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The countdown to the SpaceX (SPCX) IPO is entering its final days, and the excitement is hard to miss. If the company debuts Friday at a valuation approaching $1.8 trillion, as many investors expect, it will immediately rank among the most valuable businesses on Earth. That valuation reflects more than just rockets. It reflects the growing importance of the global space economy, which industry forecasts project will expand from roughly $613 billion today to $1.8 trillion by 2035.

SpaceX itself thinks the opportunity is even larger. The company has pointed to a potential $28.5 trillion addressable market spanning launch services, satellite internet, defense, communications, Earth observation, lunar infrastructure, and eventually interplanetary transportation.

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SpaceX is undeniably one of the most important companies in the sector. Yet when investors look beyond the launch pad, another stock may be even more deeply embedded throughout the modern space economy: Rocket Lab (RKLB).

Most investors know Rocket Lab as a launch provider competing in the same broad market as SpaceX. That reputation is well earned.

Rocket Lab has completed 84 successful missions, has dozens of launches scheduled, is preparing its larger Neutron rocket for launch, and has expanded its contracted backlog to $2.2 billion.

Yet focusing only on launches misses the bigger story.

Rocket Lab has spent years building a space systems business that supplies components, satellite subsystems, spacecraft, software, and mission services to customers across the industry. In many ways, it resembles the picks-and-shovels provider of the space economy.

That reality became clear during a recent appearance on the Prof G Markets podcast when CEO Peter Beck noted that "30% of everything that went into space last year had a Rocket Lab logo on it somewhere."

That single statistic changes how investors should think about the company. SpaceX launches a tremendous amount of payload into orbit. Rocket Lab, meanwhile, touches a remarkable percentage of what gets sent there regardless of who performs the launch.

Beck also offered another revealing data point during the podcast.

When Rocket Lab began testing its Electron rocket, the company tracked 142 small-launch competitors. Today, Beck said only two companies have successfully scaled that business model: Rocket Lab and SpaceX.

Here's what the numbers currently tell us:

Metric

Rocket Lab

Successful launches

84

Backlog

$2.2 billion

New Electron/HASTE contracts in the latest quarter

31

New Neutron missions booked

5

Stock performance in 2026

+55%

Stock performance over the past year

+265%

Even more telling, Rocket Lab disclosed it sold more launches during the first quarter than it sold during all of 2025. That's evidence demand continues to expand even before Neutron enters regular service.

That brings us to the key issue for investors: Rocket Lab is no longer a hidden gem.

After rising 295% over the past year and 54% in 2026 alone, RKLB stock carries premium valuation metrics. Shares trade around 109 times sales and roughly 28 times book value. The company also remains unprofitable. Those figures demand caution.

That said, the underlying business continues moving in the right direction. Net losses are narrowing, backlog is growing, new contracts continue arriving, and—most importantly—Rocket Lab's business extends well beyond launch revenue.

Surprisingly, that diversification may be the strongest argument for the stock. While many space companies depend on a handful of launches, Rocket Lab generates revenue from components, spacecraft systems, and mission services used throughout the industry.

As the broader space economy expands toward $1.8 trillion—and potentially much further over the long term—Rocket Lab's participation may grow alongside nearly every major segment.

In short, SpaceX may be the face of the modern space economy, but Rocket Lab increasingly looks like part of its foundation.

Granted, investors are paying a premium price today. A stock trading at 109 times sales leaves little room for operational missteps. Yet the company's $2.2 billion backlog, growing contract pipeline, upcoming Neutron rocket, and presence in roughly 30% of everything sent into space suggest Rocket Lab occupies a unique position.

Ultimately, smart investors should view Rocket Lab less as another launch company and more as critical infrastructure for a rapidly expanding industry. RKLB stock may not be as cheap as it once was, but if the space economy grows anywhere near the levels many expect, Rocket Lab still appears positioned to capture a larger share of that value creation in the years ahead.

On the date of publication, Rich Duprey did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com