Following in the Footsteps of SpaceX

Research evidence excerpt

Following in the Footsteps of SpaceX

IdeaM(Iridium Communications Inc: IRDM To Be Acquired by RKLB). Beyond the immediate

financial implications, we believe the transaction materially enhances Rocket Lab's

strategic positioning by expanding its presence beyond launch into satellite

connectivity. This broadens the company's addressable market and strengthens its

ability to pursue a more vertically integrated Space platform strategy. We note that

while the planned acquisition of Iridium unlocks Connectivity, Rocket Lab still would

not be a direct competitor to SpaceX’s core broadband Starlink offering. We note

that the Iridium transaction is expected to close in mid-2027 and therefore the

terms of the deal are not included in our current Rocket Lab forecast. However, the

optionality on Connectivity is factored into our Bull Case.

Expanding into End-to-End Space Connectivity

While Rocket Lab remains significantly earlier in its development than SpaceX, we

believe the strategic direction is becoming increasingly aligned. SpaceX has

demonstrated that the greatest value creation in the Space economy comes not

from launch alone, but from owning differentiated Space-based infrastructure and

monetizing recurring, high-margin services built on top of it. Rocket Lab's acquisition

of Iridium represents a meaningful step along a similar path, positioning the

company to evolve from a launch provider into a broader space systems and

infrastructure company.

Accordingly, we believe investors should increasingly evaluate Rocket Lab not solely

as a launch company, but as an emerging integrated space platform. Although the

valuation gap relative to SpaceX remains substantial and reflects meaningful

differences in scale, execution, and profitability, the strategic parallels are becoming