Core Viewpoint - Cantor Fitzgerald maintains a bullish outlook on Rocket Lab Corp. (NASDAQ:RKLB), highlighting its significant achievements and positioning it as a leading alternative to SpaceX as it approaches a pivotal year in 2026 [1]. Group 1: Company Performance - Rocket Lab achieved a record-breaking third quarter in 2025, reporting approximately $155 million in revenue, the highest in its history [2]. - The company successfully completed 21 Electron launches in 2025, bringing its total successful mission count to 79, making it the second most active launcher in the U.S. and the global leader among publicly traded space companies [2]. Group 2: Contractual Developments - Rocket Lab's contracted backlog surged to $1.1 billion, with management anticipating that roughly 57% of this backlog will be recognized as revenue within the next 12 months [3]. - The award of the SDA Tranche 3 contract, valued at $805 million, is the largest in the company's history and effectively doubled its total backlog. This contract involves designing and manufacturing 18 missile warning, tracking, and defense space vehicles for low Earth orbit [4][5]. Group 3: Future Prospects - The debut of the Neutron rocket, a medium-lift reusable vehicle, is anticipated to be a significant catalyst for Rocket Lab, with the first flight targeted for the first half of 2026 [6][7]. - Management expects Neutron to arrive at the launchpad in Q1 2026, which is projected to dramatically shift the company's unit economics and position it as a viable commercial competitor to SpaceX's Falcon 9 [7]. Group 4: Market Reaction - Despite some slight declines in share price, with Rocket Lab shares trading at $86.37, Cantor Fitzgerald expresses strong confidence in the company's transition into a space infrastructure giant [8].

Group 1 - The focus is on future-oriented and undervalued stocks and digital assets that are strategically positioned to benefit from long-term technological, societal, and monetary shifts [1] - The approach combines speculative foresight with disciplined fundamental analysis to uncover asymmetric opportunities across both emerging and established names [1] - Key themes covered include AI, digital currencies, space infrastructure, and longevity, utilizing valuation models like DCF, relative metrics, and macro context [1] Group 2 - The work is designed for long-term investors seeking early positioning with strong narrative and financial grounding [1]