A broad space selloff left Texas Instruments the lone gainer, with Karman Holdings down double digits on a short-seller report.

This was a risk-off session for the whole vertical, and it showed in the leaderboard: the only gainer was Texas Instruments (TXN), up 1.0% to $261.59 on the rad-hard-silicon chokepoint — the radiation-hardened analog and processing parts that qualify for orbit — a defensive, large-cap tick rather than a catalyst, and telling precisely because nothing else in the basket was green.

The laggard carried real news. Karman Holdings (KRMN) fell 11.3% to $35.22 on the propulsion-propellants chokepoint after J Capital published a short thesis on its Substack, questioning the company's acquisitive strategy and its disclosure of acquired assets as immaterial despite high prices. The move extended an already-brutal stretch — the stock had fallen for roughly ten straight sessions into early September — and it is a reminder that the propulsion node, structurally scarce as it is, still trades on balance-sheet and governance scrutiny like any roll-up.

The selling was broad and hit the small- and mid-cap names hardest. Viasat (VSAT) dropped 6.9% to $72.36 on the ground-segment and optical-terminals chokepoints, Satellogic (SATL) fell 6.7% to $4.99 on earth observation, and AST SpaceMobile (ASTS) lost 5.6% to $62.42 on the direct-to-device ground-segment line. The launch and manufacturing names were not spared — Rocket Lab (RKLB) eased 4.3% to $63.07 across its launch and propulsion chokepoints, and the SpaceX tracking vehicle (SPCX) fell 3.9% to $147.55. With no single sector catalyst, the read is a de-risking day in a high-beta complex rather than a chokepoint-specific break.

The calendar gives the basket near-term tests. Planet Labs (PL) reports fiscal-Q2 on Sept 14, the first earth-observation print of the cycle, and Astroscale's APS-R Space Force refueler is slated to launch to GEO around Sept 15 — a live demonstration of the on-orbit-servicing thesis. SDA Tranche 2 Transport Layer launches began Sept 1 and should keep feeding the optical-terminal demand wave. Further out, Rocket Lab's Neutron medium-lift maiden flight is targeted for the Q4 window, and SpaceX's full 180-day IPO lockup expires Dec 9 — the supply event the SPCX line will price into year-end.