The Weekly Close is SpaceQ’s new weekly column on the public space economy published every Friday on the Canadian and U.S. companies, contracts and capital moving the sector. Each issue tracks the SpaceQ Canadian Space Index alongside sector benchmarks, the week’s biggest movers and a look at what’s coming up next week. Full details on how the index is built are on the methodology page.
This debut issue covers the week ended Sept. 4, 2026 but does not include all the new features. Additional news, context and data will be added in the coming weeks. Today’s first post sets the index’s baseline.
Calian’s week
Calian Group rose 7.2 per cent to $78.29, the week’s largest gain among the nine Canadian public companies SpaceQ tracks. The Ottawa company that builds satellite ground systems and trains soldiers has now risen 42.5 per cent since the start of the year.
The gain followed a cluster of analyst price-target increases. RBC Capital raised its target to $105 from $90, and CIBC’s Stephanie Price raised hers twice, to $93 and then to $107, keeping an Outperformer rating throughout. Both cited confidence in Calian’s business mix and its ability to execute on its pipeline.
Telesat followed with a 4.2 per cent gain to $62.14. The Ottawa satellite operator building the Lightspeed low-Earth-orbit broadband constellation has risen 57.0 per cent year to date, second among the nine to Magellan Aerospace’s 78.3 per cent.
C-COM Satellite Systems added 2.3 per cent to 90 cents, MDA Space gained 1.8 per cent to $40.84, and Magellan Aerospace rose 0.4 per cent to $32.90.
MDA’s supplier ambition
MDA Space wants to grow into what chief executive Mike Greenley floated as a possible $10-billion-a-year company, SpaceQ reported Sept. 2. Getting there, he said, means deliberately growing a handful of Canadian suppliers into billion-dollar companies of their own.
The Brampton, Ont., company that builds robotics, satellite systems and geointelligence hardware — Canadarm through Canadarm3, prime contractor on the RADARSAT Constellation Mission, and prime on Globalstar’s 17-satellite replenishment order — rose 1.8 per cent for the week. It has gained 53.3 per cent since the start of the year.
Maritime’s extended deadline
Maritime Launch Services and Isar Aerospace have given themselves until Sept. 15 to finish the statement of work for a dedicated launch complex at Spaceport Nova Scotia, SpaceQ reported Sept. 2, two weeks past the Sept. 1 deadline the companies had set. The terms already announced include handing the designated pad to Isar by Nov. 1, completing further spaceport infrastructure by the end of 2027, and first orbital launches still targeted for 2028.
Maritime fell 3.5 per cent to 41 cents, the second-steepest decline of the week. The Halifax-based developer of the Canso, N.S., spaceport, which now leases the launch pad to the Department of National Defence, has still risen 46.4 per cent year to date.
The decliners
Four of the nine fell. Baylin Technologies dropped 4.0 per cent to 24 cents, the week’s steepest decline, and closed a cent above its 52-week low. Intermap Technologies lost 1.0 per cent to 98 cents, also near the bottom of its range, and 5N Plus slipped 0.3 per cent to $25.54.
The index arrives
The SpaceQ Canadian Space Index opens at 100.00, its base value, set at the close of Sept. 4, 2026. It is an equal-weighted editorial measure of nine publicly traded Canadian space-economy companies to start, and its first weekly reading comes with the next issue.
It starts against a flat backdrop: the S&P/TSX Composite fell 0.1 per cent on the week, the S&P 500 gained 0.1 per cent, and the Procure Space ETF dropped 0.6 per cent.
U.S. round-up
U.S. space stocks split more sharply than Canada’s did: five of the eight names in this week’s round-up fell. Viasat led the gainers with an 11.8 per cent rise, AST SpaceMobile added 7.3 per cent and SpaceX rose 4.6 per cent.
Karman Holdings led the declines, down 12.3 per cent. The Dallas-based aerospace and defence manufacturer builds structural and propulsion hardware for missiles, satellites and launch vehicles, supplying customers including Lockheed Martin, Northrop Grumman and NASA, and has traded on the NYSE only since a $506-million IPO in February 2025. Short seller J Capital published a report Sept. 2 questioning its cash flow and internal controls, arguing its acquisition-heavy growth has produced assets repeatedly written down as “not material” despite high purchase prices, and that its valuation, about 28 times adjusted EBITDA, runs well above sector peers. Karman had not formally responded as of the week’s close.
Planet Labs fell 9.3 per cent even after topping estimates in its Sept. 3 earnings report, which showed revenue up 58 per cent and the company’s first quarterly profit on an adjusted basis. Investors focused instead on third-quarter guidance of $101 million to $105 million, short of the $114 million analysts expected, and on backlog growth that slowed to 11 per cent year over year.
BlackSky fell 13.5 per cent and Spire Global, which owns the former exactEarth Ltd. of Cambridge, Ont., fell 9.0 per cent. Rocket Lab slipped 0.2 per cent.
Number of the week
78.3 per cent Magellan Aerospace’s gain since the start of the year, the strongest among the nine Canadian companies SpaceQ tracks.
The board
| Company | Ticker | Close, Sept. 4 | Week | YTD | 52-week range |
|---|---|---|---|---|---|
| Calian Group | CGY | $78.29 | +7.2% | +42.5% | 71% |
| Telesat | TSAT | $62.14 | +4.2% | +57.0% | 59% |
| C-COM Satellite Systems | CMI | $0.90 | +2.3% | +11.1% | 40% |
| MDA Space | MDA | $40.84 | +1.8% | +53.3% | 42% |
| Magellan Aerospace | MAL | $32.90 | +0.4% | +78.3% | 63% |
| 5N Plus | VNP | $25.54 | -0.3% | +44.1% | 33% |
| Intermap Technologies | IMP | $0.98 | -1.0% | -47.0% | 3% |
| Maritime Launch Services | MAXQ | $0.41 | -3.5% | +46.4% | 55% |
| Baylin Technologies | BYL | $0.24 | -4.0% | -7.7% | 7% |
The SpaceQ Canadian Space Index is an equal-weighted editorial measure of Canada’s publicly traded space-economy companies, with a base of 100.00 at the close of Sept. 4, 2026. Full methodology (v1.0). The SpaceQ Canadian Space Index is an editorial measure published by SpaceQ for journalistic purposes. It is not an investable index, not a financial benchmark, and nothing in it constitutes investment advice.
Source: Yahoo Finance Canada. Figures are as of the close of Sept. 4, 2026.