range. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E) Launch Vehicles and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   Table of contents listing the report's five sections and appendix.

   Here's the roadmap: the bottom line up front, then the companies, valuation and situations, precedent deals, and strategic implications. We front-load the conclusion so a reader who only has five minutes still leaves with the full picture.

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   CONTENTS What This Report Covers 01 The Bottom Line What the Listed Set Says About Where Launch Value Sits 02 The Companies One Supply Group Holds the Whole Listed Set 03 Valuation & Situations Flown Hardware Holds the Top of the Range 04 Precedent Transactions A Thin Transaction Record, Priced Mostly on Earnings 05 Strategic Implications What the Range Means for How You Run the Business 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Launch Vehicles and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Launch Vehicles and Services Is One Propulsion, Structures and Subsystems Group with a Very Wide Price Range

   Summary of the full EV/Revenue valuation range across the peer group and what drives it.

   The group's EV/Revenue (CY2027E) range runs from 29.6x at the top to 4.1x at the bottom, with the sector median sitting at 5.4x. In our view that spread tracks flight heritage and funded backlog alongside revenue scale, not growth alone. Only 4 of the 5 companies carry a forward estimate we can rate, and the forward-revenue lens already credits the growth in those estimates. So a premium that survives this lens is telling us something about durability, not optimism.

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   01 · THE BOTTOM LINE Launch Vehicles and Services Is One Propulsion, Structures and Subsystems Group with a Very Wide Price Range The full story on one page · figures on EV / Revenue (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (4 of 5 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (4 of 5 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Launch Vehicles and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Top of the Range Sits with Hardware That Has Flown The top of the range sits at 29.6x forward revenue and the bottom at 4.1x, with the middle of the set at 5.4x. In our read that distance is associated with demonstrated flight heritage and funded backlog, alongside revenue scale rather than in place of it. 2 This Market Is Priced on Forward Revenue, and the Lens Already Credits Growth Only 2 of the 5 names carry a meaningful forward EBITDA, so EV / Revenue on CY2027E is the working lens and 4 of the 5 names carry a forward estimate. A forward revenue multiple already prices the growth in the estimates, so a premium that survives it points to durability rather than optimism. 3 Qualified Supply Carries the Margin, Launch Carries the Growth Karman Holdings Inc. (KRMN) sits at the top of the margin range in the set at 30% on 28% growth, the profile of a qualified propulsion and structures supplier with a long-term agreement book. Firefly Aerospace Inc. (FLY) sits at 56% growth, and both hold the middle band of the price range. 4 The Transaction Record Is Thin — Read It as a Check, Not a Market Across the 6 transactions recorded in total, the disclosed earnings multiples run from 8.8x to 23.3x, and several filings leave the deal value unit unresolved. The record leans toward qualified supply rather than vehicles, so use it to sanity-check the listed set rather than to price one. 5.4x Sector median EV/Revenue CY2027E consensus · EV/Revenue is the lens because practitioners price this growth set on revenue and 2 of 5 names are… 29.6x Premium end EV/Revenue vs 4.1x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/Revenue — the spread the report explains 6 Transactions with disclosed terms 10 recorded in this tier · 0 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Section divider introducing the company profiles section.

   Before we get to individual names, it's worth resetting: one supply group covers the whole listed set, and both ends of the price range sit inside it. That's the frame for the company profiles that follow.

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   SECTION 02 02 THE COMPANIES One Supply Group Holds the Whole Listed Set Propulsion, structures and subsystems cover the field, and both ends of the price range sit inside it. 02 of 06 Launch Vehicles and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · THE COMPANIES

   One Peer Set Spans Both Ends of the Price Range, with Flight Heritage and Scale Marking the Divide

   Profiles of the five peer companies and where each sits across the price range.

   This peer set spans both ends of the price range, with flight heritage and scale marking the divide between names. We walk through all five approved companies on an EV/Revenue (CY2027E) basis where rated. So the range isn't a scatter of unrelated businesses — it's one group at different stages of the same story.

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   02 · THE COMPANIES One Peer Set Spans Both Ends of the Price Range, with Flight Heritage and Scale Marking the Divide 5 approved companies · EV / Revenue (CY2027E) where rated · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Company descriptions are NeuraCap views grounded in the platform's classification rationale. Launch Vehicles and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 FLY Firefly Aerospace Inc. Enterprise value $3.4B EV/Revenue (CY2027E) 5.0x Revenue growth 56% EBITDA margin n/a Firefly Aerospace Inc. (FLY) sits in the core band at 5.0x and carries the fastest growth estimate of the 4 names with a forward estimate. KRMN Karman Holdings Inc. Enterprise value $5.5B EV/Revenue (CY2027E) 5.8x Revenue growth 28% EBITDA margin 30% Karman Holdings Inc. (KRMN) sits in the core band at 5.8x with the earnings profile of a qualified propulsion and structures supplier. LUNR Intuitive Machines, Inc. Enterprise value $4.6B EV/Revenue (CY2027E) 4.1x Revenue growth n/a EBITDA margin 6% Intuitive Machines, Inc. (LUNR) sits at the bottom of the range, where programme mix and the funded share of work are the first diligence items. RKLB Rocket Lab USA, Inc. Enterprise value $41.3B EV/Revenue (CY2027E) 29.6x Revenue growth 45% EBITDA margin 6% Rocket Lab USA, Inc. (RKLB) sits at the top of the range on 45% forward growth; in this set it is the reference point for an operational vehicle. SPCE Virgin Galactic Holdings, Inc. Enterprise value $409M EV/Revenue (CY2027E) n/a Revenue growth n/a EBITDA margin n/a Virgin Galactic Holdings, Inc. (SPCE) carries no forward estimate in this run, so it appears on the page without a multiple.

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   SECTION 03

   03

   Section divider introducing the public market valuation section.

   Flown hardware holds the top of the range. We turn next to a forward-revenue view of the four names carrying a forward estimate, ranked top to bottom.

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   SECTION 03 03 VALUATION & SITUATIONS Flown Hardware Holds the Top of the Range A forward revenue lens on the 4 names with a forward estimate, ranked from the top of the range to the bottom. 03 of 06 Launch Vehicles and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6

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   03 · PUBLIC MARKET VALUATION

   The One Flown Vehicle Holds the Top of the Range

   Ranking of the four rated companies by EV/Revenue (CY2027E) against the sector median.

   On EV/Revenue (CY2027E), the one flown vehicle in this set holds the top of the range, against a sector median of 5.4x across the four rated names. We use this lens because practitioners price this growth set on revenue, and two of the five names are loss-making on forward EBITDA. So the ranking here is less about who is growing fastest and more about who has already proven the hardware works.

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   03 · PUBLIC MARKET VALUATION The One Flown Vehicle Holds the Top of the Range EV / Revenue (CY2027E) · all 4 rated companies, sorted descending · sector median 5.4x · EV/Revenue is the lens because practitioners price this growth set on revenue and 2 of 5 names are loss-making on forward EBITDA · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (4 of 5 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (4 of 5 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / Revenue (CY2027E) basis. Panel commentary is a NeuraCap view. Launch Vehicles and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7 PREMIUM · median 29.6x CORE · median 5.4x DISCOUNT · median 4.1x Sector median 5.4x WHAT SEPARATES THE TWO ENDS The top end sells flight heritage. The premium end of the range prices at 29.6x forward revenue on a single name, Rocket Lab USA, Inc. (RKLB). That level sits alongside an operational vehicle and contracted work behind the estimate. A forward lens already credits growth. EV / Revenue on CY2027E hands the forecast ramp to the company before the multiple is struck. A premium that survives that treatment is a statement about durability of cadence and conversion, not about the size of the forecast. The bottom end carries programme risk. The discount end prices at 4.1x forward revenue on Intuitive Machines, Inc. (LUNR). Programme concentration, the funded share of the manifest and the mix between firm-fixed-price and cost-reimbursable work are the items that sit alongside that level.

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   03 · VALUATION DRIVERS

   Growth Is Broad in This Set; Margin Is the Line That Divides It

   Comparison of valuation by revenue-growth cohort and by EBITDA-margin cohort.

   Growth is broad across this set, but margin is the line that divides it: Karman Holdings sits at 30% EBITDA margin on 28% revenue growth, while Firefly Aerospace runs at 56% growth. We cut the median EV/Revenue by growth cohort and by margin cohort to see which driver the market is actually paying for. So far, margin looks like the tighter read on where the premium sits.

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   03 · VALUATION DRIVERS Growth Is Broad in This Set; Margin Is the Line That Divides It Median EV / Revenue (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Launch Vehicles and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 Growth Is Widely Shared Across the Rated Names On the 4 names with a forward estimate the set splits at 45% forward growth, with Firefly Aerospace Inc. (FLY) at 56% and Karman Holdings Inc. (KRMN) at 28%. Growth on its own does not separate the names here, so the forward multiple is doing other work. Margin Is the Uncommon Currency in This Market The covered middle sits at 6% EBITDA margin against 30% at Karman Holdings Inc. (KRMN). Qualified, sole-source content on long-running programmes behaves like capital goods earnings, and that profile is associated with the higher margin readings in this set. Funded Backlog Is the Underwriting Gate Practitioners here read a revenue multiple against the manifest behind it: funded task orders and firm-fixed-price work underwrite differently from announced intent. Buyers typically test manifest conversion before they accept a forward revenue figure at face value. Cadence and Unit Cost Are What a Board Controls Flight rate, pad and range throughput, and engine and stage production rate move the unit cost curve; demand conditions move for the whole field at once. In this sector the controllable half of the story is cadence, anomaly exposure and the credibility of the schedule.

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   03 · SITUATION MAP

   Names Priced Above the Middle of This Set Also Sit Above the Middle on Margin

   A situation map cutting the peer set on valuation versus margin against their medians.

   Cutting the set on EV/Revenue against the sector median of 5.4x, and EBITDA margin against the covered median of 6%, names priced above the middle also sit above the middle on margin. This is an observation on the data, not a recommendation. So the situation map gives you a starting point for which names to look at more closely, not a verdict.

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   03 · SITUATION MAP Names Priced Above the Middle of This Set Also Sit Above the Middle on Margin Cut on EV / Revenue vs the sector median (5.4x) (rows) and EBITDA margin vs the covered median (6%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Launch Vehicles and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Priced up and Earning Above-median multiple · above-median EBITDA margin 2 names Rocket Lab USA, Inc. (RKLB) · Karman Holdings Inc. (KRMN) Rocket Lab USA, Inc. (RKLB) and Karman Holdings Inc. (KRMN) sit above the middle of the set on both the forward multiple and EBITDA margin. They arrive there by two different routes: an operational vehicle with growth, and qualified supplier earnings with a long-term agreement book. Priced up, Margin Below the Middle Above-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Earning, Priced Below the Middle Below-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Below on Both Below-median multiple · below-median EBITDA margin 1 names Intuitive Machines, Inc. (LUNR) Intuitive Machines, Inc. (LUNR) sits below the middle on both measures, on the 3 of the 5 names that carry both a forward multiple and a margin. Programme mix, funded backlog and the path to repeatable mission revenue are the items that would move it.

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    03 · THE AGENDA

    Cadence, Qualified Content and Moving up the Stack Mark Three Routes to a Stronger Position

    Three strategic routes for strengthening a company's position in this sector.

    Three routes stand out for strengthening a position in this set: cadence, qualified content, and moving up the stack. We frame these as the questions an owner or acquirer should be resolving, grounded in the cohort data from the prior pages. So the agenda here is operational, not aspirational.

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    03 · THE AGENDA Cadence, Qualified Content and Moving up the Stack Mark Three Routes to a Stronger Position NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Launch Vehicles and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Turn Cadence into Unit Cost Flight rate is the binding constraint on the unit cost curve, and in this set the higher forward multiple sits with the name operating a flown vehicle. Pad and range throughput, stage production rate and reflight turnaround are where that shows up first. What changes the answer: A sustained step-up in flight rate held through a full year without a stand-down. Shift the Manifest Toward Funded Work A forward revenue lens is only as good as the backlog behind it, and buyers here separate funded task orders from announced intent. Mix between firm-fixed-price and cost-reimbursable work also sets how much of the growth reaches the margin line. What changes the answer: Conversion of announced backlog into funded, firm-fixed-price awards with anchor customers. Hold and Extend Qualified, Sole-Source Content The margin ballast in this sector sits in qualified propulsion, structures and subsystem positions on long-running programmes, and that profile is associated with the higher margin reading in the set. It is also the half of the sector the transaction record prices on earnings. What changes the answer: A long-term agreement renewal or a new sole-source qualification on a prime programme. Test Whether Moving up the Stack Is Priced Here Spacecraft, buses and in-space transfer extend a launch business into repeatable delivery revenue rather than one-off missions. With 4 names carrying a forward estimate, the listed set is small, so weigh the move on its own unit economics before reading the comparable companies as a verdict. What changes the answer: Revenue mix shifting measurably toward spacecraft and in-space delivery work.

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    SECTION 04

    04

    Section divider introducing the precedent transactions section.

    The transaction record is thin — six transactions recorded in total, weighted toward qualified supply rather than vehicles. We turn to what those deals actually show.

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    SECTION 04 04 PRECEDENT TRANSACTIONS A Thin Transaction Record, Priced Mostly on Earnings Six transactions recorded in total, weighted toward qualified supply rather than vehicles. 04 of 06 Launch Vehicles and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11

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    04 · DEAL CASE STUDIES

    Precedent Transactions Here Price Qualified Supply on Earnings

    Case studies on precedent transactions priced on earnings multiples.

    Precedent transactions in this space price qualified supply on earnings, with disclosed multiples running from 8.8x to 23.3x LTM at announcement. Several recorded transactions carry data-quality flags, and figures are shown as recorded in the filing. These earnings multiples aren't directly comparable to the CY2027E public basis, and we don't claim a spread between them. So we use the transaction record to sanity-check the listed comparables, not to price them.

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    04 · DEAL CASE STUDIES Precedent Transactions Here Price Qualified Supply on Earnings 1 of 6 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 10 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 4 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Launch Vehicles and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Apr-2014 n/a Alliant Techsystems Inc. acquires Orbital Sciences Corporation EV / LTM revenue n/a EV / LTM EBITDA 9.8x WHY THE DEAL HAPPENED Alliant Techsystems Inc. moved for Orbital Sciences Corporation in Apr-2014; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price.

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    SECTION 05

    05

    Section divider introducing the strategic implications section.

    Cadence, funded work and qualified content are the levers inside an owner's control. We turn next to what the range means for how you run the business.

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    SECTION 05 05 STRATEGIC IMPLICATIONS What the Range Means for How You Run the Business Cadence, funded work and qualified content are the levers inside an owner's control. 05 of 06 Launch Vehicles and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    05 · STRATEGIC IMPLICATIONS

    Value Here Sits with Flown Hardware and Funded Work

    Strategic implications of the valuation range for owners, boards and acquirers.

    Value in this set sits with flown hardware and funded work, not with ambition alone. We lay out the questions this data puts on the table for owners, boards and acquirers over the next twelve months. So the strategic read here follows directly from the valuation evidence, not from a separate thesis.

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    05 · STRATEGIC IMPLICATIONS Value Here Sits with Flown Hardware and Funded Work NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Launch Vehicles and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 FOR OWNERS The Range Rewards Delivery, Not Ambition In this set the higher forward multiples sit with names that have an operational vehicle or qualified content earnings behind the estimate. The operating levers are cadence and unit cost, the funded share of the manifest, and how much revenue sits in firm-fixed-price rather than cost-reimbursable work. FOR BOARDS Concentration Risk Sits Behind the Bottom of the Range Single-vehicle concentration, dependence on one anchor programme and stand-down exposure after an anomaly are the detractors this sector underwrites hardest. Those are addressed through second-vehicle planning, customer mix and the insurance and indemnification position, not through the growth story. FOR ACQUIRERS AND INVESTORS Qualified Supply Is the Financeable Half of This Sector The transaction record here is thin and leans on earnings multiples, which fits propulsion, structures and subsystem assets with long-term agreements more than it fits development vehicles. Export control and national security review sit on the critical path for any change of control and shape both timing and price.

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    SECTION 06

    06

    Section divider introducing the appendix section.

    We close with the full universe, the methodology and the sources behind every figure in this report.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Launch Vehicles and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier

    Full appendix table of public comparables grouped by valuation tier.

    This appendix lists all five approved companies on EV/Revenue (CY2027E), with four rated and one not rated for lack of an eligible multiple. Teal shading marks names above the sector median of 5.4x, amber marks below. So every multiple used in the body traces back to a row on this page.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (5.4x); amber marks below · 4 rated companies; 1 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 4 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Launch Vehicles and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥11.8x · median 29.6x · 1 companies Rocket Lab USA, Inc. RKLB Launch propulsion, structures and subsystem suppliers $41.3B 29.6x 45% 6% 52 CORE — 4.7x–11.8x · median 5.4x · 2 companies Karman Holdings Inc. KRMN Launch propulsion, structures and subsystem suppliers $5.5B 5.8x 28% 30% 58 Firefly Aerospace Inc. FLY Launch propulsion, structures and subsystem suppliers $3.4B 5.0x 56% n/a n/a DISCOUNT — <4.7x · median 4.1x · 1 companies Intuitive Machines, Inc. LUNR Launch propulsion, structures and subsystem suppliers $4.6B 4.1x n/a 6% n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    Full appendix table of precedent transactions with disclosed terms.

    This appendix lists all six transactions with disclosed terms, newest first, out of ten transactions recorded in total. Multiples are LTM at announcement where disclosed, and deal values link to the underlying filing. So the full transaction record is here for anyone who wants to trace a specific deal.

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    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 6 transactions with disclosed terms in this tier (10 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 10 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 4 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Launch Vehicles and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jan-2025 n/a → Intuitive Machines, Inc. $50M 11.8x 8.8x A January 2025 transaction for Intuitive Machines, Inc. (LUNR) is recorded at $50M, 11.8x revenue and 8.8x EBITDA, and the filing leaves the deal value unit unresolved. Treat the multiples as a marker to confirm rather than as a benchmark. Jan-2025 n/a → Rocket Lab USA, Inc. n/a n/a 23.3x An announced January 2025 transaction involving Rocket Lab USA, Inc. (RKLB) is recorded at 23.3x EBITDA. That level sits above the earnings multiples recorded on the older supplier combinations in this record. Mar-2021 Vector Capital → Rocket Lab USA, Inc. $4.6B n/a 23.3x Vector Capital's announced March 2021 transaction for Rocket Lab USA, Inc. (RKLB) is recorded at $4.6B, the largest disclosed value in this record, with the deal value unit unresolved in the filing. It shows financial buyers participating in launch alongside strategic… Sep-2017 Northrop Grumman Corporation → Orbital ATK, Inc. n/a 2.0x 12.1x Northrop Grumman Corporation's announced 2017 transaction for Orbital ATK, Inc. is recorded at 2.0x revenue and 12.1x EBITDA. The earnings multiple sits alongside an established launch propulsion and structures position on long-running prime programmes; the record… Apr-2014 Alliant Techsystems Inc. → Orbital Sciences Corporation n/a n/a 9.8x Alliant Techsystems Inc.'s announced 2014 combination with Orbital Sciences Corporation is recorded at 9.8x EBITDA. It sits at the lower end of the earnings multiples in this record, close to the later Orbital ATK, Inc. transaction. n/a CEO & CTO of Astra Space, Inc. → Astra Space, Inc. n/a 2.6x n/a The record shows the CEO & CTO of Astra Space, Inc. as the acquiring party for Astra Space, Inc., at 2.6x revenue, with the deal value unit unresolved. That level sits near the bottom of the revenue multiples in this record.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Methodology page describing sources, assumptions and data quality.

    This page sets out how the report was built: the valuation basis, what was excluded, and where every underlying disclosure lives. Every figure in this report links to the record it was taken from. So the methodology is fully traceable, not a black box.

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    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Launch Vehicles and Services Coverage | September 2026 | Confidential | Not investment advice 18 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2027E consensus (4 of 5 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (4 of 5 companies), so this report follows it. EV / Revenue on CY2027E is the lead convention: it is the sector-appropriate prior for Launch Vehicles and Services and it clears the coverage gate with 4 of 5 companies (80%). No secondary cross-check clears its own gate. A revenue lens is used rather than a profit multiple because the set is not consistently profitable on a forward basis (2 of 5 names with a meaningful EBITDA). DATA QUALITY & EXCLUSIONS 28 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 175 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (174) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set, the Top of the Range Sits with the Vehicle That Has Flown.

    Closing slide restating that the top of the range sits with flown hardware.

    In this set, the top of the range sits with the vehicle that has flown. The companion tables beside this deck carry the full universe and source index for any figure you want to trace further.

    Everything on this page

    In This Set, the Top of the Range Sits with the Vehicle That Has Flown. NeuraCap AI — Launch Vehicles and Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Launch Vehicles and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19

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