Rocket Lab's stock has fallen nearly 50% from its record high of $150.23 on May 27, 2026, to about $80, as SpaceX's IPO on June 12 drew capital away and intensified competitive concerns. The company, which went public via a SPAC merger in August 2021, generates most revenue from its Electron rocket and plans to launch the higher-capacity Neutron rocket by year-end. Analysts project a 41% revenue CAGR from 2025 to 2028 and positive adjusted EBITDA in 2027, but the stock's enterprise value of $48.6 billion still trades at 53 times this year's sales. History suggests further downside, as the last time it traded at similar multiples in mid-January, the stock fell another two months to a ratio of around 30 times sales.
