Rocket Lab’s 108% Backlog Surge Outpaces Northrop; SpaceX IPO Could Shift Flows
NOC•Rocket Lab’s +265% one-year return has outpaced Northrop Grumman’s +13.4%, fueled by record quarterly revenue above $200M and a backlog surging 108% to over $2B, including HASTE program contracts. SpaceX’s planned $75B IPO could draw $250B demand, finance 8% of the U.S. current account deficit.
1. Rocket Lab Performance Versus Defense Peers
Over the past year Rocket Lab delivered a +265% return while Northrop Grumman gained just +13.4%. Rocket Lab’s latest quarter reported revenue above $200M, up 63% year-on-year, and its backlog exploded 108% to over $2B, driven by one-third share from the Pentagon’s HASTE hypersonic program.
2. SpaceX IPO’s Potential Market Impact
SpaceX is targeting a $75B IPO with projections of $250B in investor demand and $15B from overseas. By refinancing roughly 8% of the U.S. current account deficit, the offering could strengthen the dollar and redirect capital flows, potentially reducing appetite for established defense contractors like Northrop Grumman.
