SpaceX vs. Rocket Lab: How Do They Compare as Investments?

SpaceX generated $18.7 billion in 2025 revenue across Starlink, launch, and AI, targeting a $1.77 trillion valuation at its June 12 IPO. Rocket Lab brought in $602 million, about 3% of SpaceX's revenue. Neither company turns a GAAP profit, and both carry similarly stretched valuations.