Jon Najarian and Banyan Hill Publishing’s The Market Rebel Report are pushing the “Buy This Microcap” and “#1 Backdoor Play.” We identify the company behind it.
One promotion, several names — all of them point to the same pitch, and the same stock.
“Buy This Microcap… Before Elon Acquires It — Jon Najarian” is the headline Jon Najarian fronts for Banyan Hill Publishing’s paid Market Rebel Report. The report is sold as “Elon’s $40 Trillion AI Revolution: The #1 “Backdoor” Play to Buy Now.”
The pitch promises a tiny company tied to Elon Musk, SpaceX and the next AI boom, with a supposed acquisition catalyst. It gives December 8, 2026 as the deadline.
The stock is identified below. Our confidence is high, at 93 out of 100.
The giveaway is an unusually specific bundle: a SpaceX Starlink supplier, E-band hardware, an FCC approval followed roughly six weeks later by a first contract, a SpaceX warrant for up to 15% of the company, and a headquarters expansion designed to support more than $250 million in annual revenue. Add a stock price below $25, a market value below $1 billion and a listing outside the NYSE and Nasdaq, and the field gets very small.
The same idea is also branded as “Buy This Microcap” and “The #1 “Backdoor” Play.” Those are different labels for the same pitch, not separate discoveries.
The headline stock is Filtronic plc, traded in the United States as FLTCF. The clues converge sharply on Filtronic, especially the SpaceX relationship and the 15% warrant structure.
Filtronic’s FY2025 results presentation says the SpaceX partnership includes warrants for up to 15% of its share capital. Its company releases describe a first $19.7 million E-band SSPA order, followed by additional orders, while Filtronic materials quote Starlink Engineering Vice President Mike Nicolls calling it an outstanding supplier. The timing lines up too: the FCC authorized SpaceX to use E-band frequencies on March 8, 2024, and Filtronic announced its first SpaceX agreement 47 days later.
Two bonus report titles point to possible secondary matches, but the evidence is thinner. “The Next SpaceX: The #1 Stock To Ride Elon’s Next Wealth Wave” most plausibly refers to Rocket Lab, or RKLB, while “Elon’s Infinite Power Grid: The Tiny Company Powering the AI Energy Revolution” appears to point to Solaris Energy Infrastructure, or SEI. Those are guesses, not answers on the same footing as Filtronic.
The offer bundles 2 bonus reports that tease their own stocks. These get a sentence or two of copy each, so the evidence is much thinner than for the main pick and what follows is our best reading rather than a confident answer.
| Bonus report | Our best guess | Confidence |
|---|---|---|
| The Next SpaceX: The #1 Stock To Ride Elon’s Next Wealth Wave | RKLB — Rocket Lab Corporation | 74/100 — solid |
| Elon’s Infinite Power Grid: The Tiny Company Powering the AI Energy Revolution | SEI — Solaris Energy Infrastructure, Inc. | 32/100 — best guess |
The claim-by-claim table below separates the clues that survive the filings from the numbers the promotion stretches. It also distinguishes a genuine company connection from a comparison that cannot be checked because SpaceX is private.
The strongest evidence comes from Filtronic’s FY2025 results presentation, its regulatory announcements, FCC records and the company’s own product materials. The Solaris and Rocket Lab checks draw on their SEC filings, investor-relations materials and institutional ownership reports.
| The promotion claims | Verdict | What we found |
|---|---|---|
| Filtronic's SpaceX arrangement gives SpaceX rights to acquire roughly 15% of the company | Checks out | Filtronic's FY2025 results presentation says the SpaceX partnership includes share warrants for up to 15% of its share capital, while its 2025 RNS describes the additional 5% warrant tranche. |
| Filtronic has earned more than $145 million in SpaceX revenue | Contradicted | Filtronic's reported FY2025 revenue was £56.3 million; its releases describe announced SpaceX orders totaling about $150.3 million, but the $19.7 million, $62.5 million, and $68.1 million figures are orders rather than recognized revenue, with the latest order expected to be fulfilled in FY2028. |
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The promotion says the deadline is December 8, 2026. We received it on one day so far, October 29, 2026, so the record is too thin to judge whether that date rolls.
No separate checkable event is attached to the date in the material reviewed. For now, it’s a stated marketing deadline, not an established earnings date, regulatory decision or other corporate milestone.
This is the second Jon Najarian pitch we’ve identified. His earlier “Infinite Power” promotion pointed to Solaris Energy Infrastructure, which was up 28.2% since we revealed it.
That same company appears again here under the “Elon’s Infinite Power Grid” bonus title. One prior result is useful context, but it isn’t a meaningful performance record by itself.
Elon’s AI-and-space buildout will create a huge demand wave, SpaceX needs this supplier, and buying now gets you in before an acquisition. That’s the chain the promotion is selling.
The supplier link is real. Filtronic does have a SpaceX E-band relationship, a Starlink endorsement and warrants covering up to 15% of its share capital. But a warrant is not an announced acquisition. The revenue claim also takes a shortcut: Filtronic reported £56.3 million of FY2025 revenue, while the roughly $150.3 million figure refers to announced orders, with the latest order expected to be fulfilled in FY2028. An order book isn’t cash already through the door.
The bonus names share the broad Musk, space and AI theme, but they aren’t interchangeable. Rocket Lab genuinely builds spacecraft, satellite systems and solar arrays, yet the claim that it is 42 times smaller than SpaceX can’t be verified because SpaceX is private. Solaris has a real contract for more than 500 megawatts of equipment for AI data centers, but its filings don’t identify SpaceX, Elon Musk or an orbital-computing project as a customer or partner. It also isn’t a tiny company by the promotion’s standard.
On the merits, Filtronic is the only name with the distinctive direct-supplier evidence behind the central thesis, and its reported revenue growth and new capacity make the business worth examining on its own terms. Rocket Lab is a broader space-infrastructure story, while Solaris is an AI-power infrastructure story. As a group, they’re a theme bundle, not one clean acquisition trade. The filings support a real Filtronic-SpaceX relationship. They don’t support the leap from supplier to imminent takeover.
How confident are we? 93 out of 100. We identified Filtronic plc (FLTCF) from the promotion's own clues and checked 26 of its claims against filings, earnings calls, ownership records, market data and public reporting. This is our analysis, not the publisher's disclosure — we have no relationship with them.
Knowing which stock it is only gets you halfway. We score FLTCF on valuation, profitability, growth, financial health and momentum — and reach our own conclusion, independent of how it was sold to you.
See the FLTCF data →Independent of the promotion — our own numbers, score and analysis.
Everything we track on FLTCF in one place — the TickerSpark Score, price charts, key financials, and our latest coverage.
| SpaceX signed its first Filtronic contract about six weeks after FCC E-band approval | Checks out | The FCC authorized SpaceX to use E-band frequencies on March 8, 2024, and Filtronic announced its initial $19.7 million SpaceX E-band SSPA agreement on April 24, 2024, 47 days later. |
| SpaceX publicly called Filtronic an outstanding supplier for Starlink | Checks out | Filtronic's FY2025 results presentation and Cerus product materials quote Starlink Engineering Vice President Mike Nicolls calling Filtronic an outstanding supplier for Starlink. |
| Filtronic's new headquarters can support over $250 million in annual revenue | Checks out | Filtronic said its new 44,000-square-foot Sedgefield headquarters and manufacturing facility gives it capacity to support more than £200 million in annual revenue, approximately $250 million depending on exchange rates. |
| Filtronic revenue is up over 250% | Overstated | Filtronic's official FY2025 results show revenue rising 121% year over year, from £25.4 million to £56.3 million; even the FY2023-to-FY2025 increase was about 245%, not more than 250%. |
| Filtronic has been perfecting E-band technology for over a decade | Checks out | Filtronic's E-band white paper describes the core technology as having been developed through over ten years of optimization and innovation, and its company materials mark ten years of E-band transceiver manufacturing. |
| FLTCF trades below $25 per share | Checks out | FLTCF traded at about $3.20 per share on the OTC market, well below the promoted $25 ceiling. |
| Filtronic's market capitalization is below $1 billion | Checks out | Filtronic's market capitalization was approximately $0.7 billion, below the promotion's $1 billion threshold. |
| Filtronic is publicly traded outside the NYSE and Nasdaq | Checks out | FLTCF is quoted on the OTC Pink market, while Filtronic's primary UK listing is on AIM; it is not listed on the NYSE or Nasdaq. |
| Rocket Lab builds satellites and spacecraft systems | Checks out | Rocket Lab's corporate description and 2024 10-K describe spacecraft design, satellite manufacturing, spacecraft components, and space-systems solutions. |
| Rocket Lab provides orbital infrastructure and on-orbit services | Checks out | Rocket Lab's corporate materials describe on-orbit management and constellation-management services, supported by ground-station infrastructure and spacecraft systems. |
| Rocket Lab builds solar arrays | Checks out | Rocket Lab's 2025 10-K describes vertically integrated solar cells, coverglass-interconnected cells, panels, and solar-array products, and its company materials describe complete solar-array wings. |
| Rocket Lab is 42 times smaller than SpaceX | Can't verify | Rocket Lab's market capitalization was about $32.3 billion, but SpaceX is private and has no comparable live quote or valuation in the available public-market records, so the 42-times comparison cannot be verified here. |
| BlackRock is positioned in Rocket Lab | Checks out | BlackRock's latest reported institutional position included approximately 40.6 million Rocket Lab shares. |
| Vanguard is positioned in Rocket Lab | Checks out | Vanguard entities appeared among Rocket Lab's largest institutional holders, with more than 52 million shares combined in the reported holdings. |
| JPMorgan is positioned in Rocket Lab | Checks out | JPMorgan Chase appeared among Rocket Lab's largest institutional holders with approximately 13.8 million shares. |
| State Street is positioned in Rocket Lab | Checks out | State Street appeared among Rocket Lab's largest institutional holders with approximately 14.4 million shares. |
| Bank of America is positioned in Rocket Lab | Checks out | Recent SEC-based institutional ownership reports identified Bank of America with approximately 4.5 million Rocket Lab shares. |
| Solaris is a tiny company | Overstated | Solaris's market capitalization was approximately $4.6 billion in the latest quote, while its core valuation record showed about $7.1 billion; that is well above the usual microcap or tiny-company range. |
| Solaris is publicly traded | Checks out | Solaris's investor-relations FAQ states that its stock trades on the New York Stock Exchange under the symbol SEI. |
| Solaris supplies modular power-generation and distribution infrastructure | Checks out | Solaris's 2025 Form 10-K describes power-generation, control, and distribution solutions, while its company materials describe modular and scalable power infrastructure. |
| Solaris is positioned to meet near-term AI data-center power needs | Checks out | Solaris markets power solutions for hyperscaler AI workloads, and its 2025 Form 10-K describes flexible, on-demand power infrastructure for data-center customers. |
| Solaris contracted to provide more than 500 megawatts for AI data centers | Checks out | Solaris's February 13, 2026 8-K says its subsidiary agreed to provide more than 500 megawatts of power-generation equipment for artificial-intelligence computing needs at data centers. |
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