<p>新興太空公司 <strong>Rocket Lab</strong>(RKLB -0.73%) 的股價在本週四東部時間下午 2 點時下跌了 10%，根據標準普爾全球市場情報提供的數據。</p>
<p>導致此次下跌的原因是在週一晚上，Rocket Lab 宣佈了一項新的 7.5 億美元的市場增發股票計劃。</p>
<p>由於增發股票會導致股東稀釋，增加的流通股數量使得股價下跌並不意外。然而，從長遠來看，這對 Rocket Lab 及其股東來説可能並不是壞事。</p>
<h2>Rocket Lab 股東稀釋的理由</h2>
<p>首先，Rocket Lab 的市值約為 230 億美元。這意味着股東價值可能會被稀釋大約 3%——使得本週 10% 的下跌顯得有些過頭。</p>
<p>其次，該公司的股票在過去一年中上漲了六倍。在如此驚人的漲幅後進行股票增發是籌集現金的最佳時機。</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>圖片來源：Getty Images。</p>
<p>由於 Rocket Lab 仍處於高速增長階段，過去幾年其自由現金流（FCF）持續虧損在 1 億到 2 億美元之間。</p>
<p>本週的股票增發在股價創歷史新高時，為公司提供了最佳的資金利用率，併為其擴張計劃提供了現金支持。</p>
<p>在以 2.75 億美元收購 Geost 後，Rocket Lab 計劃擴大其有效載荷能力，並計劃在年底前發射其更大、更可重複使用的 Neutron 火箭，這筆現金將大大推動公司的雄心。</p>
<p>然而，即使在本週的下跌之後，Rocket Lab 的市盈率（P/S）仍高達 48，因此有意投資者在此時不應急於 “全力以赴”，儘管該股票的未來前景看起來很有希望。</p>

RKLB

<p>Rocket Lab（RKLB）的股票本週下跌了 10%，原因是公司宣佈進行 7.5 億美元的股權融資，這引發了對股東稀釋的擔憂。儘管如此，該公司的市值為 230 億美元，表明稀釋影響約為 3%。過去一年，該股票上漲了六倍，這使得現在成為籌集擴展資金的戰略時機，包括髮射其 Neutron 火箭。然而，由於其市銷率高達 48，投資者在進行重大投資前被建議保持謹慎</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>新興太空公司 <strong>Rocket Lab</strong>(RKLB -0.73%) 的股價在本週四東部時間下午 2 點時下跌了 10%，根據標準普爾全球市場情報提供的數據。</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>導致此次下跌的原因是在週一晚上，Rocket Lab 宣佈了一項新的 7.5 億美元的市場增發股票計劃。</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>由於增發股票會導致股東稀釋，增加的流通股數量使得股價下跌並不意外。然而，從長遠來看，這對 Rocket Lab 及其股東來説可能並不是壞事。</p>
</div><h2>The argument for shareholder dilution in Rocket Lab's case</h2>
<div class="lb-trans"><h2>Rocket Lab 股東稀釋的理由</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 的市值約為 230 億美元。這意味着股東價值可能會被稀釋大約 3%——使得本週 10% 的下跌顯得有些過頭。</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，該公司的股票在過去一年中上漲了六倍。在如此驚人的漲幅後進行股票增發是籌集現金的最佳時機。</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>圖片來源：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>由於 Rocket Lab 仍處於高速增長階段，過去幾年其自由現金流（FCF）持續虧損在 1 億到 2 億美元之間。</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>本週的股票增發在股價創歷史新高時，為公司提供了最佳的資金利用率，併為其擴張計劃提供了現金支持。</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 億美元收購 Geost 後，Rocket Lab 計劃擴大其有效載荷能力，並計劃在年底前發射其更大、更可重複使用的 Neutron 火箭，這筆現金將大大推動公司的雄心。</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，即使在本週的下跌之後，Rocket Lab 的市盈率（P/S）仍高達 48，因此有意投資者在此時不應急於 “全力以赴”，儘管該股票的未來前景看起來很有希望。</p>
</div>

為什麼 Rocket Lab 的股票在本週出現了大幅下跌