Rocket Lab looks like it's building the future of space infrastructure — but the numbers tell a more complicated story.

It’s easy to get caught up in the hype when a stock 4x’s in a year, but if you're actually looking at the business fundamentals, there’s a mix of solid execution, wild expectations, and some red flags

What Rocket Lab Actually Does

Rocket Lab isn’t just another launch company trying to be “the next SpaceX.”
They’ve built a vertically integrated space platform: they design, build, and launch rockets (Electron and soon Neutron), manufacture satellites, and now offer end-to-end space systems.

That means they want to own everything from the engines and satel…