Rocket Lab gains attention ahead of SpaceX IPO

The biggest space company, SpaceX, is preparing for a possible IPO in 2026 that could be the largest ever. The company is expected to seek about $30 billion, implying a valuation near $1.5 trillion. The plans reflect expansion across satellite internet, human spaceflight, and long-term Mars ambitions.

Specific terms of the offering remain unknown until a formal filing. Regulatory review and market conditions could affect timing and valuation. Until then, investors have limited ability to assess pricing or risk tied to the private company.

Attention has shifted to Rocket Lab, a publicly traded space company with established operations. The firm provides launch services for small satellites using its Electron rocket and also manufactures spacecraft and components. Since its first launch in 2017, Rocket Lab has completed more than 79 successful missions, including 21 during 2025.

Rocket Lab is developing the Neutron rocket, a reusable medium-lift vehicle scheduled for its first flight in mid-2026. The rocket is intended to support larger payloads and expand mission frequency. The company is based in Long Beach, California, and operates launch sites in New Zealand and at Wallops Island, Virginia.

Shares of Rocket Lab have risen more than 190% over the past year. That performance exceeds the broader market. The stock trades at a forward price-to-sales ratio of about 65 times, well above industry averages and its own historical range earlier in 2025.

The company reported record third-quarter revenue of $155 million, up 48% from a year earlier. Growth was supported by increased launch activity and a contract backlog above $1 billion. Electron continues to serve a large share of the small-launch market.

Rocket Lab has also expanded beyond launch services. The company is building spacecraft for government and defense customers and supporting missions tied to Mars exploration. These efforts reduce reliance on launch revenue alone.

Cash reserves exceed $1 billion, supporting development of Neutron and selective acquisitions. With demand rising for satellite constellations and data services, Rocket Lab remains positioned as an active participant in the commercial space sector.