In orbital launch, RKLB is one of the few players that can pose a direct challenge to SpaceX. Beyond launch, it has built leading capabilities in satellite manufacturing and constellation deployment.

How did RKLB assemble the capabilities to take on the industry incumbent, and where does its runway lie from here? What key shifts should investors watch? In this report, we break these questions down.

In the prior report, we used the prospect of a SpaceX IPO as a starting point. We mapped the main contours of the current commercial-space opportunity.