Rocket Lab Stock Is Up 330% Over the Past Year. The SpaceX IPO Threatens to Rock the Boat.

Long before the possibility of a public listing for SpaceX became a reality, investors looking to tap into the rapidly expanding space economy often turned to Rocket Lab Corporation (RKLB). The appeal was easy to understand. With its Electron rocket, currently the second-most-frequently launched U.S. rocket each year, Rocket Lab has established itself as an early leader in the commercial space industry. And that leadership could strengthen even further with the upcoming launch of Neutron, its next-generation rocket designed to carry much larger payloads into low Earth orbit.

However, the landscape for space stocks could soon become much more interesting. With SpaceX reportedly set to go public this month, Rocket Lab may no longer be the only pure-play option for investors seeking exposure to the sector. Elon Musk’s SpaceX IPO is expected to be the largest public offering in both U.S. and global history, with reports suggesting the company aims to raise around $75 billion at a staggering valuation of roughly $1.75 trillion to $2 trillion. That would instantly make the space and AI giant one of the world’s most valuable companies.

According to reports, the stock is expected to begin trading on the Nasdaq under the ticker SPCX on Friday, June 12. While Rocket Lab has long enjoyed a dominant position as one of the few publicly traded leaders in the commercial space industry, SpaceX’s highly anticipated market debut is likely to capture enormous investor attention and could reshape the conversation around the sector. With that backdrop, it may be the perfect time to take a closer look at RKLB stock.

About Rocket Lab Stock

Founded in 2006, Rocket Lab has grown into a fully integrated space company with a proven track record of mission success. The company provides a broad range of services, including launch operations, satellite manufacturing, spacecraft components, and on-orbit management solutions, all aimed at making access to space faster, simpler, and more cost-effective.

Headquartered in Long Beach, California, Rocket Lab designs and manufactures the Electron small orbital launch vehicle, a family of flight-proven spacecraft, and is currently developing the larger Neutron rocket, which is designed to support constellation deployments and heavier payload missions. Since its first successful orbital launch in January 2018, Electron has become the second most frequently launched U.S. rocket each year, carrying more than 200 satellites into orbit for both private and government customers.

Those missions have supported a wide range of applications, including national security, scientific research, space debris mitigation, Earth observation, climate monitoring, and communications. Beyond commercial launches, Rocket Lab’s spacecraft have also been selected for several high-profile exploration programs, including NASA missions to the Moon and Mars, as well as the world’s first private commercial mission to Venus.

To support its growing launch cadence, the company currently operates three launch pads across two launch sites, including two pads at its private orbital launch complex in New Zealand and a third launch facility in Virginia. Currently valued at approximately $66.38 billion, Rocket Lab has been one of Wall Street’s biggest success stories, delivering extraordinary returns as investor enthusiasm for the space economy has soared. 

However, after such a blistering run, the stock has recently encountered a bout of profit-taking. RKLB shares slid nearly 7% on June 3 as a broad selloff swept across aerospace and defense stocks along with many of the market's biggest space-related stocks, with investors locking in gains after the sector’s remarkable rally. The weakness has extended over the past week, with Rocket Lab shares falling 18.21%, weighed down by a combination of profit-taking and growing anticipation surrounding the highly anticipated SpaceX IPO. 

Even so, the recent pullback does little to overshadow the stock’s exceptional long-term performance. Over the past 12 months, Rocket Lab has surged an eye-catching 350%, dramatically outpacing the broader S&P 500 Index ($SPX), which gained 27.25% over the same period. The momentum has remained strong in 2026, with RKLB climbing an impressive 73.55% year-to-date (YTD), compared to the broader market’s 11% advance. While the stock’s latest decline has cooled some of the excitement, Rocket Lab remains one of the strongest-performing names in the booming space sector.

Rocket Lab’s Q1 Earnings Snapshot

Rocket Lab delivered a landmark fiscal first-quarter 2026 performance on May 7, comfortably surpassing both its own guidance and Wall Street expectations. The aerospace company generated a record $200.3 million in quarterly revenue, up an impressive 63.5% year-over-year (YOY), marking the first time in its history that quarterly sales have crossed the $200 million mark. The result came in well ahead of analysts’ expectations of $190.9 million, highlighting the company’s strong execution and rapid scaling across its core businesses.

The quarter showcased Rocket Lab successfully evolving beyond being just a launch provider into a diversified space infrastructure company. Its Space Systems division, which includes satellite manufacturing, spacecraft components, and payload solutions, led the way by generating $136.7 million in revenue, a 57.1% increase from a year earlier. Meanwhile, the Launch Services segment contributed $63.7 million, climbing an impressive 79% YOY, thanks to a steady launch cadence. 

Profitability moved in the right direction, reflecting the benefits of Rocket Lab’s vertical integration strategy and growing operational scale. The company reported a record GAAP gross margin of 38.2%, exceeding its own guidance, while non-GAAP gross margin reached an impressive 43%. Although Rocket Lab remains in a growth-focused investment phase and continues to post GAAP losses, it significantly narrowed its net loss to $0.07 per share, compared with a loss of $0.12 per share in the prior-year quarter. 

The bottom line came in slightly better than Wall Street’s expected loss of $0.08 per share. Perhaps the biggest highlight from the report was the sharp acceleration in future demand. Rocket Lab ended the quarter with a record $2.2 billion backlog, representing a 20.2% sequential increase and an extraordinary 108% jump from a year ago. The growth was fueled by a historic wave of new business, with the company signing a record 31 Electron and HASTE launch contracts, along with five dedicated agreements for its next-generation medium-lift Neutron rocket. 

In fact, Rocket Lab secured more launch contracts during the first quarter of 2026 than it did during the entirety of 2025, underscoring the growing demand for its expanding portfolio of launch services. Altogether, the company’s launch manifest now exceeds 70 contracted missions. Rocket Lab strengthened its long-term strategic position during the quarter by completing the acquisition of Mynaric AG, a leading developer of laser optical communication terminals for air, space, and mobile applications. 

The deal further expands RKLB’s capabilities as a large-scale supplier of advanced satellite components to the global space industry. In addition, the company ended the quarter with record financial flexibility following the completion of its at-the-market equity offering, giving it access to more than $2 billion in total liquidity to support both organic expansion and future mergers and acquisitions.

Looking ahead, management struck an optimistic tone for the fiscal second quarter of 2026. Rocket Lab expects revenue to come in between $225 million and $240 million, while forecasting non-GAAP gross margins of 38% to 40%. The company guided for an adjusted EBITDA loss of between $20 million and $26 million, as it continues investing aggressively to capitalize on the rapidly growing opportunities across the global space economy.

How Are Analysts Viewing Rocket Lab Stock?

Even with SpaceX’s blockbuster IPO threatening to shake up the space sector, Wall Street remains largely confident in Rocket Lab’s long-term story. The stock currently holds a consensus “Moderate Buy” rating, with the majority of analysts maintaining a bullish outlook. Of the 18 analysts covering RKLB, 12 recommend “Strong Buy,” one rates it “Moderate Buy,” while five suggest “Hold.”

Rocket Lab’s massive rally has already pushed the shares well above the Street’s average price target of $103.53, but analysts aren’t calling an end to the run just yet. In fact, the highest target on Wall Street stands at $150, implying the stock could still deliver another 25% upside from current levels, highlighting continued optimism about the company’s growth prospects despite rising competition.