Rocket Lab stock surged early but pared gains as investors reacted to SpaceX setting a June 12 IPO date.
Rocket Lab (Nasdaq: RKLB) shares jumped nearly 11% at the open before trimming gains to 3% by 10:05 a.m. ET, despite no company-specific news. The volatility followed reports that SpaceX will begin its IPO roadshow on June 4 and start trading on June 12.
Rocket Lab, often viewed as a smaller rival to SpaceX, has rallied 61% over the past two weeks amid broader excitement around space stocks. The upcoming SpaceX IPO may shift investor focus away from secondary players in the sector.
Analysts suggest the SpaceX listing could reduce demand for alternatives like Rocket Lab, potentially capping further upside in the near term.