What Happened to Rocket Lab?

Rocket Lab merged with Vector Acquisition Corp in August 2021, bringing public a company that was already one of the most credible in the commercial space industry. Unlike the vaporware that characterized most space SPACs, Rocket Lab had a proven track record: its Electron rocket had already completed dozens of successful launches.

Founded in New Zealand by engineer Peter Beck, Rocket Lab pursued a disciplined strategy focused on small satellite launches and space systems. The Electron became the second-most-frequently launched US rocket after SpaceX's Falcon 9, serving government (NASA, NRO) and commercial customers.

The company used SPAC proceeds wisely, investing in its next-generation Neutron rocket (a medium-lift reusable vehicle), expanding its satellite manufacturing capabilities through acquisitions, and building out space systems revenue. Revenue grew consistently, exceeding $500 million by 2024.

Rocket Lab's stock has rewarded patient investors handsomely. After the post-SPAC correction that hit all growth stocks in 2022, the stock recovered strongly as the company executed on milestones. By 2025, Rocket Lab traded above its SPAC-era peaks, making it a rare SPAC that delivered positive returns. The key difference: real technology, real revenue, and a CEO focused on engineering rather than hype.