The SpaceQ Canadian Space Index rose 1.6 per cent to 103.17 this week. It’s the first issue with enough history to chart how the index has moved since its Sept. 4 launch.
The equal-weighted editorial measure of Canada’s publicly traded space-economy companies outpaced the S&P/TSX Composite, which was unchanged for the week; the S&P 500 rose 1.2 per cent and the Procure Space ETF rose 0.8 per cent. Four of the nine tracked companies beat the flat TSX: 5N Plus, MDA Space, Magellan Aerospace and Calian Group.
5N Plus leads Canadian gainers
5N Plus rose 13.3 per cent to $29.89, the week’s largest gain among Canadian space-economy companies, in a week when it announced plans Sept. 22 to expand its St. George, Utah production facility by 50 per cent. The expansion builds on a $US 7.3-million (about $10.3-million CAD) U.S. defence award the company received earlier this month to establish domestic production of gallium arsenide, a specialty semiconductor material used in advanced sensing and other defence technology. The Montreal specialty semiconductor and performance-materials maker, which reported second-quarter revenue of $US 122.4 million (about $172.6 million CAD) on Aug. 3, has gained 68.7 per cent year to date.
MDA Space rose 6.0 per cent to $44.58 in a week when SpaceQ reported Sept. 23 the Toronto Stock Exchange had approved the company’s plan to buy back as much as 5 per cent of its own stock over the next year. MDA also became the Denver Broncos’ first official space partner, SpaceQ reported Sept. 25, a year after the company struck a similar sponsorship with the Ottawa Senators. MDA, which reported second-quarter revenue of $498.6 million on Aug. 7, has gained 67.3 per cent year to date and sits 51 per cent into its 52-week range.
The board
| Company | Ticker | Close, Sept. 25 | Week | YTD | 52-week range |
|---|---|---|---|---|---|
| 5N Plus | VNP | $29.89 | +13.3% | +68.7% | 43% |
| MDA Space | MDA | $44.58 | +6.0% | +67.3% | 51% |
| Magellan Aerospace | MAL | $34.87 | +4.0% | +89.3% | 71% |
| Calian Group | CGY | $82.77 | +2.7% | +50.7% | 81% |
| Telesat | TSAT | $68.14 | -0.5% | +72.2% | 67% |
| Intermap Technologies | IMP | $0.89 | -1.1% | -51.9% | 2% |
| Maritime Launch Services | MAXQ | $0.43 | -2.3% | +53.6% | 58% |
| C-COM Satellite Systems | CMI | $0.83 | -3.5% | +2.5% | 12% |
| Baylin Technologies | BYL | $0.22 | -4.3% | -15.4% | 0% |
Magellan Aerospace rose 4.0 per cent to $34.87, extending the year’s best performance among tracked companies to 89.3 per cent. The Mississauga, Ont., aerospace manufacturer sits 71 per cent into its 52-week range.
Calian Group rose 2.7 per cent to $82.77 and sits 81 per cent into its range. Calian, which reported third-quarter revenue of $230.4 million on Aug. 13, raised its fiscal 2026 guidance to revenue growth in the mid-teens and adjusted EBITDA growth in the low 20 per cent range.
The decliners
Baylin Technologies fell 4.3 per cent to 22 cents, the week’s steepest decline, and sits at its 52-week low. The Toronto wireless technology company has fallen 15.4 per cent year to date. C-COM Satellite Systems fell 3.5 per cent to 83 cents and sits 12 per cent into its 52-week range. The Ottawa maker of auto-pointing mobile satellite antennas has gained 2.5 per cent year to date.
Maritime Launch Services fell 2.3 per cent to 43 cents. The company, which leases its Spaceport Nova Scotia launch pad to the Department of National Defence, reported second-quarter revenue of $5.6 million on Aug. 14 and has gained 53.6 per cent year to date.
Intermap Technologies fell 1.1 per cent to 89 cents and sits 2 per cent into its 52-week range, near its low. Intermap is headquartered in Englewood, Colo., but qualifies for the index on its Toronto Stock Exchange listing; the company has also agreed to acquire the remaining shares of PCI Geomatics, a Markham, Ont., satellite-imagery software developer, a cash deal expected to close by the end of September. Intermap has fallen 51.9 per cent year to date, the worst performance among tracked companies.
Telesat fell 0.5 per cent to $68.14 in a week when it appeared in three SpaceQ stories on international space cooperation. Canada and Norway said Sept. 20 their space agencies have finalized a cooperation agreement, and Canada and France directed their space agencies and defence ministries the same day to develop and share space-launch and ground infrastructure. Britain’s new space strategy, which SpaceQ covered Sept. 22, will put more than £7.8 billion (about $14.6 billion CAD) behind two goals — defence and national security, and growth of the UK economy. Telesat, which reported second-quarter revenue of $79.5 million on Aug. 13, has gained 72.2 per cent year to date.
Number of the week: 328 million
SpaceX freed about 328 million shares for potential sale Sept. 24, the latest scheduled lockup expiration since its June IPO. Combined with a $US 52-million share sale disclosed by president Gwynne Shotwell, the news weighed on SPCX shares, which fell 2.6 per cent for the week.
Firefly tops U.S. movers
Thirteen of 19 U.S. space-economy companies rose, six fell.
Firefly Aerospace rose 16.2 per cent, the largest gain, in a week when it completed a cleanroom expansion at its Cedar Park, Texas, campus that is four times larger than the original, funded by a Texas Space Commission grant; the company said the combined facility can support up to 12 lunar landers and orbital vehicles at once.
Rocket Lab rose 14.5 per cent after Iridium Communications shareholders voted Sept. 24 to approve Rocket Lab’s acquisition of the company, with about 99.6 per cent of votes cast in favour.
Intuitive Machines rose 12.1 per cent after a Cantor Fitzgerald analyst reiterated an overweight rating and $US 32 price target Sept. 21, citing the company’s delivery of a satellite to SiriusXM through its Lanteris acquisition.
Redwire rose 8.2 per cent after Space Systems Command selected it Sept. 24 as one of 15 vendors on a $US 980-million (about $1.4-billion CAD) multi-award contract for space-test infrastructure work, which carries no guaranteed revenue.
SpaceX fell 2.6 per cent ahead of a Sept. 24 lockup expiration that freed about 328 million shares for potential sale, the latest in a series of scheduled unlocks since its June initial public offering. The company’s president and chief operating officer, Gwynne Shotwell, also disclosed plans around the same time to sell 342,170 shares, worth about $US 52 million (about $73.3 million CAD), under a trading plan adopted in June.
Comtech fell 7.3 per cent. Viasat fell 4.4 per cent despite winning its first task order Sept. 23 under a $US 307-million (about $432.9-million CAD) ceiling contract with the U.S. Marine Corps for multi-orbit connectivity. EchoStar fell 3.6 per cent.
Voyager Technologies fell 12.6 per cent, the steepest decline, after pricing a $US 350-million (about $493.5-million CAD) offering of convertible senior notes due 2032 on Sept. 23, expandable to $US 402.5 million (about $567.5 million CAD); investors weighed the added debt load. Voyager, which reported second-quarter revenue of $US 52.7 million (about $74.3 million CAD) on Aug. 3, had raised its fiscal 2026 revenue guidance at the time to $US 275 million to $US 305 million (about $387.8 million to $430.1 million CAD) from the prior $US 230 million to $US 255 million (about $324.3 million to $359.6 million CAD).
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. 25, 2026.