Rocket Lab is quietly building a solid niche in hypersonic testing with their HASTE launch vehicle. It is built on their standard Electron rocket but designed for suborbital hypersonic tests, mainly for the DoD. It is much more profitable than their standard launches. A regular Electron launch brings in $8 to $10 million, while HASTE flights pull in $9.5 to $22 million with higher margins. They've secured around $500 million in HASTE contracts so far from the Space Force, Navy, and defense contractors like Anduril and Leidos. SpaceX doesn't offer these types of suborbital flights, which gives RKLB a good moat here. Launch services are still only about a quarter of their total revenue, with the rest coming from their Space Systems segment. They are also planning to acquire Iridium by 2027 to expand their satellite network. The stock is speculative right now, trading at 42 times this year's sales, but analysts project their revenue to nearly triple by 2028.