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Rocket Lab Corp (NASDAQ:RKLB) has rekindled investor attention on the space economy following a solid endorsement from Morgan Stanley, which upped its price target on the stock to $68 from $20, a 240% increase, and compared the company to an “earlier-stage alternative to SpaceX.”
The action has caused ripples in the space-themed ETF ecosystem, where funds such as the Procure Space ETF (NASDAQ:UFO), ARK Space Exploration & Innovation ETF (BATS:ARKX), and SPDR S&P Kensho Final Frontiers ETF (NYSE:ROKT) are riding a tailwind.
Morgan Stanley analysts see Rocket Lab as the "clear small-launch leader," forecasting roughly 41% compound annual sales growth between 2025 and 2029. The firm expects the company to turn positive on adjusted EBITDA by 2026 and on free cash flow by 2027, helped by an expanding launch cadence and the debut of its Neutron rocket later this year.
The market is now basing valuation on RKLB from implied valuation in SpaceX, the note stated, predicting that Rocket Lab can emerge as the closest proxy to Elon Musk’s privately owned firm. The brokerage also cited a global supply squeeze of launch capacity and a solid order book from Rocket Lab as the chief drivers of the re-rating.
ETFs with rocket exposure have moved quickly on the optimism. Cathie Wood’s ARK Invest runs ARKX, which holds RKLB among its top aerospace holdings. ARKX is up 1.8% Tuesday, as of time of publishing. Meanwhile, UFO, the first-ever pure-play space ETF, also includes the company among its key holdings and is up almost 3% on Tuesday. The ROKT ETF, which follows companies concentrating on space and deep-ocean exploration, has also gotten a boost, gaining 1.5% on Tuesday afternoon.
These ETFs are now being considered liquid doorways into the commercial space revolution, providing investors with exposure to a market that is still controlled by private behemoths. With SpaceX still not within reach, funds are looking to Rocket Lab as the next best thing.
Rocket Lab’s recent transactions have only reinforced the bullish sentiment. The firm signed a deal with Japan’s space agency, JAXA, for two sole Electron rocket flights and extended contracts with Japanese satellite companies Synspective and Q-shu Pioneers of Space. Combined, these represent a record pipeline of launches, over 20 missions scheduled for 2025.
For “new space” ETFs betting on the frontier, Rocket Lab’s climb provides both storybook fuel and actual earnings momentum.
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