OHB Shares Whipsaw as SpaceX’s $1.75 Trillion IPO Blocks a Billion-Euro Placement – AGM Looms

The Bremen-based space group OHB finds itself caught between a thumping operational performance and a market that has turned jittery over a stalled share sale. Plans to place roughly 20 percentage points of KKR’s 29% stake were put on ice earlier this month after SpaceX announced a blockbuster initial public offering slated for mid-June, valuing the US rival at $1.75 trillion. An emission of that magnitude sucks up capital and media attention, threatening to leave smaller placements such as OHB’s nursing valuation discounts.

The decision to postpone came even though the transaction was deep in the pipeline. A syndicate of banks — Jefferies, UniCredit, Deutsche Bank, Goldman Sachs and JPMorgan — had already been mandated, with Berenberg and Commerzbank lined up for additional support. KKR had sought to cut its holding to roughly 9%, raising the free float from a wafer-thin 6% to about 26%. That would have improved liquidity and dampened the wild swings that have lately become the stock’s hallmark.

Those swings were on full display last week. On Friday the stock closed on Xetra at €442.50, down 5.25% on the day after ranging from €420.50 to €477.50. Just a day earlier it had surged 4.24% to €467.00, following a 4.47% rise on Wednesday to €448.00. The mid-week spread between the session’s high and low exceeded €100, a clear signal that thin market breadth is making the shares highly reactive to relatively small order flows. Friday’s turnover of just 14,873 shares underscores the point.

The market’s anxiety stands in stark contrast to the underlying business. In the first quarter of 2026 total output jumped 15% year on year to €279.3 million. Adjusted EBITDA climbed 37% to €27.3 million, while net income attributable to shareholders reached €9.894 million, or €0.52 per share. The order book swelled to a record €3.354 billion at the end of March, 45% above the prior year’s level, with the bulk housed in Space Systems. That backlog provides multi-year revenue visibility.

Should investors sell immediately? Or is it worth buying OHB SE?

Management stuck to its medium-term targets despite the postponed placement. Full-year 2026 output is seen at €1.4 billion, with the €2 billion mark targeted for 2028. The next major operational milestone is the maiden flight of the RFA ONE rocket, expected this summer, which sits at the heart of OHB’s “Access to Space” strategy.

With the share sale on hold, the immediate focus shifts to the annual general meeting on 8 June, to be held virtually at 10:00 MESZ. Shareholders must register by 1 June, with statements on agenda items due the following day. Proxies and intermediary instructions can be submitted until 7 June.

The AGM will vote on a dividend of €0.60 per share, payable on 11 June if approved. Also on the table is a stock option plan for up to 576,447 options for board members, executives and staff, to be serviced by conditional capital of the same amount — capped at 3% of the share capital. The Fuchs family, which controls 65% of voting rights, is expected to back both proposals.

OHB SE at a turning point? This analysis reveals what investors need to know now.

For now the stock remains hostage to the uncertainty around the placement. The next hand will be played by the market’s ability to look past the SpaceX distraction and focus on the operational story — but with a free float still under 10%, volatility is likely to persist until a new window for the KKR sale opens.

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