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SpaceX (Nasdaq: SPCX) and Rocket Lab (Nasdaq: RKLB) are both publicly traded space companies of very different size: SpaceX reported $18.67 billion of revenue for 2025 and Rocket Lab $601.8 million. This is a financial comparison, not a technical one; see our vehicle-and-operations comparison for the launch-vehicle side of the story.
| Metric | SpaceX (SPCX) | Rocket Lab (RKLB) |
|---|---|---|
| Ticker / Exchange | SPCX · Nasdaq | RKLB · Nasdaq |
| Listed Since | June 12, 2026 (IPO) | August 25, 2021 (merger with Vector Acquisition Corp, a SPAC) |
| IPO Pricing | $135/share on June 11, 2026, about $1.77T; $75B raised, the largest IPO on record (Fortune); debut-day market cap about $2.1T | N/A (listed through a SPAC merger) |
| Market Cap | ~$1.90T | ~$43.1B |
| Quarterly Revenue (Q2 2026) | $7.81B (+92% YoY) | $234M (+62% YoY) |
| Quarterly Net Loss (Q2 2026) | $541M | $49.3M |
| Annual Revenue (FY2025) | $18.67B (net loss $4.94B) | $601.8M (net loss $198.2M) |
| Revenue Mix (FY2025) | Connectivity (Starlink) 61%, Space (launch) 22%, AI 17% | Space systems 67%, launch services 33% |
| Backlog (Jun 30, 2026) | $47.5B | $2.36B; launch backlog of 90+ launches |
| Flagship Development Program | Starship: first 13 test flights suborbital; on Flight 14 (Sep 28, 2026) it reached orbit and deployed 26 Starlink V3 satellites, per SpaceX | Neutron: not yet flown; as of Nov 12, 2026 Rocket Lab expects the first launch in 2027 |
| Recent / Pending Acquisitions | Completed acquisition of Cursor (Anysphere, Inc.) on Aug 14, 2026 | Agreement to acquire Iridium (IRDM) at $54/share in cash and stock, about $8.0B enterprise value; expected to close mid-2027; Rocket Lab says the cash portion is fully financed (Sep 2026) |
Figures as of Nov 12, 2026 (auto-updated daily from company profiles). Information only, not investment advice. Full disclaimer
SpaceX began trading on Nasdaq on June 12, 2026, after pricing its IPO at $135 a share, which valued it at about $1.77 trillion; the $75 billion it raised made it the largest IPO on record, and its market cap reached about $2.1 trillion on the first day, Fortune reported. Rocket Lab has traded on Nasdaq since August 25, 2021, after merging with Vector Acquisition Corporation, a SPAC. Current market caps for both are in the table above, from our daily data.
By revenue, SpaceX was about 31 times Rocket Lab's size in 2025. SpaceX's figures are consolidated: it acquired xAI (which owns X) in February 2026 and recast its earlier results to include them, so they cover AI and social media as well as launch and Starlink. Rocket Lab has filed public quarterly reports since 2021; SpaceX filed its first quarterly report as a public company in August 2026.
In 2025 SpaceX's Connectivity segment (Starlink) brought in $11.39 billion, 61% of its $18.67 billion revenue; Space (launch and development) brought in $4.09 billion and AI $3.20 billion. SpaceX reported a 2025 net loss of $4.94 billion. In the second quarter of 2026 its revenue was $7.81 billion, up 92% from a year earlier, with a net loss of $541 million, and it reported a $47.5 billion backlog at June 30, 2026.
Rocket Lab's 2025 revenue was $601.8 million, up 38%, of which space systems brought in $402.8 million and launch services $199.0 million; its 2025 net loss was $198.2 million. It reported record Q2 2026 revenue of $234 million, up 62% from a year earlier, a net loss of $49.3 million for the quarter, and a record backlog of $2.36 billion at June 30, 2026, with more than 90 launches in its launch backlog. Both companies reported net losses in the most recent quarter.
Starship's first 13 test flights were suborbital, including Flight 13 (July 24, 2026), which released 20 Starlink V3 satellites on a suborbital path where they reentered by design. On Flight 14, September 28, 2026, Starship reached orbit for the first time and deployed 26 Starlink V3 satellites, SpaceX reported. SpaceX also completed its acquisition of Cursor (Anysphere, Inc.) on August 14, 2026.
Neutron, Rocket Lab's reusable medium-lift rocket, has not flown. A tank rupture in January 2026 pushed the planned debut from mid-year to late 2026, and as of November 12, 2026, Rocket Lab expects the first launch in 2027, it said on October 14 and in its November 9 quarterly report. Separately, Rocket Lab has agreed to acquire satellite operator Iridium Communications (Nasdaq: IRDM) for $54 a share in cash and stock, an enterprise value of about $8.0 billion, expected to close in mid-2027 subject to Iridium shareholder and regulatory approvals. In September 2026 Rocket Lab said it had completed a $1.94 billion at-the-market share offering and that the acquisition is fully financed.
The two businesses rest on different things. Starlink was 61% of SpaceX's 2025 revenue and AI 17%, and SpaceX is spending on Starship and AI infrastructure. Space systems were 67% of Rocket Lab's 2025 revenue; its plans center on Neutron's first flight, its $2.36 billion backlog and closing the Iridium acquisition, expected in mid-2027.
For information only, not investment advice. SpaceNexus is not a registered investment adviser, broker or dealer, and nothing here is a recommendation to buy, sell or hold any security. Data may be delayed, estimated or incomplete; check the source before acting. Full disclaimer
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By 2025 revenue, about 31 times: $18.67 billion for SpaceX (consolidated, including xAI and X) against $601.8 million for Rocket Lab. Market values change daily; the table on this page shows the latest figures in our data.
Not yet on a net basis: Rocket Lab reported a net loss of $198.2 million on $601.8 million of revenue in 2025 and a net loss of $49.3 million in Q2 2026, while investing in Neutron. SpaceX reported a net loss of $541 million in Q2 2026 on $7.8 billion of revenue.
For Rocket Lab: Neutron's first flight (as of November 12, 2026, expected in 2027, Rocket Lab says) and closing the Iridium acquisition, expected in mid-2027. For SpaceX: Starship reached orbit for the first time on Flight 14 (September 28, 2026); SpaceX is working toward full and rapid reuse.