Rocket Lab (RKLB) Strategic Analysis
1.Introduction
Rocket Lab stands as the only viable small launch provider with a proven track record, now pivoting to medium-lift capability with Neutron.
1.1Overview
From Electron's consistent launch cadence to the development of Neutron, Rocket Lab is executing on a clear roadmap to challenge legacy players.
1.2Investment Thesis
We see Rocket Lab not just as a launch company, but as a vertically integrated space infrastructure company. The market underestimates the revenue potential of its Space Systems division.
2.Launch Services
Launch remains the core brand builder, but the economics are shifting.
2.1Electron
Electron continues to dominate the small satellite launch market. Recoverability initiatives are improving margins per launch.
2.2Neutron
Neutron is the key to unlocking mega-constellation deployments. Development is tracking well for the 2025/2026 timeline.
3.Space Systems
The high-margin growth engine of the company, providing everything from solar panels to reaction wheels.
3.1Components
Rocket Lab's acquisition strategy has built a robust catalog of flight-proven components used by the entire industry.
3.2Photon Satellite Bus
Photon allows customers to focus on payloads while Rocket Lab handles the satellite infrastructure. This is a precursors to their own constellation ambitions.