Rocket Lab outperforms SpaceX in valuation and profitability

Rocket Lab trades at $110.04 with a $64B market cap and 33.77% gross margin. SpaceX posted a $4.3B net loss in Q1 2026 on $4.7B revenue due to $6.4B xAI losses. Rocket Lab generates revenue from reusable orbital rockets and grows faster than SpaceX's space division. SpaceX's $2T IPO valuation is 107x 2025 sales despite 33% revenue growth. Rocket Lab has no cash-burning AI business and trades at a more reasonable valuation than SpaceX.