Key Takeaways
- Shares of Rocket Lab USA climbed to a record high Monday as the space satellite services provider announced two successful launches.
- The company said it also finalized a $23.9 million CHIPS and Sciences Act of 2022 award to make compound semiconductors.
- With Monday’s gains, the stock has more than quadrupled in value since the start of the year.
Shares of SpaceX competitor Rocket Lab USA (RKLB) climbed to a record high Monday as the space satellite services provider announced two successful launches and finalized a multimillion-dollar grant from the government.
Rocket Lab said its “Ice AIS Baby” mission blasted off from its New Zealand launch site on Monday and deployed five satellites in low-earth orbit for Kineis, a France-based internet of things (IoT) constellation operator. That happened less than 22 hours after the company sent up a rocket from its Virginia complex.
Founder and CEO Peter Beck said launching two missions in such a short period of time showed the company’s “unprecedented capability in the small launch market.” The company has had a total of 56 successful space missions since its inception.
Along with the launches, Rocket Lab reported it closed on a $23.9 million award from the Department of Commerce under the CHIPS and Science Act of 2022. The money is to be used to increase its compound semiconductor manufacturing capability and capacity at its Albuquerque, New Mexico plant.
Rocket Lab shares jumped after the opening bell Monday before paring back some gains later in the the session. They were up about 3% at $23.94 in intraday trading and have more than quadrupled in value since the start of the year.
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