SpaceX is reportedly planning a $1 trillion IPO this year. Rocket Lab is the main alternative for public investors right now, but the setup is tricky. Revenue is up to $554 million, though they are burning cash to build the new Neutron rocket. Neutron tests got pushed to later in 2026. The valuation is high with a 67x price-to-sales ratio. If Neutron works, they can compete for big contracts. If delays continue, the cash burn becomes a problem.