SpaceX Debut Triggers Space-Stock Selloff

Virgin Galactic cratered 24%, Rocket Lab fell 8%, and AST SpaceMobile dropped 10% as SpaceX made its trading debut. Rocket Lab posted record Q1 revenue of $200 million with a $2.2 billion backlog, dwarfing Virgin Galactic's $227,000 quarterly haul. The selloff reversed year-to-date gains of 79% and 65% for Virgin Galactic and Rocket Lab.