SpaceX is the only space stock anyone wants to talk about this summer, fresh off Elon Musk’s headline-grabbing public debut and the trillion-dollar valuation chatter that came with it. The more investable story this summer: the vertically integrated space systems company that index funds are now adding via Nasdaq-100 inclusion.
Let’s deal with SpaceX first. Musk’s recent public debut has left retail investors holding an illiquid, priced-for-perfection multi-trillion-dollar single point of failure. If you are a retirement-focused investor, you cannot meaningfully own it in a tax-advantaged account, you cannot exit on your own schedule, and you are paying a premium for a narrative every taxi driver already knows. That is the definition of a crowded trade.
The public-market alternative worth examining is Rocket Lab (NASDAQ:RKLB | RKLB Price Prediction), a name with a $67.0 billion market cap that just earned promotion into the Nasdaq-100. Three reasons it deserves the attention SpaceX is hogging.
1. The financials are accelerating
Q1 FY26, reported May 7, 2026, was the strongest opening quarter in company history. Revenue hit $200.3 million, up 63.46% year over year, beating the $189.4 million consensus by 5.77%. EPS came in at -$0.07 against a -$0.0787 estimate. Non-GAAP gross margin expanded to 43.0% from 33.4%. Backlog is a record $2.2 billion, up 20.2% sequentially, and management guided Q2 revenue to $225 million to $240 million. CEO Peter Beck told investors, “This quarter has been phenomenal, the strongest Q1 in Rocket Lab’s history.”
2. Defense catalysts that compete directly with SpaceX
Rocket Lab and Raytheon were selected to demonstrate advanced capabilities for the Space-Based Interceptor program under Golden Dome for America. It also booked the $190 million 20-launch HASTE order through Kratos for the Department of Defense and MACH-TB, then topped that with the largest contract in company history: five dedicated Neutron flights plus three Electrons through 2029. The Neutron medium-lift vehicle, the only credible reusable competitor on the horizon to Falcon 9, is targeted for debut launch later this year. Beck’s own words: “Of all of the things that I sit awake at night worrying about, Neutron demand is just not one of them.”
3. Vertical integration via M&A
While retail chases SpaceX paper, Rocket Lab is buying the supply chain. It closed Mynaric for optical communications and a European footprint into a market estimated at $109 billion by 2030, signed a definitive deal for Motiv Space Systems for Mars-proven robotics, and rolled out the GA electric propulsion thruster with a 200-unit production line already established. Liquidity stands at more than $2 billion, funding more deals without panic raises.
The setup the crowd is missing
Shares are up 285.06% over the past year, yet have pulled back 15.76% in the last month to $107.24. The Nasdaq-100 inclusion forces passive bid into the name regardless of headlines. Wall Street currently sits at 11 Buys, 3 Strong Buys, 4 Holds, zero Sells. Yes, GAAP losses continue and ATM dilution is real. Those are manageable costs given the contract pipeline.
For investors weighing the SpaceX narrative against accessible public alternatives, Rocket Lab offers exposure to the same space-economy themes with Nasdaq-100 passive flows now layered on top.
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