Space stocks have taken a beating over the last couple of months following the SpaceX IPO. Companies like Rocket Lab dropped 50%, while Redwire and Intuitive Machines fell around 70%. SpaceX itself hit $211 before dropping back to $140. The US Space Force just announced a $981 million contract shared across 15 companies over 10 years. It sounds big, but it only breaks down to about $6.5 million a year per company on average. That is not really enough to move the needle for most of these businesses. Valuations are also still high. The average price-to-sales ratio in the sector is around 65. Even taking out the extreme outliers like AST SpaceMobile and Virgin Galactic, it is still near 20. The sector is not cheap enough right now to guarantee a bounce back.