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Is RKLB a good stock to buy? We came across a bullish thesis on Rocket Lab Corporation on Joe Gannon’s Substack by Gannon Capital. In this article, we will summarize the bulls’ thesis on RKLB. Rocket Lab Corporation's share was trading at $86.64 as of April 21st.

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Rocket Lab is a vertically integrated space infrastructure company that has evolved from a small New Zealand startup founded by Peter Beck into one of the only scaled alternatives to SpaceX in launch and satellite manufacturing. Its Electron rocket established a high-cadence small-lift launch capability, while the forthcoming Neutron vehicle positions Rocket Lab to directly compete in the medium-lift market and challenge incumbent dominance.

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Beyond launch, Rocket Lab’s Space Systems segment has become the financial backbone of the company, producing high-margin spacecraft components, satellite buses, and defense-linked infrastructure used across global constellations. This dual-engine model allows Rocket Lab to capture value across the entire space value chain, from manufacturing and launch to full spacecraft delivery, creating a structurally advantaged vertically integrated platform.

The company’s competitive moat is reinforced by flight heritage, proprietary manufacturing, and government trust, including multi-hundred-million-dollar contracts with the U.S. Space Force and Space Development Agency that validate its transition into a defense prime contractor. With over fifty successful Electron launches and increasing demand for resilient second-source space infrastructure, Rocket Lab benefits from the structural necessity of non-SpaceX redundancy in global orbital access.

Looking forward, Neutron’s scale economics, reusable design, and targeted pricing could unlock a step-change in revenue and margins, potentially transforming Rocket Lab into a billion-dollar-plus industrial aerospace platform. Combined with recurring revenue from satellite systems and growing defense alignment, the company is positioned for strong multi-year growth, with significant upside if Neutron executes successfully and the SpaceX duopoly narrative materializes over time at meaningful scale.

Previously, we covered a bullish thesis on Rocket Lab USA, Inc. (RKLB) by Steve Wagner in May 2025, which highlighted strong Q1 execution, Space Systems dominance, and Neutron development progress. RKLB’s stock price has appreciated by approximately 332.42% since our coverage. Joe Gannon’s Gannon Capital shares a similar view but emphasizes vertical integration, defense prime status, and long-term SpaceX duopoly positioning over near-term backlog and execution metrics.

Rocket Lab Corporation is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held RKLB at the end of the fourth quarter which was 34 in the previous quarter. While we acknowledge the risk and potential of RKLB as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than RKLB and that has 10,000% upside potential, check out our report about this cheapest AI stock.

Disclosure: None.