Rocket Lab achieved record revenue of $234 million in Q2 2026, a 62% year-over-year increase, with most of it coming from its satellite manufacturing business. However, the company's stock is currently trading around $66, down approximately 56% from its 52-week high, and has a price-to-sales ratio of 54x, significantly higher than the S&P 500's 3.3x. Analysts believe its high valuation is primarily based on the Neutron rocket, which has not yet had its maiden flight, and the acquisition of Iridium, expected to be completed in mid-2027. The production plan for the Neutron rocket aims for launch pad delivery in Q4 2026, but the company admits that the window for a launch before the end of 2026 is narrowing. Rocket Lab's operating margin is -29.1%, and its non-GAAP free cash flow for Q2 was -$110.1 million, with high cash burn expected to continue.