Rocket Lab stock has gone vertical. RKLB trades near $125 in mid-May 2026, up from a 52-week low of $23.92.

That move has put RKLB second in the WallStreetBets 2026 retail poll. The pitch: the only pure-play public SpaceX alternative.

The reality is more nuanced. Here is the analyst breakdown.

Business Segments: Electron, Neutron, and Space Systems

Rocket Lab runs two segments. Launch Services covers Electron and the HASTE suborbital variant. Space Systems builds satellites, components, and spacecraft platforms.

In Q1 2026, Space Systems generated $136.7 million versus $63.7 million for Launch Services. The mix is roughly two-thirds satellites, one-third rockets.

Electron is the cash engine today

Electron has flown 84 missions since 2017, with…