Rocket Lab USA, Inc. (RKLB) saw its stock plummet 5.09% during intraday trading on Friday, marking a sharp reversal from its pre-market gains.
The sell-off followed a significant pre-market rally driven by two major catalysts: the historic market debut of Elon Musk's SpaceX and Rocket Lab's own inclusion in the Nasdaq-100 Index, effective June 22. However, analysts noted that the SpaceX IPO served as a new valuation benchmark for the space industry, against which Rocket Lab appeared expensive.
According to market reports, SpaceX's IPO valuation stands at roughly 35 times sales, while Rocket Lab has been trading at a premium of almost 60 times sales. This sizable premium led to investor concerns about overvaluation, triggering profit-taking and a sector re-rating during the regular session. The movement underscores how the SpaceX debut has recalibrated investor expectations for publicly traded space companies.
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