[Weekend Money] Is There a Space Rocket Company to Invest In Instead of SpaceX?

Rocket Lab in the U.S. Sees Valuation Boost Thanks to SpaceX
Ranked Third Globally in Launches Last Year

It has been analyzed that Rocket Lab, an American space launch vehicle company, is benefiting from the sharp rise in SpaceX’s valuation ahead of its upcoming initial public offering (IPO).

Park Kihyun, a researcher at Kiwoom Securities, stated in a recent report titled "Rocket Lab: Valuation Upside Opened by SpaceX" that “Rocket Lab’s (RKLB) 12-month forward price-to-sales ratio (PSR) is about 56 times according to the Bloomberg consensus.” He added, “While this is high compared to competitors in the space industry, it reflects the market’s assessment of Rocket Lab as ‘the only listed alternative to SpaceX.’”

Researcher Park explained that the anticipated IPO valuation for SpaceX, at 2 trillion dollars (approximately KRW 2,963.2 trillion), is serving as a basis for Rocket Lab’s valuation. "Rocket Lab’s appropriate PSR range is considered to be between 66 and 84 times, and given the upward revaluation of SpaceX and Rocket Lab’s strengthened fundamentals, there is still further upside potential," he analyzed.

In fact, Rocket Lab is solidifying its position as a launch vehicle provider. Last year, Rocket Lab successfully launched its Electron rocket 21 times, ranking third globally in launch records after SpaceX (165 launches) and China’s CASC (73 launches). Researcher Park particularly highlighted Rocket Lab’s successful bid for the U.S. Space Development Agency (SDA) Tranche 3 Tracking Layer ($816 million) and its selection as a contractor for the Missile Defense Agency’s (MDA) SHIELD IDIQ program. “This indicates that the company is evolving beyond a simple launch service provider into an integrated supplier of high-value satellite manufacturing and defense solutions, fundamentally improving the quality of its earnings,” he said.

The company’s results have also exceeded market expectations. Rocket Lab’s fourth-quarter revenue last year was $180 million, slightly surpassing the market consensus of $178 million. Its order backlog reached an all-time high of $1.85 billion, up 73% from the previous year. Since approximately 74% of the entire backlog is concentrated in the high-margin space systems segment, Park emphasized that the increased share of high-profit satellite manufacturing and component businesses is a positive sign for Rocket Lab’s 2030 revenue guideline of $3.2 billion.

This content was produced with the assistance of AI translation services.