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Why Rocket Lab Stock Is Soaring Today
Rocket Lab (NASDAQ: RKLB) stock posted gains of as much as 12% in Friday's trading, and was still up by 10.4% as of 1:30 p.m. ET. At the same time, the S&P 500 index was up 1% and the Nasdaq Composite index was up 1.4%.
In addition to the bullish backdrop of the broader market, Rocket Lab stock was surging thanks to interest around SpaceX's upcoming rocket launch. SpaceX is scheduled to launch a Falcon 9 out of the Cape Canaveral Space Force Station at 8:27 p.m. ET, and that launch is powering gains for other companies with exposure to the space industry.
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Rocket Lab gets a lift from SpaceX's upcoming launch
The Falcon 9 will launch a satellite that telecommunications and AI-focused space technology company Space42 will use to provide mobile communications services across Europe, Africa, and the Middle East. Space42 operates out of the United Arab Emirates. SpaceX, which was founded and is led by Tesla CEO Elon Musk, has emerged as a frontrunner when it comes to launching satellites and other technologies for commercial, defense, and exploration purposes.
But SpaceX is not a publicly traded company. That means that retail investors seeking exposure to the rapidly emerging space industry have to back other players.
Rocket Lab could be on the verge of seizing massive opportunities
Rocket Lab is aiming to build an integrated rocket and satellite launching business that can help its customers get key hardware into the Earth's orbit. Even though the two companies' growth bets position them as competitors, wins for SpaceX can still be bullish indicators for Rocket Lab.
The opportunity in the category is big enough to support multiple winners, and Rocket Lab's position as a pioneer in the market opens the door for it to score big wins as the space industry expands at a rapid pace.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool recommends Rocket Lab USA. The Motley Fool has a disclosure policy.
