"《RKLB: The 'Non-SpaceX Option' in the Space Economy》 With SpaceX's IPO around the corner, I naturally wanted to take a look at RKLB. Rocket Lab is the 'Non-SpaceX Option' in the space economy. RKLB is like the 'Toyota vs SpaceX's Tesla' in the space economy. After reading some related reports and introductions today, here’s the summary: Core business: (1) Rocket launches (Electron for small payloads + the upcoming Neutron for medium payloads); (2) Satellite design and manufacturing (Photon satellite platform + full mission delivery); (3) Satellite component sales (solar panels, electric propulsion systems, star trackers, etc., sold separately to all SMR manufacturers); (4) On-orbit satellite operation services. This dual-track approach of "using it yourself + selling to others" is RKLB's biggest differentiation from SpaceX. These businesses are essentially the niche markets that SpaceX doesn’t focus on. Five driving forces RKLB can benefit from: Force 1: AI + space data center integration Force 2: Revival of defense aerospace + Golden Dome Force 3: SpaceX IPO triggering sector revaluation Force 4: Lunar + interplanetary economy kickoff Force 5: Bottlenecks in launch supply The space economy might just be a snowball rolling for the next 20+ years. I won’t dive into the financials—you guys wouldn’t bother looking anyway. The key takeaway is: it’s expensive. PS = 76x. Looking at the chart, it’s clear that a bunch of early birds were betting on the valuation boost from SpaceX’s IDO a year ago—and they bet right. It’s already up 4x now, so all we can do is patiently observe. The best entry point for reversal stocks isn’t when the "story is the sexiest," but when the "story isn’t believed." #SpaceEconomy #RKLB #SpaceX #Investing