Thanks for the deep dive on RKLB. They remain my favourite space SPAC, and continue to execute. Getting the Virgin facilities at such a discount during the bankruptcy firesale will also help accelerate Neutron development. RKLB continue to execute and I find their presentations very professional
Aug 15, 2023·edited Aug 15, 2023Liked by Space Case
Thanks for the excellent analysis!
A comment on "To put that in context, generating that much revenue via its Neutron rocket (@ $55M/launch) would require Rocket Lab to scale Neutron between 39 to 54 launches per year." Is it a bit odd to compare revenue with enterprise value (EV) because achieving that EV you don't need an equal amount of sales? Although I guess you want to provide a comparison here only.
Nonetheless, I just did a very quick search: In May 2019, SpaceX is valued at $33 billion, with 2018 launch revenue at $2 billion (CNBC). It has sent the first batch of Starlink to orbit in the same month, so let's assume the valuation has some but not a lot of impact on the valuation.
This should give them a similar P/S ratio? But of course, there are many other factors not being constant so we can never compare directly.
Thanks for the deep dive on RKLB. They remain my favourite space SPAC, and continue to execute. Getting the Virgin facilities at such a discount during the bankruptcy firesale will also help accelerate Neutron development. RKLB continue to execute and I find their presentations very professional
Thanks for the excellent analysis!
A comment on "To put that in context, generating that much revenue via its Neutron rocket (@ $55M/launch) would require Rocket Lab to scale Neutron between 39 to 54 launches per year." Is it a bit odd to compare revenue with enterprise value (EV) because achieving that EV you don't need an equal amount of sales? Although I guess you want to provide a comparison here only.
Nonetheless, I just did a very quick search: In May 2019, SpaceX is valued at $33 billion, with 2018 launch revenue at $2 billion (CNBC). It has sent the first batch of Starlink to orbit in the same month, so let's assume the valuation has some but not a lot of impact on the valuation.
This should give them a similar P/S ratio? But of course, there are many other factors not being constant so we can never compare directly.
Great work! How about coming on The Geospatial Index to discuss all this? Wil