Rocket Lab is growing revenue quickly and serves as the main public alternative to SpaceX. While they are known for launches, their space systems segment actually generates more revenue right now. The company is working on the larger Neutron rocket to compete for bigger contracts, with a target launch in 2026. The main risk mentioned is valuation. The article suggests the stock is already pricing in a lot of future success. Between expected shareholder dilution and the generally low margins in the space industry, it might be difficult for the company to generate enough profit to justify the current price over the next decade.