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The ~$400B space economy is growing rapidly and today there is one company with the passion, technology, infrastructure, and scale that can potentially tango with @SpaceX.
Time for a breakdown
Time for a breakdown
Rocket Lab ( @RocketLab) is positioned to deliver "end-to-end" solutions regarding the production of rockets, satellites, and assets supporting space infrastructure.
The company was founded by Peter Beck, who had a fascination with building rockets since childhood. This obsession has led him to create a company with the mission to make it easier to get to space and build an infrastructure that can benefit Earth.
The company has the potential to be a leader in targeting $62B out of the $368B space economy. The market from the company's view is divided in the following categories:
Launch: $10BSpace Systems: $20BSpace Applications: $32B
To operate in this space the Rocket Lab is equipped with the following strategic assets:Electron Rocket: powered by the world’s first 3D printed rocket engine. Neutron Rocket: medium-sized rocket with 8-ton capacity (~220 satellites per launch)Launch Infrastructure
Utilizing the strategic resources will create the following moats: 
Technology: 18 launches to space, 97 satellites deployed to orbitVertical Integration: 90% of its production from rockets, satellites, space components, and launch sitesSpaceX, NASA, AirForce talent
These moats fuel the companies growth ambitions in the following areas: 
Building the Neutron Rocket and pursuit supply chain acquisitions with $745M in cash post-mergerExpand their space system capabilities utilizing personal satellites for services by customers
However, the company does have a variety of risks as it pursues growth:
SpaceX is their largest competitor. Astra, Virgin Orbit, and Relativity Space are also present. Neutron Rocket Production: $200M investment expected to be live by 2024Supply Chain risks
Now, to date the company is one of the few that has shown execution and revenue from the new space players:Revenue 2020A: $35M | 2025E: $749M – 115% CAGR- $69M this year and has $2.2B in the pipeline
Profitable by 2023 achieving a 22% marginFCF positive by 2024
At the proposed valuation of $4.1B Rocket Lab has the infrastructure and technology assets to become leaders in the space.They ensure launch on-demand services, frequent launches, tailored orbits, and the ability for the customer to control their schedule.
As an investor in the Space economy, you start measuring success by the number of launches and the number of satellites that it deployed to space. Will Rocket Lab $VACQ be able to dance in the shadow of SpaceX?
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