Core Viewpoint - Rocket Lab USA has seen a significant stock price increase of approximately 600% over the past year, driven by successful rocket launches and new contracts, particularly for its Neutron rocket [2][3]. Financial Performance - Rocket Lab's revenues have grown at an average rate of 85.4% over the last three years, with a 65.0% increase from $282 million to $466 million in the last 12 months [7]. - Quarterly revenues rose by 32.1% to $123 million from $93 million year-over-year [7]. - The company's operating income over the last four quarters was -$206 million, resulting in an operating margin of -44.2% [15]. - Net income for the same period was -$207 million, indicating a net income margin of -44.3% [15]. Valuation Metrics - Rocket Lab's price-to-sales (P/S) ratio stands at 35.7, significantly higher than the S&P 500's ratio of 3.1, suggesting that the stock is expensive relative to its sales [6]. - The current valuation appears to have priced in positive news, trading at 35 times its trailing revenues [13]. Financial Stability - The company's balance sheet is strong, with a debt figure of $490 million against a market capitalization of $17 billion, resulting in a low debt-to-equity ratio of 3.4% [15]. - Cash and cash equivalents amount to $428 million, making up 34.1% of total assets of $1.3 billion, indicating a strong cash-to-assets ratio [15]. Growth and Profitability - Growth is categorized as extremely strong, while profitability is extremely weak, reflecting the challenges in achieving positive margins at this stage [16]. Market Resilience - Rocket Lab's stock has shown poor resilience during downturns, having dropped 82.8% during the 2022 inflation shock, compared to a 25.4% decline for the S&P 500 [11][13].

Core Viewpoint - Nuclear power is gaining attention, with NuScale Power's market cap at $11 billion and a stock increase of 360% over the past year, but it is a pre-revenue company with significant risks [1][11][12] Group 1: NuScale Power - NuScale Power has a market cap exceeding $10 billion but generates zero revenue currently, relying on contracts for future projects [11][12] - The company is not expected to generate revenue until 2030, and even then, it may be negligible due to unproven technology and previous project cancellations [12][13] - The stock is considered risky, with expectations of declining value over the next decade [13] Group 2: Rocket Lab - Rocket Lab has a similar market cap to NuScale Power but generates revenue, distinguishing it as a more viable investment [2][5] - The company has successfully completed 59 launches and has 31 planned missions, positioning itself as a competitor to SpaceX [3][5] - Rocket Lab's revenue stands at $466 million, with potential for significant growth through the introduction of the Neutron rocket and a product backlog exceeding $1 billion [5] Group 3: Rivian Automotive - Rivian Automotive, currently down 92% from its all-time highs, aims to recover with new product launches, including the R2 mid-size SUV priced at $45,000 [6][8] - The company has struggled with stagnating deliveries, currently below 50,000, and negative free cash flow of $1.86 billion over the past year [8][9] - With a scaled-up operation, Rivian could increase annual revenue from $5 billion to between $15 billion and $20 billion, potentially achieving a market cap larger than NuScale Power in 10 years [9]