SpaceX and Rocket Lab Compete for Space Economy Dominance

Space Exploration Technologies Corp. and Rocket Lab are competing for dominance in a growing space economy centered on satellite internet and AI infrastructure. SpaceX, which transitioned to a public company in June 2026, currently holds a $2 trillion market capitalization. The company aims to generate $1 trillion in annual revenue by 2030 by leveraging its Starlink internet service and the development of orbital AI data centers.

Rocket Lab is attempting to challenge this lead by developing the Neutron rocket to compete directly with the Falcon 9. To strengthen its satellite internet capabilities, Rocket Lab is acquiring Iridium Communications for approximately $8 billion.

While SpaceX maintains a significant advantage in market share and revenue, some investors view Rocket Lab as a more attractive valuation. SpaceX currently trades at a trailing price-to-sales ratio of 91, whereas Rocket Lab trades at 48.