Rocket Lab: The End Of The SpaceX Proxy

Rocket Lab lost roughly $25 billion in market value despite Q1 revenue surging 63.5% to $200.3 million and backlog doubling to a record $2.2 billion. Gross margins hit record levels of 38.2% GAAP and 43% non-GAAP. Management sees a path toward $2-$3 billion annual revenue through Space Systems, Neutron, Electron, and HASTE growth.