In orbital launch, RKLB is one of the few players that can pose a direct challenge to SpaceX. Beyond launch, it has built leading capabilities in satellite manufacturing and constellation deployment.
How did RKLB assemble the capabilities to take on the industry incumbent, and where does its runway lie from here? What key shifts should investors watch? In this report, we break these questions down.
+11In the prior report, we used the prospect of a SpaceX IPO as a starting point. We mapped the main contours of the current commercial-space opportunity.
In this report, we focus on reusable rocket launches and satellite operations, profiling the major market participants. We also break down the value chain to analyze potential investment opportunities through the lenses of the competitive landscape and each link in the chain.
+28Since end-2025, commercial space has surged in investor attention in the capital markets. In this report, we take a cause-and-effect lens to frame the investment opportunity and offer an entry point for research.
The immediate catalyst is news that SpaceX is moving toward the public markets to raise capital. Its breakthrough lies in reusable rockets that sharply reduce satellite launch costs.Using SpaceX as our entry point, we address three questions: (1) how SpaceX scaled and by how much reusability cuts costs; and (2) why the sudden push to go public contrasts with Musk’s prior stance. (3) How feasible is Musk’s vision for space-based compute, and where does the industry stand now?
