Summary
1. Rocket Lab appears operationally strong, with the Iridium acquisition funded and record Electron launch contracts secured.
2. RKLB's growth prospects are robust, with a $2.36 billion backlog and revenue expected to grow 42% next year, but Neutron's first flight remains delayed.
3. Significant dilution and persistent losses challenge RKLB, while the current share price already bakes in optimistic outcomes for Neutron and Iridium.
4. My DCF model values RKLB at $61.68 per share, about 10% below the current price, so I remain on the sidelines until key catalysts materialize.
Rocket Lab (RKLB) has had a busy few weeks. In mid-September, the company completed the $1.94 billion stock sale it needed to buy Iridium Communications, and shortly after that, Iridium