Rocket Lab provides launch services and designs spacecraft, payloads, satellite components, and mission operations systems.
Rocket Lab's competitive advantage extends beyond launch to spacecraft components (reaction wheels, star trackers, solar panels) which have massive moats due to fractured supply chains and 12-year reliability requirements. Vertical integration lets them build any spacecraft end-to-end, while capital-efficient culture (Electron to orbit for <$100M vs Virgin Orbit's $1.2B) and public-company discipline enable multigenerational durability. National security programs provide sticky, high-margin revenue.