All systems are go for shares of Rocket Lab USA, Inc. these days. They rose after management reported a smaller-than-expected third-quarter loss and issued better-than-expected fourth-quarter revenue guidance.

Monday evening, the space launch and space services provider said it lost 3 cents a share from sales of $155 million. Wall Street was looking for a 10-cent loss from sales of $151.8 million.

The company had told investors to expect revenue of between $145 million and $155 million. A year earlier, in the third quarter of 2024, Rocket Lab reported a 10-cent per share loss from sales of $104.8 million.

Now, management expects fourth-quarter revenue of between $170 million and $180 million, while the consensus call on Wall Street is for about $172 million.

The picture is less positive in terms of earnings before interest, taxes, depreciation, and amortization, or Ebitda. Management expects a fourth-quarter Ebitda loss of between $23 million and $29 million, while the Wall Street consensus call is for a $13 million loss.

Investors are happy. Rocket Lab stock was up 7% in after-hours trading. Shares rose 0.5% in regular trading, while the S&P 500 and Dow Jones Industrial Average gained 1.5% and 0.8%, respectively.

「This past quarter we’ve once again delivered record revenue of $155 million…nd a new annual launch record is just days away,」 said CEO Peter Beck. Rocket Lab has launched 14 rockets so far in 2025, the same amount as in 2024.

The company, which builds satellites but focuses on carrying cargoes into space, signed contracts for 17 launches in the third quarter. That brings the backlog to 49.

「With progress across our major space systems programs, record backlog of contracts for our launch services business, and well-timed, strategic M&A in growth areas that are well aligned with next-generation defense programs like Golden Dome and the Space Development Agency’s future constellations, our momentum is strong and we’re poised to deliver long-term exciting growth,」 added Beck.

His company closed on the acquisition of electrooptical and infrared sensor maker Geost in the third quarter.

Coming into the week, Rocket Lab stock was up more than 100% year to date. Investors have bid up several space stocks, believing that NASA and the U.S. government would rely more heavily on commercial providers of launch services in the future.

Gains have pushed up valuations. Wall Street projects 2027 Ebitda of about $172 million. At the start of the year, that estimate was closer to $225 million.

The result of moves in the stock price and analysts’ expectations for earnings is that, today, Rocket Lab stock trades for about 170 times estimated 2027 Ebitda. That is up from about 56 times at the start of the year.