MW Can't invest in SpaceX? Investors can buy this stock instead.

By James Rogers

SpaceX rival Rocket Lab has a new top bull on Wall Street in Baird analyst Peter Arment, who believes the stock still has lots room to run, even after soaring sixfold in a year

SpaceX rival Rocket Lab has emerged as a star among space stocks in recent years.

SpaceX may be the highest-profile name in the space industry, but analysts say launch rival Rocket Lab Corp. provides an alternative for investors who wish they could invest in Elon Musk's privately held company.

This is further cementing Rocket Lab's (RKLB) status as a star among space stocks, which has been fueled by an impressive launch tempo and a slew of deals. On Thursday, Baird analyst Peter Arment added his voice to this chorus when he dubbed the company "SpaceX 2.0."

Shares of the Long Beach, Calif.-based company have climbed more than 154% in 2025 and have soared sixfold in the past year - while the Ark Space Exploration & Innovation exchange-traded fund ARKX has advanced 53% - but Arment believes there's a lot more to come for Rocket Lab.

He has an $83 price target on the stock, which implies about 28% upside from current levels, saying the company's position as a reliable space-launch provider is firmly established through a 94% mission success rate. That makes Arment the most bullish of the 18 analysts surveyed by FactSet who cover the stock.

Arment also made the bold prediction that long term, the share price could surpass $200 - more than triple the current price - assuming solid continued growth in the launch schedule and the development of the company's upcoming Neutron reusable rocket.

Rocket Lab is getting plenty of love from analysts at the moment. KeyBanc Capital Markets analyst Michael Leshock raised his price target to $75 from $50, making him Wall Street's second most bullish. He cited strong growth in the company's Space Systems business and production of the new Archimedes engine that will be used on the Neutron rockets.

And earlier this week, Morgan Stanley analyst Kristine Liwag wrote that Rocket Lab is mirroring SpaceX in a number of ways, including scaling up its rocket lift capacity, embracing booster reusability and developing a satellite constellation similar to its rival's Starlink.

Rocket Lab recently completed its 12th Electron mission this year and is preparing the first test launch of the new 141-foot Neutron rocket. Earlier this year, the company announced new "Flatellite" satellites tailored for large constellations.

Set against this backdrop, investors have increasingly been asking how to contextualize Rocket Lab's valuation, according to Morgan Stanley's Liwag.

"Elevated interest in space and a scarcity of high-performing pure-plays in public markets have together, in our view, helped support Rocket Lab's valuation," she said, as Morgan Stanley raised its price target to $68 from $20 and maintained its equal-weight rating.

Morgan Stanley also feels that the market is taking valuation cues for Rocket Lab from SpaceX's implied valuation, which has reportedly grown from around $100 billion at the end of 2021 to around $400 billion. Rocket Lab has a market cap of $32.43 billion.

For its part, SpaceX hit more key milestones this week, successfully completing the 11th flight test of its Starship megarocket and, in a separate mission, nailing the 500th landing of a Falcon 9 reusable rocket.

The Starlink satellite mission from Cape Canaveral Space Force Station in Florida marked the 130th Falcon 9 launch this year, according to Space.com.

-James Rogers

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October 17, 2025 15:31 ET (19:31 GMT)

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