Rocket Lab’s market cap nears $45 billion despite its Neutron rocket remaining unflown, trading at 59 times trailing revenue.
Rocket Lab (NASDAQ:RKLB) reported record second-quarter revenue of $234 million, up 62% year over year, and a backlog of $2.36 billion, a 137% increase. The company’s $8 billion acquisition of Iridium Communications and $1 billion in new contracts since June underscore growth momentum.
Despite strong operational performance, Rocket Lab’s valuation stands at 59 times trailing revenue, with a market cap of $45 billion at a share price of $73. The Neutron rocket, central to its expansion, has yet to complete a flight, raising questions about the multiple’s sustainability.
Guidance for third-quarter revenue of $250 million to $265 million suggests continued growth, following a 38% increase in 2025 full-year revenue to $602 million. The stock remains near half its 52-week high of $151.