<p>新兴太空公司 <strong>Rocket Lab</strong>(RKLB -0.73%) 的股价在本周四东部时间下午 2 点时下跌了 10%，根据标准普尔全球市场情报提供的数据。</p>
<p>导致此次下跌的原因是在周一晚上，Rocket Lab 宣布了一项新的 7.5 亿美元的市场增发股票计划。</p>
<p>由于增发股票会导致股东稀释，增加的流通股数量使得股价下跌并不意外。然而，从长远来看，这对 Rocket Lab 及其股东来说可能并不是坏事。</p>
<h2>Rocket Lab 股东稀释的理由</h2>
<p>首先，Rocket Lab 的市值约为 230 亿美元。这意味着股东价值可能会被稀释大约 3%——使得本周 10% 的下跌显得有些过头。</p>
<p>其次，该公司的股票在过去一年中上涨了六倍。在如此惊人的涨幅后进行股票增发是筹集现金的最佳时机。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQyNDAvZ2V0dHlpbWFnZXMtMTMwMjgwMTY2OC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQyNDAvZ2V0dHlpbWFnZXMtMTMwMjgwMTY2OC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>由于 Rocket Lab 仍处于高速增长阶段，过去几年其自由现金流（FCF）持续亏损在 1 亿到 2 亿美元之间。</p>
<p>本周的股票增发在股价创历史新高时，为公司提供了最佳的资金利用率，并为其扩张计划提供了现金支持。</p>
<p>在以 2.75 亿美元收购 Geost 后，Rocket Lab 计划扩大其有效载荷能力，并计划在年底前发射其更大、更可重复使用的 Neutron 火箭，这笔现金将大大推动公司的雄心。</p>
<p>然而，即使在本周的下跌之后，Rocket Lab 的市盈率（P/S）仍高达 48，因此有意投资者在此时不应急于 “全力以赴”，尽管该股票的未来前景看起来很有希望。</p>

RKLB

<p>Rocket Lab（RKLB）的股票本周下跌了 10%，原因是公司宣布进行 7.5 亿美元的股权融资，这引发了对股东稀释的担忧。尽管如此，该公司的市值为 230 亿美元，表明稀释影响约为 3%。过去一年，该股票上涨了六倍，这使得现在成为筹集扩展资金的战略时机，包括发射其 Neutron 火箭。然而，由于其市销率高达 48，投资者在进行重大投资前被建议保持谨慎</p>

<p>Shares of up-and-coming space company <strong>Rocket Lab</strong>(RKLB -0.73%) are down 10% this week as of 2 p.m. ET on Thursday, according to data provided by S&amp;P Global Market Intelligence.</p>
<div class="lb-trans"><p>新兴太空公司 <strong>Rocket Lab</strong>(RKLB -0.73%) 的股价在本周四东部时间下午 2 点时下跌了 10%，根据标准普尔全球市场情报提供的数据。</p>
</div><p>The culprit for this decline came Monday night, when Rocket Lab announced a new $750 million at-the-market equity offering.</p>
<div class="lb-trans"><p>导致此次下跌的原因是在周一晚上，Rocket Lab 宣布了一项新的 7.5 亿美元的市场增发股票计划。</p>
</div><p>Due to the shareholder dilution involved from the higher outstanding share count that comes alongside an equity offering, a drop in share price isn't unwarranted. However, it may not be bad for Rocket Lab and its shareholders over the long run.</p>
<div class="lb-trans"><p>由于增发股票会导致股东稀释，增加的流通股数量使得股价下跌并不意外。然而，从长远来看，这对 Rocket Lab 及其股东来说可能并不是坏事。</p>
</div><h2>The argument for shareholder dilution in Rocket Lab's case</h2>
<div class="lb-trans"><h2>Rocket Lab 股东稀释的理由</h2>
</div><p>First, Rocket Lab is home to a market capitalization of approximately $23 billion. This implies that shareholder value could be diluted by roughly 3% -- making this week's 10% drop slightly overdone.</p>
<div class="lb-trans"><p>首先，Rocket Lab 的市值约为 230 亿美元。这意味着股东价值可能会被稀释大约 3%——使得本周 10% 的下跌显得有些过头。</p>
</div><p>Second, the company's stock is up sixfold in just the last year. A share offering following an incredible run like this is the perfect time to raise cash.</p>
<div class="lb-trans"><p>其次，该公司的股票在过去一年中上涨了六倍。在如此惊人的涨幅后进行股票增发是筹集现金的最佳时机。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQyNDAvZ2V0dHlpbWFnZXMtMTMwMjgwMTY2OC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834240%2Fgettyimages-1302801668.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>Since Rocket Lab is still in hypergrowth mode, it has consistently burned between $100 million and $200 million in free cash flow (FCF) over the last few years.</p>
<div class="lb-trans"><p>由于 Rocket Lab 仍处于高速增长阶段，过去几年其自由现金流（FCF）持续亏损在 1 亿到 2 亿美元之间。</p>
</div><p>This week's share offering, with shares at all-time highs, gives the company the best bang for its buck and provides it with cash to fund expansion plans.</p>
<div class="lb-trans"><p>本周的股票增发在股价创历史新高时，为公司提供了最佳的资金利用率，并为其扩张计划提供了现金支持。</p>
</div><p>Looking to build out its payload capabilities following its $275 million purchase of Geost and aiming to launch its larger, reusable Neutron rocket by year-end, this influx of cash will go a long way toward the company's ambitions.</p>
<div class="lb-trans"><p>在以 2.75 亿美元收购 Geost 后，Rocket Lab 计划扩大其有效载荷能力，并计划在年底前发射其更大、更可重复使用的 Neutron 火箭，这笔现金将大大推动公司的雄心。</p>
</div><p>However, even after this week's decline, Rocket Lab still trades at a sky-high price-to-sales (P/S) ratio of 48, so interested investors shouldn't rush to go &#34;all-in&#34; right now, despite the stock's promising future.</p>
<div class="lb-trans"><p>然而，即使在本周的下跌之后，Rocket Lab 的市盈率（P/S）仍高达 48，因此有意投资者在此时不应急于 “全力以赴”，尽管该股票的未来前景看起来很有希望。</p>
</div>

为什么 Rocket Lab 的股票在本周出现了大幅下跌